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Metals

Metals

Metals

Silver Futures

Silver is usually termed as poor man’s Gold. A soft, white, lustrous transition metal, it possesses the highest electrical conductivity, thermal conductivity, and reflectivity of any metal. The metal occurs naturally in its pure, free form (native silver) and as an alloy with gold and other metals. Most silver is produced as a byproduct of copper, gold, lead, and zinc refining. Silver has been used for thousands of years for ornaments and utensils, trade, and as the basis for many monetary systems. Its value as a precious metal was long considered second only to gold.

 

Contract

Parameters

Contract Symbol

DS

Underlying

Silver

Contract Size

1,000 troy ounces

Notional Contract Value

1000xSilver Price quote in USD pr troy ounces

Trading Currency

USD

Settlement Currency

USD

Price Quote

USD per Troy Ounces

Tick Size

USD 0.005

Tick Value

USD 5

Settlement Basis

Physical Delivery

Last Day of Trading

Third last business day of the month preceding the Delivery Month

Trading Days

Monday through to Friday

Trading Hours

DGCX Trading Hours

Trading Months

Mar, May, Jul, Sep and Dec

New Contract Listing

Business day immediately following last trading day

Max Order Size

200 contracts

Initial Margin based on SPAN

USD 1,100 per lot (subject to change)

Calendar Spread Margin

Depending upon each class of asset, spread position margin (Calendar spread margin) is charged using the SPAN framework. In case of Silver, 100% benefit is offered on calendar spread margins

Extra Margin

In time of high volatility, an extra margin as deemed fit by the Exchange may be imposed on all open positions

Delivery Margin

Five (5) times of the Initial Margins

Daily Price Movement limit

No Limits*

Note 1*: For the avoidance of "fat finger" errors, price band shall be USD 20 from previous settlement price e.g. if previous settlement price is USD 1,200 then the price band is from USD 1,180 to USD 1,220. If price breaches the daily price movement limit, trading in particular contract shall continue, with the new trading price range without any cooling period

 

Delivery Mechanism Details

 

Delivery Unit

30 Kilograms cast in one bar of 1,000 troy ounces (10% more or less)

Deliverable Quality

Minimum 0.999 fineness - Note 2*

Exchange of Futures for Physical (EFP)

EFP (Exchange of Futures of Physical) - a mechanism to exchange Futures for Spot, and Spot for Futures will be available

Approved CMI / Assayers

Names as listed on the DGCX/DCCC websites

Approved Brands

Names as listed on the DGCX/DCCC websites

Approved Refiners

Names as listed on the DGCX/DCCC websites

Approved Vaults

Names as listed on the DGCX/DCCC websites

Delivery Period

First through Fifth Delivery Day of the Delivery Month

First Notice Day

Business Day immediately preceding First Delivery Day

Last Notice Day

Business Day immediately preceding Fifth Delivery Day

Delivery Process

The Matching of Buyers and Sellers for Gold delivery will be completed on a time priority basis upon receipt of their Tender/ Delivery Notices

Vault Charges

Rates applicable as published on the DGCX website

Daily Settlement Price

As per DGCX Notice # COMP-2008-014 dated April 22, 2008

Delivery Instrument

Warrant

Option for Cash Settlement

The Final Silver cash settlement price for Silver Futures at the Close on the Last Day of Trading shall be the settlement price as made public by COMEX for the delivery month which corresponds to the applicable DGCX Delivery Month