| |
A futures contract is a forward contract, which is traded on an Exchange. DEFTY
futures contracts would be based on the
S&P CNX DEFTY index. (Selection criteria for indices)
NSE defines the characteristics of the futures contract such as the underlying
index, market lot, and the maturity date of the contract. The futures contracts
are available for trading from introduction to the expiry date.
The security descriptor for the S&P CNX DEFTY futures contracts is:
Market type: N
Instrument Type: FUTIDX
Underlying: DEFTY
Expiry date: Date of contract expiry
Instrument type represents the instrument i.e. Futures on Index.
Underlying symbol denotes the underlying index which is S&P CNX Defty.
Expiry date identifies the date of expiry of the contract
The underlying index is S&P CNX DEFTY.
DEFTY futures contracts have a maximum of 3-month trading cycle - the near month
(one), the next month (two) and the far month (three). A new contract is
introduced on the trading day following the expiry of the near month contract.
The new contract will be introduced for a three month duration. This way, at any
point in time, there will be 3 contracts available for trading in the market
i.e., one near month, one mid month and one far month duration respectively.
DEFTY futures contracts expire on the last Thursday of the expiry month. If the
last Thursday is a trading holiday, the contracts expire on the previous trading
day.
Top
The value of the futures contracts on DEFTY may not be less than Rs. 2 lakhs at
the time of introduction. The permitted lot size
for futures contracts & options contracts shall be the same for a given
underlying or such lot size as may be stipulated by the Exchange from time to
time.
The price step in respect of DEFTY futures contracts is Re.0.05.
Base price of DEFTY futures contracts on the first day of trading would be
theoretical futures price. The base price of the contracts on subsequent trading
days would be the daily settlement price of the futures contracts.
Orders which may come to the exchange as quantity freeze
shall be based on the notional value of the contract of around Rs.5 crores.
Quantity freeze is calculated for each underlying on the last trading day of
each calendar month and is applicable through the next calendar month. In
respect of orders which have come under quantity freeze, members would be
required to confirm to the Exchange that there is no inadvertent error in the
order entry and that the order is genuine. On such confirmation, the Exchange
may approve such order. However, in exceptional cases, the Exchange may, at its
discretion, not allow the orders that have come under quantity freeze for
execution for any reason whatsoever including non-availability of turnover /
exposure limits
· Regular lot order
· Stop loss order
· Immediate or cancel
· Spread order
Top | Back
|
|