Contract Specification

Gold Futures Contract Specification

Trading
Symbol DG
Contract Size 32 troy ounces. (1 kg)
Quality Specification 0.995 purity, as per Dubai Good Delivery Standard
Trading Months Feb, Apr, Jun, Aug, Oct and Dec
Last Trading Day Third last business day of the month preceding the Delivery Month
New Contract Listing Business day immediately following last trading day
Price Quote US$ per troy ounce
Tick Size US$ 0.10 (US $ 3.2 per contract)
Price Movement Limit US$ 30 – Note 1*
Max Order Size 200 contracts
Trading Days Monday through to Friday
Trading Hours 07:00 – 23:30 Hours Dubai time (GMT+4)
Wholesale Trades EFS, EFP, Block trade facilities available

Note 1*: If price breaches the daily price movement limit, trading in particular contract shall continue, with the new trading price range without any cooling period

Margins
Initial Margin based on SPAN US$ 1,400 per contract ( Subject to change)
Calendar Spread Position Margin Depending upon each class of asset, spread position margin (Calendar spread margin) is charged using the SPAN framework. In case of Gold, 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 Period Margin US$ 7,000 per contract is applicable during the last six trading days for all open long or short positions that have not been liquidated
Delivery related information
Delivery Unit 1 Kg (31.99 troy ounces)
Deliverable Weight 1 Kilogram cast in one bar
Deliverable Quality 0.995 fineness
Approved CMI / Assayers Names as listed on the DGCX website
Approved Refiners Names as listed on the DGCX website
Approved Vaults Names as listed on the DGCX website
Delivery Period First day of the delivery month
Notice Day Last Day of trading of the Delivery Month
Delivery Process The Matching of Buyers and Sellers fo Gold delivery will be completed on a time priority basis upon receipt of thier Tendar/ Delivery Notices
Vault charges Rates applicable as published on the DGCX website
Delivery Instrument Dubai Gold Receipt (i.e. Standard DGR along with validated Refiner’s certificate or CMI-Certified DGR only)
Option for Cash Settlement Open Positions that have not been closed out on the Last Day of Trading are subject to cash settlement as per gold cash settlement price declared by the Exchange

 

Options on Gold Futures Contract Specification

Trading

Trading Symbol DGO
Contract Size One DGCX Gold Futures contract
Price Quotation US Dollars and cents per fine ounce
Tick Size US$ 0.10 per troy ounce
Maximum Daily Price Fluctuation No Daily Limit
Delivery Months The nearest three contract months (February, April, June, August, October and December) are available at all times
The options are American-style and can be exercised at any time up to expiration. On the first day of trading for any options contract month, there will be a minimum of 7 strike prices each for puts and calls
Last Trading Day Last trading day for gold futures options are the tenth business day prior to the start of tender period of the underlying Gold futures contract
If the last trading day falls on a Friday or an Exchange holiday, last trading day occurs on the previous business day
New Contract Listing Business day immediately following the last trading day
Exercise of Options On the last trading day, all in-the-money options are exercised automatically against Settlement Price, however, should a member choose not to exercise an in-the-money option, the member is required to notify the Exchange latest by 23:45 hrs (15 minutes after trading ceases)
All out-of-the-money options automatically expire worthless and they can not be exercised
Strike Prices For each option contract, the strike prices are at increments of US$10.00
Position Limit Initially, same as specified for Gold Futures contract
Margin Requirement Buyer pays full premium, while the seller is margined on the SPAN basis
Trading Hours 07:00 – 23:30 Hours Dubai time (GMT+4)
Trading Days Monday through to Friday

Option Settlement Premium

  1. For traded contracts, The Exchange shall determine the Option Settlement Premium based on following order:
    • Value Weighted Average Price (VWAP) of trades executed in last 10 minutes for the trading day provided there were at least 15 trades executed during the last 10 minutes
    • VWAP of last 15 trades executed during the day provided 15 trades are executed
    • The Options Settlement Premium as declared by a Price Committee consisting of Exchange / Clearing Corporation officials
  2. For contracts not traded on a given trading day, Options Settlement Premium will be determined based on theoretical prices

Option Settlement Premium

  1. For traded contracts, The Exchange shall determine the Option Settlement Premium based on following order:
    • Value Weighted Average Price (VWAP) of trades executed in last 10 minutes for the trading day provided there were at least 15 trades executed during the last 10 minutes
    • VWAP of last 15 trades executed during the day provided 15 trades are executed
    • The Options Settlement Premium as declared by a Price Committee consisting of Exchange / Clearing Corporation officials
  2. For contracts not traded on a given trading day, Options Settlement Premium will be determined based on theoretical prices

Silver Futures Contract Specification

Trading
Trading Symbol DS
Contract Size 1,000 troy ounces.
Quality Specification Min 0.999 purity, as per Dubai Good Delivery Standard
Trading Months Mar, Jul, Sep and Dec
Last Trading Day Fifth Delivery Day of the Delivery Month
New Contract Listing Business Day immediately following Last Trading Day of Expiring Contract
Price Quote US$ quoted in Cents per troy ounce
Tick Size US$ 0.005 (US $ 5 per contract)
Price Movement Limit US$ quoted in Cents – 75 Cents – Note 1*
Max Open Position Limit As determined and specified by the Exchange
Max Order Size 200 contracts
Trading Days Monday through to Friday
Trading Hours 07:00 – 23:30 Hours Dubai time (GMT+4)
Wholesale Trades EFS, EFP, Block trade facilities available

Note 1*: If price breaches the daily price movement limit, trading in particular contract shall continue, with the new trading price range without any cooling period

Margins
Initial Margin based on SPAN US$ 1,500 per contract (subject to change)
Calendar Spread Position Margin Depending upon each class of asset, spread position margin (Calendar spread margin) is charged using SPAN framework. In case of Silver, 100% benefit is offered on calendar spread position
Extra Margin In case of additional volatility, an Extra Margin as deemed fit by the Exchange; may be imposed on all open positions
Delivery Period Margin US$ 8,500 per contract is applicable during the last six trading days for all open long or short positions that have not been liquidated
Delivery & Cash Settlement related information
Delivery Unit 30 Kg
Deliverable Weight 30 Kilograms cast in one bar of 1,000 troy ounces (10% more or less)
Deliverable Quality Minimum 0.999 fineness – Note 2*
Approved CMI / Assayers Names as listed on the DGCX website
Approved Refiners Names as listed on the DGCX website
Approved Vaults Names as listed on the DGCX website
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 Compulsory Delivery as allocated by the Exchange on a random basis
Vault charges Rates applicable as published on the DGCX website
Delivery Instrument Dubai Gold Receipt (i.e. Standard DGR along with validated Refiner’s certificate or CMI-Certified DGR only)
Option for Cash Settlement Open Positions that have not been closed out on the Last Day of Trading are subject to cash settlement as per Silver cash settlement rice declared by the Exchange
Silver Cash Settlement Price Silver Cash Settlement Price shall be the London Silver Fixing Price (expressed in US Dollars per troy ounce) of The London Silver Market Fixing Limited published by The London Bullion Market Association (LBMA) on the Last Day of Trading

Note 2*: If Silver of higher fineness is delivered, no premium shall be paid.

Dubai 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 US$ 2 per tick
Trading Days Monday through to Friday
Trading Hours 07:00 – 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
Margins
Initial Margin based on SPAN US $ 800 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

 

Options on Indian Rupee Futures Contract Specification

Trading
Trading Symbol DINRO
Contract Size One DGCX Indian Rupee Futures Contract
Price Quotation US Dollars in Cents per 100 Indian Rupees
Tick Size US$ 0.000001 per INR or US$ 2 per tick
Maximum Daily Price Fluctuation No Daily Limit
Style of Option European
Delivery Months * The nearest three (3) Contract Months
Last Trading Day The Last Day of Trading for INR Options shall be the Last Day of Trading of the underlying INR Futures Contract
New Contract Listing 7 days prior to expiration of the front month Option Contract
Exercise of Options On the Last Day of Trading, all in-the-money options are exercised automatically against the Final Cash Settlement Price of the underlying Indian Rupee Futures Contract, however, should a Member choose not to exercise an in-the-money option, the Member is required to notify the Exchange latest by 23:45 hrs (15 minutes after trading ceases)
All out-of-the-money options automatically expire worthless and will not be exercised
Strike Prices For each DINRO series, there shall be a Strike Price chain with a strike interval of INR 0.25 converted into US cents equivalent in 2 decimal points
At the outset, DINRO Strike Price chain will be available between INR 40.00 – 50.00 converted into US cents equivalent in 2 decimal points
At all times there will be a minimum of 3 in-the-money, 1 at-the-money and 3 out-of-money strikes available
Once the Daily Settlement Price approaches the lower end or higher end of the chain, additional strikes will be introduced for a minimum INR 5.00 with an interval of INR 0.25 converted into US cents equivalent in 2 decimal points
Position Limit To be determined by the Exchange
Margin Requirement Buyer pays full premium, while the Seller is margined on SPAN basis
Trading Hours 07:00 – 23:30 Hours Dubai time (GMT+4)
Trading Days Monday through to Friday
* At the outset only 1 (one) Expiry Month will be listed. Additional listing of Expiry Months will be communicated by the Exchange in due course.

Option Settlement Premium

  1. For traded contracts, The Exchange shall determine the Option Settlement Premium based on following order:
    • Value Weighted Average Price (VWAP) of trades executed in last 10 minutes for the trading day provided there were at least 15 trades executed during the last 10 minutes
    • VWAP of last 15 trades executed during the day provided 15 trades are executed
    • The Options Settlement Premium as declared by a Price Committee consisting of Exchange / Clearing Corporation officials
  2. For contracts not traded on a given trading day, Options Settlement Premium will be determined based on theoretical prices

Dubai 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 US$ 5 per tick
Trading Days Monday through to Friday
Trading Hours 07:00 – 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
Margins
Initial Margin based on SPAN US $ 900 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

 

Dubai 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 US$ 5 per tick
Trading Days Monday through to Friday
Trading Hours 07:00 – 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

 

Dubai 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 US$ 5 per tick
Trading Days Monday through to Friday
Trading Hours 07:00 – 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
Margins
Initial Margin based on SPAN US $ 1,000 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

 

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 $25 per Tonne
Maximum Open Position Limit As specified by the Exchange
Maximum Open Position Limit for Near Month Contract 20,000 Metric Tonnes applicable during the last four trading days of the Contract Month
Trading Days Monday through to Friday
Trading Hours 07:00 – 19:00 Hours Dubai time (GMT+4) (except on the last trading day of every month where 08:30 – 17:00 hrs)
Trading Hours on Last Trading Day of every month 07:00 – 17:00 hrs (applicable to all contract months)
Wholesale Trades EFS, EFP, Block trade facilities available
Margins
Initial Margin US$ 1,700 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$ 8,500
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 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.

DGCX WTI Light Sweet Crude Oil Futures Contract Specification

Trading
Symbol DWTI
Underlying Asset DGCX West Texas Intermediate Light Sweet Crude Oil Futures
Contract Size 1,000 barrels (42,000 gallons)
Price Quote US Dollars and Cents per barrel
Tick Size US$ 0.01 per barrel (US$ 10 per tick)
Daily Price Movement Limit No Limit – Note 1*
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 US$ 3 as compared to the Previous Close Price. Exchange shall relax the intra-day price range for the prices of the contract approaching the US$ 3 limit
Price Basis Cash Only Settlement Contract
Final Cash Settlement Price The front month settlement price for WTI Crude Oil futures as made public by NYMEX for the Last Day of Trading of the DGCX front month contract
Delivery Months Twelve consecutive months plus ten contract months consisting of June and December months will be listed for an additional five calendar years
Trading Day Monday through to Friday
Trading Hours 07:00 – 23:30 Hours Dubai time (GMT+4)
Last Day of Trading Last Day of Trading shall be the fourth US business day prior to the 25th calendar day of the month that precedes the Delivery Month. If the 25th calendar day is not a US business day; Last Day of Trading shall be the fourth US business day prior to the US business day that precedes the 25th calendar day. If the fourth US business day is not a DGCX Business Day, then the preceding DGCX Business Day shall be the Last Day
of Trading
Cash Settlement Day The Business Day folloing the last day of trading
New Contract Listing Business day immediately following the last trading day
EFP / EFS / Block Trades As per DGCX By-Laws. Minimum Blcok size permitted is 200 contracts.
Time Limit for EFP / EFS /
Block Trade Registration
Up to 15 minutes after cessation of trading on any trading day
Max Open Position Limit No Limits
Max Order Size 500 Contracts
Margins
Initial Margin US$ 4,000 per contract (subject to change)
Calendar Spread Margin 100% 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.

 

DGCX Brent Crude Oil Futures Contract Specification

Trading
Symbol DBRC
Underlying Asset DGCX Brent Crude Oil Futures
Contract Size 1,000 barrels (42,000 gallons)
Price Quote US Dollars and Cents per barrel
Minimum Tick Size US$ 0.01 per barrel (US$ 10 per tick)
Daily Price Movement Limit No Limit – Note 1*
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 US$ 3 as compared to the Previous Close Price. Exchange shall relax the intra-day price range for the prices of the contract approaching the US$ 3 limit.
Price Basis Cash Only Settlement Contract
Final Cash Settlement Price The front month settlement price for Brent Crude Oil futures as made public by ICE for the last day of trading of the DGCX front month contract
Delivery Months 12 consecutive months plus 10 contract months consisting of June and December months will be listed for an additional five calendar years
Trading Day Monday through to Friday
Trading Hours 07:00 – 23:30 Hours Dubai time (GMT+4)
Last Day of Trading Last Day of Trading shall be the second UK business day immediately preceding the 15th day prior to the first day of the Delivery Month; if such 15th day is a banking day in London. If the 15th day is a non-banking day in London (including Saturday), trading shall cease on the second UK business day immediately preceding the first UK business day that precedes the 15th day. If the second UK business day is not a DGCX Business Day, then the preceding DGCX Business Day shall be the Last Day of Trading
Cash Settlement Day The Business Day folloing the last day of trading
New Contract Listing Business day immediately following the last trading day
EFP / EFS / Block Trades As per DGCX By-Laws. Minimum Block size permitted is 200 contracts
Time Limit for EFP / EFS /
Block Trade Registration
Up to 15 minutes after cessation of trading on any trading day
Max Open Position Limit No Limits
Max Order Size 500 Contracts
Margins
Initial Margins US$ 3,900 per contract (subject to change)
Calendar Spread Margin 100% 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.