MCX, the nation’s biggest product exchange, has actually gotten SEBI approval for introducing Steel Rebar futures.
The date of launch of the agreements will be revealed individually, stated the exchange. The trading system will be of 5 tonnes with a base worth of one tonne.
The optimum order size would be 200 tonnes and the tick size will be 10 per tonne, stated the exchange. The estimate (omitting GST) will be ex-warehouse at Raipur district, Chhattisgarh.
The everyday cost limitation is of 4 percent and as soon as this is reached it will be unwinded to 6 percent with no cooling-off duration in the trade. When the 6 percent limitation is breached, then after a cooling-off duration of 15 minutes, the everyday cost limitation will be unwinded approximately 9 percent.
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In case, cost motion in global markets is more than the optimum everyday cost limitation (of 9 percent), the exact same might be more unwinded in actions of 3 percent. The preliminary margin will be 8 percent.
Customer employment opportunity.
The optimum specific customer employment opportunity has actually been repaired at 1.20 lakh tonnes or 5 percent of the marketplace broad open position, whichever is greater for all Steel Rebar agreements integrated.
For a member jointly for all customers the employment opportunity will be 12 lakh tonnes or 20 percent of the marketplace broad open position, whichever is greater for all Steel Rebar agreements assembled.
While the main shipment centre will be at Raipur, the exchange has actually supplied extra shipment centres at Thane district in Maharashtra, Palwal district in Haryana, Chennai district in Tamil Nadu and Durgapur district in West Bengal.
On expiration of the agreement, all the employment opportunities will be marked for required staggered shipment.