Description

Margin requirements schedule for Gold and Silver commodity derivatives during tender periods in September 2025.

Summary

BSE has published the Tender Period Margin (TPM) tracker for commodity derivatives segment (BCX) for September 2025, detailing progressive margin requirements for Gold and Silver futures contracts during their respective tender periods.

Key Points

  • Margin requirements increase progressively as contracts approach expiry during tender periods
  • Gold futures (GOLD, GOLDM) have tender period from September 1-5, 2025 with expiry on September 5
  • Silver futures (SILVER, SILVERKG, SILVERM) have different tender period schedules
  • Standard Silver (SILVER) follows same schedule as Gold (September 1-5)
  • Silver Kg and Silver Mini contracts have tender period from September 24-30, 2025 with expiry on September 30
  • Minimum delivery margin is set at 25% for all contracts

Margin Schedule

Gold Futures (GOLD, GOLDM) - Expiry: September 5, 2025

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

Silver Futures (SILVER) - Expiry: September 5, 2025

  • Same schedule as Gold futures

Silver Kg & Silver Mini (SILVERKG, SILVERM) - Expiry: September 30, 2025

  • September 24: 5% margin
  • September 25: 10% margin
  • September 26: 15% margin
  • September 27-28: Holiday (no trading)
  • September 29: 20% margin
  • September 30: 25% margin

Important Dates

  • September 1-5, 2025: Tender period for Gold and standard Silver futures
  • September 24-30, 2025: Tender period for Silver Kg and Silver Mini futures
  • September 27-28, 2025: Market holidays affecting Silver Kg/Mini tender period

Impact Assessment

Traders in commodity derivatives must prepare for escalating margin requirements as contracts approach expiry. The progressive margin increase from 5% to 25% during tender periods requires adequate capital planning and position management strategies.

Impact Justification

Important for commodity derivatives traders to understand escalating margin requirements during tender periods