|
USD-INR |
EUR-INR |
GBP-INR |
JPY-INR |
| Underlying |
USD-Indian Rupee (USDINR) |
Euro-Indian Rupee (EURINR) |
Pound Sterling - Indian Rupee (GBPINR) |
Japanese Yen - Indian Rupee (JPYINR) |
| Trading Hours |
9 a.m. to 5 p.m |
9 a.m. to 5 p.m |
9 a.m. to 5 p.m |
9 a.m. to 5 p.m |
| Size of the contract |
USD 1,000 |
Euro 1,000 |
GBP 1,000 |
Japanese Yen 1,00,000
Permitted Lot size for JPYINR is 100,000. Since price quotation is for 100 Japanese Yen, lot size on trading system shall be 1000 Japanese Yen |
| Quotation |
The contract would be quoted in rupee terms. However, the outstanding positions would be in USD terms. |
The contract would be quoted in rupee terms. However, the outstanding positions would be in Euro terms. |
The contract would be quoted in rupee terms. However, the outstanding positions would be in Pound Sterling terms. |
The contract would be quoted in rupee terms. However, the outstanding positions would be in Japanese Yen terms. |
| Tenor of the contract |
The maximum maturity of the contract would be 12 months. |
The maximum maturity of the contract would be 12 months.
|
The maximum maturity of the contract would be 12 months. |
The maximum maturity of the contract would be 12 months. |
| Available contracts |
All monthly maturities from 1 to 12 months would be made available. |
All monthly maturities from 1 to 12 months would be made available. |
All monthly maturities from 1 to 12 months would be made available. |
All monthly maturities from 1 to 12 months would be made available. |
| Settlement mechanism |
Cash settled in Indian Rupee. |
Cash settled in Indian Rupee. |
Cash settled in Indian Rupee. |
Cash settled in Indian Rupee. |
| Settlement price |
The settlement price would be the Reserve Bank Reference Rate for USDINR on the date of expiry. |
The settlement price would be the Reserve Bank Reference Rate for EURINR on the date of expiry. |
GBPINR Exchange rate published by the Reserve Bank in its Press Release captioned RBI Reference Rate for US$ and Euro. |
JPYINR Exchange rate published by the Reserve Bank in its Press Release captioned RBI Reference Rate for US$ and Euro. |
| Final settlement day |
The contract would expire on the last working day (excluding Saturdays) of the month. The last working day would be taken to be the same as that for Interbank Settlements in Mumbai. The rules for Interbank Settlements, including those for `known holidays' and `subsequently declared holiday' would be those as laid down by FEDAI. |
| Initial Margin |
Initial margin so computed would be subject to take a position for USDINR, would be around 4% to 5% on contract price. |
Initial margin so computed would be subject to take a position for EURINR, would be around 4% to 5% on contract price. |
Initial margin so computed would be subject to take a position for GBPINR, would be around 4% to 5% on contract price. |
Initial margin so computed would be subject to take a position for JPYINR, would be around 5% to 6% on contract price. |
| Calendar spread margin |
The calendar spread margin shall be at a value of Rs. 400 for a spread of 1 month; Rs 500 for a spread of 2 months, Rs 800 for a spread of 3 months and Rs 1000 for a spread or 4 months or more. . The benefit for a calendar spread would continue till expiry of the near month contract. |
The calendar spread margin shall be at a value of Rs. 700 for a spread of 1 month; Rs 1000 for a spread of 2 months and Rs 1500 for a spread of 3 months or more. The benefit for a calendar spread would continue till expiry of the near month contract. |
The calendar spread margin shall be at a value of Rs. 1500 for a spread of 1 month; Rs 1800 for a spread of 2 months and Rs 2000 for a spread of 3 months or more. The benefit for a calendar spread would continue till expiry of the near month contract. |
The calendar spread margin shall be at a value of Rs. 600 for a spread of 1 month; Rs 1000 for a spread of 2 months and Rs 1500 for a spread of 3 months or more. The benefit for a calendar spread would continue till expiry of the near month contract. |
| Position Limits |
The gross open positions of the client across all contracts shall not exceed 6% of the total open interest or USD 10 million whichever is higher. |
The gross open positions of the client across all contracts shall not exceed 6% of the total open interest or EUR 5 million whichever is higher. |
The gross open positions of the client across all contracts shall not exceed 6% of the total open interest or GBP 5 million whichever is higher. |
The gross open positions of the client across all contracts shall not exceed 6% of the total open interest or JPY 200 million whichever is higher. |
How to close out a trade position?
Currency Futures position is closed out by entering into an equal
but opposite transaction. Those who entered either by buying (long)
or selling (short) a futures contract can close their contract obligations
by squaring-off their positions at any time during the life of that
contract by taking opposite position in the same contract.
A long (buy) position holder has to short (sell) the contract to
square off his position or vice versa.
Clients will be relieved of their contract obligations to the extent
they square off their positions.
How to roll over a position?
All clients who wish to hold their positions beyond the expiry date
of the contract will be required to roll their positions over into
other desired maturity contracts. In other words if a client holding
a long February contract needs to roll over his position to let us
say June contract then he would have to sell the February contract
and buy a June contract and the margin would be adjusted. Technically,
it amounts to unwinding of an existing position and entering into
a fresh one.
Contracts are automatically closed out on expiry
All contracts that have neither been closed out nor rolled over before
expiry will be automatically closed out by the exchange at 12:00 noon
on the last trading day of that contract.
