Description

Tender period margin requirements for commodity derivatives (Gold, Silver) expiring in September 2025.

Summary

BSE has published the tender period margin tracker for September 2025, detailing progressive margin requirements for commodity derivatives (GOLD, GOLDM, SILVER, SILVERKG, SILVERM) during their respective tender periods. Margins increase from 5% to 25% as expiry approaches, with minimum delivery margin set at 25%.

Key Points

  • Covers commodity derivatives: GOLD, GOLDM, SILVER, SILVERKG, SILVERM
  • Two expiry cycles: September 5, 2025 and September 30, 2025
  • Progressive margin increases during tender period: 5% → 10% → 15% → 20% → 25%
  • Minimum delivery margin: 25% for all commodities
  • Holiday adjustments included for September 27-28, 2025

Tender Period Schedule

September 5, 2025 Expiry (GOLD, GOLDM, SILVER):

  • September 1: 5% margin
  • September 2: 10% margin
  • September 3: 15% margin
  • September 4: 20% margin
  • September 5: 25% margin

September 30, 2025 Expiry (SILVERKG, SILVERM):

  • September 24: 5% margin
  • September 25: 10% margin
  • September 26: 15% margin
  • September 27-28: Holiday
  • September 29: 20% margin
  • September 30: 25% margin

Compliance Requirements

  • Traders must maintain progressive margin requirements during tender periods
  • Minimum delivery margin of 25% must be maintained for delivery positions
  • All commodity derivatives positions subject to these margin schedules

Important Dates

  • September 1-5, 2025: Tender period for GOLD, GOLDM, SILVER contracts
  • September 24-30, 2025: Tender period for SILVERKG, SILVERM contracts
  • September 27-28, 2025: Market holidays (no margin changes)

Impact Assessment

This circular provides operational guidance for commodity derivatives traders, ensuring adequate risk management during tender periods. The progressive margin structure helps manage delivery risk while providing clear schedules for market participants to plan their positions and funding requirements.

Impact Justification

Operational circular providing margin schedules for commodity derivatives traders during tender periods