Iran Mercantile Exchange

Gold Coin Futures

Gold Coin Futures Contract Specifications
Underlying Asset Gold Coin (Bahar Azadi)
Contract size Fineness of 900/ weight 8.133 grams minted by the Central Bank of Iran
Standard Fineness of 900/ weight 8.133 grams minted by the Central Bank of Iran
Contract Month 12 month of year
Daily price limit Max up to +/- 5% with respect to the settlement price of the previous day
Trading duration As of the date mentioned in the trading notice up to 5 calendar days prior to the termination of the contract month
Delivery date From the first business day past the last trading date till the end of the month
Delivery vault The exchange clearing house
Tick size 0.500 USD
Initial margin It’s a flexible amount which is dynamic during the course of the trading duration and is calculated from this formula: A=(B/C+1)*C
Where A: is the initial margin B: the weighted average of the settlement prices of all contract months of gold coin future , C= 40 USD
Maintenance margin 60% of Initial margin
volume limit per order 10 contract max
Price unit Rial/ convertible to USD
Trading fee 1.95 USD
Delivery & final settlement fee 4 USD
Trading hour 10:00 -18:00
Symbol GCMMYY ( M stands for month Y stands for year)
Position limit Entities: 100 contract per symbol upgradable up to 10% of the registered corporate capital and limited to 20% of the whole positions held in the market
Delivery intension notice date 2 business days prior to the last trading date up to 30 minutes after the end of trading session.

a)1% of the total contract value calculated based on the settlement price of the previous day, for failure in presenting the delivery intension notice

B)1% of the contract value for the failure to submit the warehouse warrant to the exchange

c)1% for the failure in paying the contract value in terms of last day settlement price

d)in case of being a deferential between the market spot price and the last day settlement price and it compensates the losses of the non-defaulting client, the differential shall be debited from the defaulting client’s account and paid to the account of the non-defaulting client . In all above cases the delivery and settlement fee shall be debited from the account of the defaulting client to the benefit of the exchange.

Miscellaneous Only the coins of the last year of minting, 1386 ( 2007) are receivable. The whole positions of the market shall not exceed the total number of coins minted by the Central Bank of Iran.