Contract Specifications for Energy Futures
| Energy FUTURES | |||
|---|---|---|---|
| Product Parameters | Brent Crude Oil (100 Barrel) | Brent Crude Oil Mini (10 Barrel) | |
| Underlying | Brent Crude Oil (100 Barrel) | Brent Crude Oil Mini (10 Barrel) | |
| Instrument Type | Futures Contract (FUTENR) | Futures Contract (FUTENR) | |
| Product | Brent Crude Oil Futures | Brent Crude Oil Mini Futures | |
| Symbol | BRCRUDE | BRCRUDEM | |
| Description | BRCRUDEYYMMM | BRCRUDEMYYMMM | |
| Contract Listing | Monthly contracts. Details as per the launch calendar | Monthly contracts. Details as per the launch calendar | |
| Contract Start Day | Business day immediately following the last trading day. (Expiry Day + 1) | ||
| Last Trading Day (Contract Expiry) | Last Day of Trading at the exchange shall the Last Business Day of the contract expiry month. In case the last business day is a holiday in the International market / NSE, then the preceding business day shall be the last trading day for the contract. Details as per the attached launch calendar (refer table below) On the day of expiry, the trading shall be allowed up to 11:30 pm/11:55 pm* *based on US daylight saving time period |
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| Trading: | |||
| Trading Period | Mondays to Fridays | ||
| Trading Session | Monday - Friday 9:00 am to 11:30 pm/11:55 pm* *based on US daylight saving time period |
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| Trading Unit | 100 Barrel | 10 Barrel | |
| Quotation/Base Value | Rs. Per 1 Barrel | Rs. Per 1 Barrel | |
| Max. Order Size | 10,000 Barrel | 10,000 Barrel | |
| Tick Size (Minimum Price Movement) | Re. 1 | Re. 1 | |
| Daily Price Limits 1 | The base price limit shall be 4%. Whenever the base daily price limit is breached, the relaxation shall be allowed upto 6% without any cooling off period in the trade. In case the daily price limit of 6% is also breached, then after a cooling off period of 15 minutes, the daily price limit will be relaxed upto 9%. In case price movement in international markets is more than the maximum daily price limit (currently 9%), the same may be further relaxed in steps of 3% beyond the maximum permitted limit, and informed to the Regulator immediately. |
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| Initial Margin 2 | Min. 4 % or based on SPAN whichever is higher | ||
| Extreme Loss Margin 3 | 1% | ||
| Additional and/ or Special Margin |
In case of additional volatility, an additional margin (on both buy & sale position) and/ or special margin (on either buy or sale position) at such percentage, as deemed fit; will be imposed in respect of all outstanding positions. | ||
| Maximum Allowable Open Position 4 |
For a member collectively for all clients: 40,00,000 Barrels or 20% of the market wide open position whichever is higher, for all Crude Oil contracts combined together. For individual client: 4,00,000 Barrels or 5% of the market wide open position whichever is higher for all Crude Oil contracts combined together. | ||
| Quality Specification | Brent Blend confirming to the following quality: |
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| Due Date Rate (Final Settlement Price) |
Due date rate (FSP) shall be the settlement price, in Indian rupees, as arrived at from the average of the five intra--month cash BFOE (Brent-Forties-Oseberg-Ekofisk) assessments' as made by ICIS on the last trading day of the NSE Brent Crude Oil Contract. The last available RBI USDINR reference rate will be used for the conversion. The price so arrived will be rounded off to the nearest tick. For example, on the day of expiry, if the ICIS average price is $70.75 and the last available RBI USDINR reference rate is 72.1500, then DDR for NSE Brent Crude oil contract would be Rs.5,105 per barrel (i.e. $70.75 * 72.1500 and rounded off to the nearest tick). |
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| Settlement Mechanism | The contract would be settled in cash | ||
Settlement Procedure: Energy Futures - Brent Crude Oil
| Product Parameters | Brent Crude Oil (100 Barrel) | Brent Crude Oil Mini (10 Barrel) |
|---|---|---|
| MTM Pay-in & Pay-out | T+1 working day by 09.00 a.m. ('T' stands for Trade day) | T+1 working day by 09.00 a.m. ('T' stands for Trade day) |
| Funds Pay-in | E+l working day by 11.00 a.m. ("E" stands for Expiry day) | E+l working day by 11.00 a.m. ("E" stands for Expiry day) |
| Funds Pay-out | E+l working day by 02.00 p.m. | E+l working day by 02.00 p.m. |
| Penal Provision | Penalties as applicable for Fund shortages shall be levied. | Penalties as applicable for Fund shortages shall be levied. |
| Close Out of Outstanding Positions | All outstanding positions on the expiry of contract, will be settled as per the Final Settlement Price (FSP). | All outstanding positions on the expiry of contract, will be settled as per the Final Settlement Price (FSP). |
- 1. As per SEBI/HO/CDMRD/DMP/CIR/P/2016/83 dated September 07, 2016
- 2 The provisions of Risk Management in terms of the SEBI Circulars No. CIR/CDMRD/DRMP/01/2015 dated October 01, 2015 and SEBI/HO/CDMRD/DRMP/CIR/P/2016/77 dated September 01, 2016 and / or any amendments thereto from time to time shall be applicable. The Margin Period of Risk (MPOR) shall be 2 days in accordance with SEBI Circular and accordingly, the initial margin shall be scaled up by root 2
- 3. As per SEBI Circular no CIR/CDMRD/DRMP/01/2015 dated October 1, 2015
- 4. As per SEBI circular SEBI/HO/CDMRD/DMP/CIR/P/2016/96 dated September 27, 2016