Metals

Gold

DGCX commenced its trading operations with futures contracts in gold to be followed by options contracts in gold. The gold contract unit is 1 kilogram of gold (0.995 fineness) deliverable at DGCX approved vaults in the United Arab Emirates (UAE).

Dubai Gold Contract Specifications

Trading
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	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 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.

Margins
Initial Margin	US$ 750 per contract
Spread Position Margin	Where multiple positions exist, full margin will be charged on the higher side and no margin will be charged on the smaller position.
Extra Margin	In case of additional volatility, an Extra Margin as deemed fit by the Exchange; will be imposed on all open positions.
Delivery Period Margin	US$ 3,750 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 through Sixth Delivery Day of the Delivery Month
First Notice Day	Business Day immediately preceding First Delivery Day
Last Notice Day	Business Day immediately preceding Sixth 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)

Options on Gold Futures

Trading
Trading Symbol	DGO
Trading Unit	One DGCX Gold Futures contract
Trading Hours	As specified by the Exchange from time to time
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 Months	The nearest three contract months (February, April, June, August, October and December) will be 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 shall be 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 will occur on the previous business day.
Exercise of Options	On the last trading day, all in-the-money options will be 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 2345 hrs (15 minutes after trading ceases). All out-of-the-money options will automatically expire worthless and they can not be exercised.
Strike Prices	For each option contract, the strike prices will be 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.

Option Settlement Premium

1. For traded contracts, The Exchange shall determine the Option
    Settlement Premium based on following order:
    a. 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.
    b. VWAP of last 15 trades executed during the day provided 15 trades
        are executed
    c. 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

The silver future contracts were launched on 28th March 2006. The silver contract is for 1,000 troy ounces of silver (min 0.999 purity) and deliverable at DGCX approved vaults in the UAE.

Dubai Silver Contract Specifications

Trading
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	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 1*: 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.

Margins
Initial Margin	US$ 750 per contract
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.
Delivery Period Margin	US$ 3,750 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 shall be subject to Cash Settlement as per Silver Cash Settlement Price 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 3*

Note 2*: If Silver of higher fineness is delivered, no premium shall be paid.
Note 3*: All parties acknowledge that all references to the London Silver Fixing Price are used with the permission of The London Silver Market Fixing Limited which for the avoidance of doubt has no involvement with and accepts no responsibility whatsoever for the underlying product for which the London Silver Fixing Price may be referenced.