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CONTRACT SPECIFICATIONS
 
GTL Trading offers a wide range of financial products to trade:
 
FUTURES
 
A futures contract is an agreement between two parties to buy or sell a specified quantity and quality of an asset at a certain time in the future, at a price agreed upon at the time of entering into the contract on the futures exchange.
 
 
OPTIONS
 
An Option gives the right, but not the obligation, to the option owner to buy or sell an underlying asset at a specific price at a specific time period in the future. There are two basic types of Options.
A call option is an option contract that that gives the option owner the right, but not the obligation, to buy the underlying asset on a specific date and at a specific price.
A put option is an option contract that gives the option owner the right, but not the obligation, to sell the underlying asset on a specific date and at a specific price.
 
 
GOLD FUTURE
 
Dubai has an impressive history and established trade in the precious metals industries. DGCX launched its trading operations with a gold futures contract. The gold contract unit will be 1 kilogram of gold (0.995 fineness) deliverable at DGCX-approved vaults in the United Arab Emirates (UAE).
 
Trading
Contact Size 32 troy ounces.(1kg)
Quality Specification 0.995 purity, as per Dubai Good Delivery Standard
Trading Months Feb, Apr, Jun, Aug, Oct and Dec
Last Trading Day Business Day immediately preceding sixth Delivery Day
New Contract Listing On the last Delivery Day
Price Quote US$ per troy ounce
Minimum Tick Size US$ 0.10
Price Movement Limit US$ 30 – Note*
Max Open Position Limit As determined and specified by the Exchange
Max Order Size 200 contracts
Trading Days Opening: Monday through Friday
Trading Hours M/F 0830 – 2330 Hrs
 
Note*: If the price breaches the daily price movement limit, trading in particular contract shall continue but, within the current daily range for next 15 minutes. There-after the new trading range will become 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 will be applicable immediately.
 
 
GOLD OPTIONS
 
Dubai has an impressive history and established trade in the precious metals industries. DGCX launched its trading operations with a gold futures contract. The gold contract unit will be for 1 kilogram of gold (0.995 fineness) deliverable at DGCX approved vaults in the United Arab Emirates (UAE).
 
Trading
Trading Size One DGCX Gold Futures Contract
Trading Unit DGO
Trading Hours As specified by the Exchange
Price Quotation US Dollars and cents per fine ounce
Minimum Price Fluctuation US$ 0.10 per troy ounce
Maximum Daily Price Fluctuation No Daily Limit
Trading MonthsThe 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.
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 cannot 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
 
Options 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 FUTURE
 
Dubai remains a crucial link in the international silver trade and the silver contract was the second contract launched on DGCX. The silver contract will be for 1,000 troy ounces of silver (0.999 fineness) and deliverable at DGCX-approved vaults in the UAE.
 
Trading
Contact 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 Trading Day immediately following Last Trading Day of Expiring Contract
Price Quote US$ quoted in Cents per troy ounce
Minimum Tick Size US$ quoted in Cents - 0.5 Cent
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 Opening: Monday through Friday
Trading Hours M/F 0830 – 2330 Hrs
 
Note*: If price breaches the daily price movement limit, trading in particular contract shall continue but, within the current daily range for next 15 minutes. There-after the new trading range will become 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 will be applicable immediately.
 
 
CURRENCIES
 
In a landmark development, DGCX introduced world's first exchange traded Indian Rupee currency futures contracts on June 7, 2007 in addition to 3 major currencies already listed - Euro-Dollar, Yen-Dollar and Sterling-Dollar. All DGCX Currency futures contracts are physically deliverable contracts which have now established DGCX as the pioneer commodities exchange offering trading in precious metals, currencies and energy futures on the same platform in the Middle East.

Currency futures contracts provide an edge for market participants by providing the unique advantage to trade and hedge commodity as well as currencies risk on the same exchange.

This pioneering initiative is expected to generate interest among corporate treasuries, importers, exporters, inter-bank dealers and retail participants in the region, who were traditionally confined to banks and other large financial institutions for their foreign exchange market requirements. DGCX's currency futures product will be an opportunity for private investors and an important risk management tool for foreign currency market participants in the region.
 
INDIAN RUPEE
 
In 2007 the exchange launched the world's first Indian Rupee contract versus the US$. This is the first time Rupee risk can be traded and hedged on an international electronic platform. The contracts, settled against the RBI fixing rate and along the usual IMM quarterly dates, have two near one month contracts.
 
Trading
Symbol DINR
Contact Size INR 2,000,000
Trading Months Monthly Contracts for nearest three months. Quarterly for months four to twelve forward
Last Trading Day 2 Business days before 3rd Wednesday of Expiry month
Settlement Date 3rd Wednesday of Expiry Month
Price Quote US$ quoted in Cents per INR 100 Indian Rupees ( e.g. 244.56/244.62 US Cents per 100 Indian Rupees)
Minimum Tick SizeUS$ 0.000001 per INR or $ 2 per tick
Initial Margin based on SPAN As determined by the exchange from time to time using SPAN Margin system. At the outset, Minimum Initial Margin shall be USD 1,500
Spread Position Margin Nil on matched positions
Extra Margin In case of additional volatility, an Extra Margin as deemed fit by the Exchange will be imposed on all open positions
Trading Days & Hours Monday through Friday - 08:30-20:00 Hrs (GMT + 4 hours)
Maximum Order Size Banks and institutions promoted by Banks - 500 Lots All other entities - 200 Lots
Price Limit Price Limit
 
 
EURO-DOLLAR FX FUTURES CONTRACT
 
Trading
Symbol DEUR
Contact Size € 50,000
Trading Months Mar, Jun, Sep and Dec
Last Trading Day 2 Business days before 3rd Wednesday of Expiry month
Settlement Date 3rd Wednesday of Expiry Month
Price Quote US$ quoted in Cents per €
Minimum Tick SizeUS$ 0.0001 per € or $ 5 per tick
Initial Margin based on SPAN USD 1,200
Spread Position Margin Nil on matched positions
Extra Margin In case of additional volatility, an Extra Margin as deemed fit by the Exchange will be imposed on all open positions
Trading Days & Hours Monday through Friday - 08:30-23:30 Hrs
(GMT + 4 hours)
Maximum Order Size Banks and institutions promoted by Banks - 500 Lots All other entities - 200 Lots
Price Limit No Price Limits* (Note 1)
 
Sterling -Dollar Futures Contract
 
Trading
Symbol DGBP
Contact Size € 50,000
Trading Months Mar, Jun, Sep and Dec
Last Trading Day 2 Business days before 3rd Wednesday of Expiry month
Settlement Date 3rd Wednesday of Expiry Month
Price Quote US$ quoted in Cents per £
Minimum Tick Size US$ 0.0001 per £ or $ 5 per tick
Initial Margin based on SPAN USD 1,400
Spread Position Margin Nil on matched positions
Extra Margin In case of additional volatility, an Extra Margin as deemed fit by the Exchange will be imposed on all open positions
Trading Days & Hours Monday through Friday - 08:30 - 23:30 Hrs
(GMT + 4 hours)
Maximum Order Size Banks and institutions promoted by Banks - 500 Lots All other entities - 200 Lots
Price Limit No Price Limits* (Note 1)
 
Yen-Dollar FX Futures Contract
 
Trading
Symbol DJPY
Contact Size ¥ 5,000,000
Trading Months Mar, Jun, Sep and Dec
Last Trading Day 2 Business days before 3rd Wednesday of Expiry month
Settlement Date 3rd Wednesday of Expiry Month
Price Quote US$ quoted in Cents per 100 ¥
Minimum Tick Size US$ 0.000001 per ¥ or $ 5 per tick
Initial Margin based on SPAN USD 1,000
Spread Position Margin Nil on matched positions
Extra Margin In case of additional volatility, an Extra Margin as deemed fit by the Exchange will be imposed on all open positions
Trading Days & Hours Monday through Friday - 08:30 - 23:30 Hrs
(GMT + 4 hours)
Maximum Order Size Banks and institutions promoted by Banks - 500 Lots All other entities - 200 Lots
Price Limit No Price Limits* (Note 1)
 
Note*: 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 2 US cents as compared to the previous day's settlement price. Exchange shall relax the intra-day price range for the prices of the contract approaching the 2 US cents limit.
 
FUEL OIL FUTURES
 
The Arabian Gulf has tremendous liquidity in fuel oil in terms of both freely traded import/export volumes and bunkers traded in Fujairah, the world's second largest bunker market (12 million tonnes per annum). The volumes traded in the Gulf markets are forecast to continue growing substantially over the next decade
 
Trading
Contact Size 100 Metric Tons
Quality Specification High Sulphur Fuel Oil 380CST (4.5% Sulphur)
Trading Months 6 consecutive months
Last Trading Day Last Business Day of the month preceding the Delivery Month
New Contract Listing On the Business Day succeeding Last Trading Day
Price Quote US$ per Metric Ton, Ex-Wharf Fujairah
Minimum Tick Size US$ 0.01 per Metric Ton
Daily Price Limit $25 per Metric Ton
Max Open Position Limit As determined and specified by the Exchange
Maximum Open Position Limit for Near Month Contract 20,000 Metric Tons applicable during the last four trading days of the Contract Month.
Trading Days Monday through Friday
Trading Hours 08:30 - 19:00 hrs (except on the last trading day of every month)
Trading Hours on Last Trading Day of every month 08:30 - 17:00 hrs(applicable to all contract months)
 
Price bands: Daily Price ranges are fixed on the futures contracts in gold (US$ 30), silver (US Cents 75), and 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.
 
STEEL FUTURES
 
On October 29th 2007 DGCX launched the world’s first internationally tradable steel futures contracts. This product offering was for rebar. The adjacent pdf provides an overview. More details are available elsewhere on the site by clicking here. In due course the Exchange plans to introduce contracts servicing the EurAsian heavy plate, hot rolled coil, and stainless steel sectors
 
Trading
Underlying Asset Prime weldable steel reinforcement bar (rebar)
Contact Size 10 Metric Tons
Quality Specification BS 4449 (1997) W 460 B Type 2
Trading Weeks/Months Weekly for first 13 weeks Monthly, for four to six months forward Quarterly thereafter
Trading Day Monday through Friday
Trading Hours 1000 - 1800 hrs
Last Trading Day(Monthly Contracts) First Thursday of Delivery Month. If first Thursday is a holiday then preceding Trading Day
Last Trading Day (Weekly Contracts) Thursday of the week prior to Delivery Week. If Thursday is a holiday then preceding Trading Day
New Contract Listing (All Contracts) First Trading Day after Last Trading Day of Expiring Contract
Notice Day Last Trading Day of the respective contrac
Delivery Period The four Trading Day following the last day of trading
EFPs As per DGCX By-Laws
Last time for lodging EFPs and EFSs for registration 19:00 on any Trading Day for any listed contract
ADPS As per DGCX By-Laws k. 13
 
CRUDE OIL FUTURES
 
DGCX announced the launch of West Texas Intermediate Light Sweet Crude (DWTI) Oil futures contract on Tuesday May 20th which will be available for trading from Tuesday 27th May.

DGCX West Texas Intermediate Light Sweet Crude Oil Futures (DWTI) makes one of the world's most significant crude oil benchmarks available to both regional and international market participants, allowing them to benefit from trading and clearing transactions under the UAE regulatory and taxation regimes.

The DWTI contract is sized at 1,000 barrels, with the contract price quoted in U.S. dollars and cents per barrel. The minimum price fluctuation will be one cent per barrel, equivalent to a tick value of $10.00.

Light, sweet crude are preferred by refiners because of their low sulphur content and relatively high yields of high-value products such as gasoline, diesel fuel, heating oil, and jet fuel. Crude oil is one of the world's most widely used commodities and is amongst the most liquid futures contract. Crude oil refers to petroleum in its raw form. Crude oil becomes useful after refining, which produces numerous oil-based component products, including petroleum gas, diesel, lubricants, heating oil, lubricating oils, aviation gasoline and asphalt among others. WTI, also known as Texas Light Sweet is a type of light crude, lighter and sweeter than Brent Crude. Its properties and production site makes it ideal for being refined in the United States, mostly in the Midwest and Gulf Coast regions.

A fee waiver will be in place for the DWTI Crude futures contract from launch date the 27th May through to 26th August 2008.
 
WTI Light Sweet Crude Oil Futures Contract
 
Trading
Underlying Asset DGCX West Texas Intermediate Light Sweet Crude Oil Futures
Contact 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*
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 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 Friday
Trading Hours 0830 - 2330 hrs
Last Trading Day Last Day of Trading shall be the 4th 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 4th US business day prior to the US business day that precedes the 25th calendar day. If the 4th 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 following the Last Day of Trading
New Contract Listing Trading Day immediately following Last Day of Trading of expiring Contract
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
 
* 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$ 5 as compared to the Previous Close Price. Exchange shall relax the intra-day price range for the prices of the contract approaching the US$ 5 limit.
Brent Crude Oil Futures Contract
 
Trading
Underlying Asset DGCX Brent Crude Oil Futures
Contact 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*
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 Friday
Trading Hours 0830 - 2330 hrs
Last Trading Day Last Day of Trading shall be the 2nd UK business day immediately preceding the 15th day prior to the 1st 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 2nd UK business day immediately preceding the 1st UK business day that precedes the 15th day. If the 2nd 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 following the Last Day of Trading
New Contract Listing Trading Day immediately following Last Day of Trading of expiring Contract
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
 
* 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$ 5 as compared to the Previous Close Price. Exchange shall relax the intra-day price range for the prices of the contract approaching the US$5 limit. To know more contact our support team click here
 
 
   
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GTL Trading DMCC