|Monday to Friday
Session 1 : 04:30:00 Hours to 17:00:00 Hours,
Session 2 : 17:00:01 Hours to 02:30:00 Hours
|US$ per MT (e.g. Bid 1920.00
/ Ask 1920.50)
|Contracts for twelve (12) consecutive calendar
months shall be available for Trading at any time.
|The contracts shall be cash-settled in US
|The contract value shall be = (Quoted Price
x 5) USD
|The Daily Settlement Price (DSP) of Futures
contract shall be the Volume Weighted Average Price of all trades
during the last thirty (30) minutes of each Trading Session.
In the event that there are no trades during the last 30 minutes
of the Trading Session, then the Volume Weighted Average Price
of all trades during the entire Trading Session, subject to
a minimum of 5 trades during the Trading Session shall be taken
for the computation of the DSP. If there are less than 5 trades
during the Trading Session, then the Exchange reserves the right
to determine the DSP based on the prices in the underlying reference
|Last Business Day of the Contract Month.
If the last Business Day is a holiday in the underlying reference
markets or is an Exchange holiday, then the Last Trading Day
shall be the preceding Business Day.
|Daily Settlement: The daily contracts for each session would be settled as follows:
Trading Session 1 - 04:30:00 Hours to 17:00:00 Hours – Settlement
on next Business Day by 08:00 Hours (IST)
Trading Session 2 - 17:00:01 Hours to 02:30:00 Hours – Settlement
on the same Business Day by 16:30 Hours (IST)
Along with daily settlement cycle for the respective contracts.
|Final Settlement Price shall be the Official
Cash mid-price (i.e. average of last bid and offer prices) of
the London Metal Exchange’s (LME) Aluminium at the end of the
second Ring Trading Aluminium Session on the Last Trading Day.
|Eligible market participants
are allowed to take positions in Aluminium Futures contracts
as prescribed below:
- Position limits for Members: No Limit.
- Position limits for Clients: No Limit
|Initial Price Band will be 4%.
Relaxation upto 6% after breaching 4% limit
Relaxation upto 9% after breaching 6% limit
After ±9% limit is breached, Price Band will be relaxed in multiples
|Primary Aluminium with impurities
no greater than the chemical composition of one of the registered
designations based on LME Aluminium.
|The margins shall be collected in USD.
|Initial Margin would be calculated using
the SPAN® (Standard Portfolio Analysis of Risk); the margining
framework of India ICC shall be compliant with the PFMI including
a margin model that provides coverage of at least a 99% single-tailed
confidence interval of the estimated distribution of future
exposure. India ICC shall conduct daily stress testing, back
testing and reverse stress testing for credit risk to ascertain
the impact of failures of members and adequacy of its financial
resources in meeting any shortfall arising out of such failures
|The Clearing Corporation may impose an Extreme
Loss Margin to provide additional risk coverage. The Extreme
Loss Margin shall be deducted from the liquid assets of the
Clearing Member on an online, real time basis
|The computation of worst scenario loss would
have two components. The first is the valuation of the portfolio
under the various scenarios of price changes. At the second
stage, these scenario contract values would be applied to the
actual portfolio positions to compute the portfolio values and
the Initial Margin. The scenario contract values shall be updated
at the start of the Business Day, then every 1.5 hours and finally
at the end of the Business Day. The latest available scenario
contract values would be applied to member/client portfolios
on a real time basis.
|The MTM settlement shall be done at least
twice in a Business Day, at settlement times as specified by
the Clearing Corporation from time to time.