Currency Futures |
DGCX is the only exchange in the region to offer currency futures contracts. The exchange offers four
currency futures paired to the US Dollar: Euro, British Sterling, Indian Rupee and Japanese Yen.
The Indian Rupee futures contract was the first of its kind in the world when it launched in 2007. Today, it
remains the only Rupee/Dollar contract tradable outside of India and available to international participants.
The contract is cash settled based on US Dollar reference rate published by the Reserve Bank of India, providing
alignment with the domestic rate.
|
|
Product Specification
|
| Indian Rupee-Dollar FX Futures Contract Specification
|
|
Trading
|
| Symbol |
DINR |
| Contract Size |
INR 2,000,000 |
| Delivery Months |
Monthly contracts for twelve months forward |
| Last Trading Day |
Two Business Days prior to the last working day of the contract month |
| Settlement Day |
The Business Day immediately following the last day of expiring contract |
| New Contract Listing |
Business day immediately following the last trading day |
| Price Quote |
US$ quoted in Cents per 100 Indian Rupees ( e.g. 209.56 /209.62 US Cents per 100 Indian Rupees) |
| Tick Size |
US$ 0.000001 per INR or $ 2 per tick |
| Trading Days |
Monday through to Friday |
| Trading Hours |
08:30 - 23:30 Hours Dubai time (GMT+4) |
| Maximum Order Size |
500 lots for Banks and institutions promoted by Banks. All other entities 200 Lots |
| Price Limit |
No Price Limits - Note 1* |
| Wholesale Trades |
EFS, EFP, Block trade facilities available |
| Cash Settlement Price Basis |
Open Positions at expiry of contract shall be settled in US Dollars as per the Dialy Settlement Price (DSP) declared by the Exchange.
The DSP would be based on the official US Dollar reference rate issued by the Reserve Bank of India, based on bank rates in Mumbai at 12 noon on the day of trading or earliest available date |
|
|
| Euro-Dollar FX Futures Contract specification
|
|
Trading
|
| Symbol |
DEUR |
| Contract Size |
€ 50,000 |
| Trading Months |
Mar, Jun, Sep and Dec |
| Last Trading Day |
2 Business days before 3rd Wednesday of Expiry month |
| Settlement Day |
3rd Wednesday of Expiry Month |
| New Contract Listing |
Business day immediately folloing the last trading day |
| Price Quote |
US$ quoted in Cents per € |
| Tick Size |
US$ 0.0001 per € or $ 5 per tick |
| Trading Days |
Monday through to Friday |
| Trading Hours |
08:30 - 23:30 Hours Dubai time (GMT+4) |
| Maximum Order Size |
500 lots for Banks and institutions promoted by Banks. All other entities 200 Lots |
| Price Limit |
No Price Limits - Note 1* |
| Wholesale Trades |
EFS, EFP, Block trade facilities available |
|
|
| Sterling - Dollar Futures Contract Specification
|
|
Trading
|
| Symbol |
DGBP |
| Contract Size |
£ 50,000 |
| Trading Months |
Mar, Jun, Sep and Dec |
| Last Trading Day |
Two Business days before third Wednesday of expiry month |
| Settlement Day |
Third Wednesday of expiry month |
| New Contract Listing |
Business day immediately folloing the last trading day |
| Price Quote |
US$ quoted in Cents per £ |
| Tick Size |
US$ 0.0001 per £ or $ 5 per tick |
| Trading Days |
Monday through to Friday |
| Trading Hours |
08:30 - 23:30 Hours Dubai time (GMT+4) |
| Maximum Order Size |
500 lots for Banks and institutions promoted by Banks. All other entities 200 Lots |
| Price Limit |
No Price Limits - Note 1* |
Wholesale Trades |
EFS, EFP, Block trade facilities available |
|
|
| Japanese Yen-Dollar FX Futures Contract Specification
|
|
Trading
|
| Symbol |
DJPY |
| Contract Size |
¥ 5,000,000 |
| Trading Months |
Mar, Jun, Sep and Dec |
| Last Trading Day |
Two Business days before third Wednesday of expiry month |
| Settlement Day |
Third Wednesday of Expiry Month |
| New Contract Listing |
Business day immediately folloing the last trading day |
| Price Quote |
US$ quoted in Cents per 100 ¥ |
| Tick Size |
US$ 0.000001 per ¥ or $ 5 per tick |
| Trading Days |
Monday through to Friday |
| Trading Hours |
08:30 - 23:30 Hours Dubai time (GMT+4) |
| Maximum Order Size |
500 lots for Banks and institutions promoted by Banks. All other entities 200 Lots |
| Price Limit |
No Price Limits - Note 1* |
Wholesale Trades |
EFS, EFP, Block trade facilities available |
|
|
| Fujairah Fuel Oil Futures Contract Specification
|
|
Trading
|
| Symbol |
DFO |
| Contract Size |
100 Tonnes |
| Quality Specification |
High Sulphur Fuel Oil 380CST (4.5% Sulphur) |
| Trading Months |
Six consecutive months |
| Last Trading Day |
Last business day of the month preceding the delivery month |
| New Contract Listing |
Business day immediately following the last trading day |
| Price Quote |
US$ per Tonnes, Ex-Wharf Fujairah |
| Tick Size |
US$ 0.01 per Tonnes (US$ 1 per contract) |
| Daily Price Limit |
$25 per Tonne |
| Maximum Open Position Limit |
As specified by the Exchange |
| Maximum Open Position Limit for Near Month Contract |
20,000 Metric Tonnes applicable during the last four trading days of the Contract Month |
| Trading Days |
Monday through to Friday |
| Trading Hours |
08:30 - 17:30 Hours Dubai time (GMT+4) (except on the last trading day of every month where 08:30 - 17:00 hrs) |
| Trading Hours on Last Trading Day of every month |
08:30 - 17:00 hrs (applicable to all contract months) |
| Wholesale Trades |
EFS, EFP, Block trade facilities available |
|
|
|
|
Margin
|
| Indian Rupee-Dollar FX Futures Contract Specification
|
|
Margins
|
Initial Margin based on SPAN |
US $ 600 per contract (subject to change) |
Calendar Spread Margin |
100% benefits is offered on calendar spread positions |
Spread Position Margin |
Nil on matched positions |
Extra Margin |
At times of high volatility, an extra margin, as deemed fit by the Exchange, may be charged |
Delivery Period Margin |
Not applicable |
|
|
| Euro-Dollar FX Futures Contract specification
|
|
Margins
|
Initial Margin based on SPAN |
US $ 1,200 per contract (subject to change) |
Calendar Spread Margin |
100% benefits is offered on calendar spread positions |
Spread Position Margin |
Nil on matched positions |
Extra Margin |
At times of high volatility, an extra margin, as deemed fit by the Exchange, may be charged |
Delivery Period Margin |
Five times the initial Margin |
|
|
| Sterling - Dollar Futures Contract Specification
|
|
Margins
|
Initial Margin based on SPAN |
US $ 1,700 per contract (subject to change) |
Calendar Spread Margin |
100% benefits is offered on calendar spread positions |
Spread Position Margin |
Nil on matched positions |
Extra Margin |
At times of high volatility, an extra margin, as deemed fit by the Exchange, may be charged |
Delivery Period Margin |
Five times the initial Margin |
|
|
| Japanese Yen-Dollar FX Futures Contract Specification
|
|
Margins
|
Initial Margin based on SPAN |
US $ 1,100 per contract (subject to change) |
Calendar Spread Margin |
100% benefits is offered on calendar spread positions |
Spread Position Margin |
Nil on matched positions |
Extra Margin |
At times of high volatility, an extra margin, as deemed fit by the Exchange, may be charged |
Delivery Period Margin |
Five times the initial Margin |
Note 1*: - There will be no limits on intra-day price movements, however to restrict data-entry errors the system will not allow entry of orders having prices higher or lower than 1.5 US cents as compared to the previous day's settlement price. Exchange shall relax the intra-day price range for the prices of the contract approaching the 1.5 US cents limit.
|
|
| Fujairah Fuel Oil Futures Contract Specification
|
|
Margins
|
| Initial Margin |
US$ 1,500 per contract (subject to change) |
| Near Month Contract Margin |
As determined by the Exchange and applicable during the last 10 trading days across all open positions. Minimum Near Month Contract Margin shall be US$ 7500 |
| Calendar Spread Margin |
US$ 240 benefit is offered on calendar spread positions. |
| Extra Margin |
At times of high volatility, an extra margin, as deemed fit by the Exchange, may be charged. |
| Delivery Period Margin |
Five times the initial margin |
|
|
|
|
Delivery Related Information
|
| Delivery related information
|
| Delivery Unit |
100 Tonnes |
| Delivery Tolerance |
+/-5 percent of the contract delivery unit |
| Deliverable Quality |
High Sulphur Fuel Oil 380CST (4.5% Sulphur) |
| Delivery location |
Exchange-approved facilities in Fujairah |
| Approved CMI / Assayers |
Names as listed on the DGCX website |
| Approved Storage facilities |
VOPAK HORIZON, FRCL, DMCC-leased tanks |
| Provisional Settlement Value |
The amount invoiced to the buyer prior to the determination of the actual weight delivered, and based on an assumed weight of 100 Tonnes |
| Settlement Value |
The amount paid to the Seller based upon the actual delivered weight. The difference between the provisional settlement value and settlement value is reimbursed or collected to or from the buyer as the case may be on the business day following the delivery day |
| Loading Day |
The day on which Buyer initiates loading of product into his nominated vessel or tank |
| Delivery Day |
The day on which transfer of title to the product from the Seller to the Buyer completes |
| Delivery Period |
Seller: Shall have the product ready for delivery (that is, in deliverable position) not later than 12th business day of the delivery month
Buyer: acceptance of delivery must be subsequent to the Seller having the product ready for delivery.
Buyer shall nominate a delivery period of three calendar days that commences no earlier than the fifth business day of the delivery month and finishes no later than the earlier of (i) 14 calendar days after product placement by the Seller, and (ii) the third last business day of the delivery month. |
| Notice Day |
Last Trading Day |
| Delivery Allocation Day |
Last Trading Day |
| Title Transfer |
By In-Tank Transfer (ITT) in DMCC-leased tanks, and Inter-Tank Transfer or Ex-Wharf in case of other Exchange-approved tanks |
| Minimum number of contracts for Ex-Wharf delivery |
30 contracts (3000 Tonnes) |
Price bands: Daily Price ranges are fixed on the futures contracts in fuel oil (US$ 25). Previous day settlement prices of a contract are used as a base price for the day. However, if price breaches the daily price movement limit, trading in a particular contract is continued but, within the current daily range for next 15 minutes. Thereafter the new trading range becomes applicable. However, if the price movement limit is breached during the first or last 30 minutes of trading on any business day, the new range is applied immediately. The price band in case of currency futures and Gold Options is unlimited.
|
