INDIA INX

INDIA INX
Lead
Contract Specifications LEAD Future
Symbol LEAD
Underlying Spot Lead
Trading hours Monday to Friday
Session 1 : 04:30:00 Hours to 17:00:00 Hours,(IST)
Session 2 : 17:00:01 Hours to 02:30:00 Hours (IST)
Size of the Contract 5 MT
Quotation USD per MT (e.g. Bid 2310.00 / Ask 2310.50)
Minimum Price Movement (Tick Size) USD 0.50 per MT
Available Contracts Contracts for twelve (12) consecutive calendar months shall be available for Trading at any time.
Settlement Mechanism The contracts shall be cash-settled in US Dollars (USD).
Contract Value The contract value shall be = (Quoted Price x 5) USD
Daily Settlement Price 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 markets
Last Trading Day 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.

Settlement 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 working day by 08.00 Hours (IST)
Trading Session 2 - 17:00:01 Hours to 02:30:00 Hours – Settlement on the same day by 16:30 Hours (IST)

Final Settlement: Along with daily settlement cycle for the respective contracts
Final Settlement Price 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) Lead at the end of the second Ring Trading Lead Session on the Last Trading Day.
Position limits Eligible market participants are allowed to take positions in Lead futures contracts as prescribed below

  • Position limits for Members: No Limit.
  • Position limits for Clients: No Limit
Price Bands 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 of ±3%
Quality Specifications Lead of 99.97% purity (minimum) as per standards prescribed by LME.
Risk Management The margins shall be collected in USD.
Initial Margin 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.
Extreme Loss Margin 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
Real-Time Computation 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
Mark-to-Market (MTM) Settlement 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.