Description
Commodity derivatives tender period margin schedule for Gold and Silver contracts expiring in September 2025.
Summary
BSE has released the Tender Period Margin (TPM) tracker for commodity derivatives contracts expiring in September 2025. The circular provides detailed margin schedules for Gold, Silver, and their mini variants during their respective tender periods.
Key Points
- Tender period margins increase progressively from 5% to 25% as expiry approaches
- Gold and Goldm contracts expire on September 5, 2025
- Silver variants (Silverkg and Silverm) expire on September 30, 2025
- Minimum delivery margin is set at 25% for all commodities
- Holiday periods (September 27-28) are marked for Silver contracts
Regulatory Changes
No regulatory changes introduced - this is an operational schedule for existing margin framework.
Compliance Requirements
- Trading members must ensure adequate margin coverage during tender periods
- Margins must be maintained as per the progressive schedule outlined
- Special attention required for holiday adjustments in Silver contracts
Important Dates
Gold/Goldm Contracts:
- Tender Period: September 1-5, 2025
- Expiry: September 5, 2025
Silver/Silverm Contracts:
- Tender Period: September 24-30, 2025
- Expiry: September 30, 2025
- Holidays: September 27-28, 2025
Impact Assessment
Medium impact on commodity derivatives traders who need to plan for increased margin requirements during tender periods. The progressive margin structure helps manage delivery risk but requires careful cash flow planning by market participants.
Impact Justification
Operational information for commodity derivatives traders regarding margin requirements during tender period