Position Limits

Members are subject to the following position limits in addition to margin requirements.

Trading Memberwise Position Limit

NSE Bond Futures II (NBF II)

The gross open positions of the trading member across all contracts within the respective maturity bucket shall not exceed 10% of the total open interest in the respective maturity bucket or INR 600 crores, whichever is higher.

91-Day T-Bill Futures

The gross open positions of the trading member across all contracts should not exceed 15% of the total open interest or Rs.1000 crores whichever is higher.
 

Client Level Position Limits

NSE Bond Futures II (NBF II)

The gross open positions of the client across all contracts within the respective maturity bucket shall not exceed 3% of the total open interest in the respective maturity bucket or INR 200 crores, whichever is higher.

91-Day T-Bill Futures

The gross open positions of the client across all contracts should not exceed 6% of the total open interest or Rs.300 crores whichever is higher.

The client level gross open position would be computed on the basis of PAN across all members. Wherever the prescribed limits are crossed, alerts would be disseminated to the respective Trading Members or Clearing Members through UCI-Online application (https://www.connect2nse.com/UCI/).

FII position limits

NSE Bond Futures II (NBF II)

The gross open positions of the FII across all contracts within the respective maturity bucket shall not exceed 10% of the total open interest in the respective maturity bucket or INR 600 crores, whichever is higher.

The total gross short (sold) position of each FII in IRF shall not exceed its long position in the government securities and in Interest Rate Futures, at any point of time.

The total gross long (bought) position in cash and IRF markets taken together for all FIIs shall not exceed the aggregate permissible limit for investment in government securities for FIIs. FIIs shall ensure compliance the above limit.

91-Day T-Bill Futures

In case of Foreign Institutional Investors, registered with Securities and Exchange Board of India, the total gross long (bought) position in cash and Interest Rate Futures markets taken together should not exceed their individual permissible limit for investment in government securities and the total gross short (sold) position, for the purpose of hedging only, should not exceed their long position in the government securities and in Interest Rate Futures, at any point in time.

Exchange level overall open position limit

Exchange level overall open position limit on all IRF contracts on a specific underlying shall not exceed 25% of the outstanding underlying bond.

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