Description

BSE Commodity Derivatives Segment (BCX) tender period margin schedule for Gold, Silver and their variants expiring in November 2025.

Summary

BSE has released the Tender Period Margin (TPM) Tracker for November 2025, detailing the progressive margin requirements for commodity futures contracts (GOLD, GOLDM, SILVER, SILVERKG, SILVERM) in the BCX segment during their tender periods. The margins escalate daily from 5% to the minimum delivery margin of 25%.

Key Points

  • Tender Period Margins apply to commodity futures contracts approaching expiry
  • Margins increase progressively: 5% → 10% → 15% → 20% → 25% (minimum delivery margin)
  • GOLD and GOLDM (November 5, 2025 expiry): Tender period from October 30 to November 5, 2025
  • SILVER (November 5, 2025 expiry): Tender period from October 30 to November 5, 2025
  • SILVERKG and SILVERM (November 28, 2025 expiry): Tender period from November 24 to November 28, 2025
  • November 1-2, 2025 marked as holidays for early November expiry contracts

Regulatory Changes

No regulatory changes. This is a routine operational schedule for margin requirements during tender periods.

Compliance Requirements

  • Trading members and clearing members must ensure adequate margin coverage for positions held during tender periods
  • Margins will be collected as per the escalation schedule outlined in the tracker
  • Positions not closed before tender period will be subject to increasing margin requirements
  • Minimum delivery margin of 25% applies on the final tender period day (expiry date)

Important Dates

GOLD/GOLDM/SILVER (Expiry: November 5, 2025)

  • October 30, 2025: 5% margin
  • October 31, 2025: 10% margin
  • November 1-2, 2025: Holidays
  • November 3, 2025: 15% margin
  • November 4, 2025: 20% margin
  • November 5, 2025: 25% margin (delivery margin)

SILVERKG/SILVERM (Expiry: November 28, 2025)

  • November 24, 2025: 5% margin
  • November 25, 2025: 10% margin
  • November 26, 2025: 15% margin
  • November 27, 2025: 20% margin
  • November 28, 2025: 25% margin (delivery margin)

Impact Assessment

Market Impact: Medium - affects traders holding positions in commodity futures contracts through expiry. Progressive margin increases incentivize position squaring before tender period to avoid higher margin requirements.

Operational Impact: Trading members and clients holding open positions in GOLD, GOLDM, SILVER, SILVERKG, and SILVERM futures contracts must ensure sufficient margin funding during the specified tender periods. Failure to maintain margins may result in position liquidation by the exchange.

Financial Impact: Margin requirements increase from 5% to 25% over the tender period, requiring 5x higher collateral on the final day compared to the first day. This impacts capital efficiency and may influence trading decisions regarding position closure vs. delivery intention.

Impact Justification

Operational circular providing scheduled margin escalation during tender periods for commodity futures contracts. Important for traders holding positions through expiry but routine in nature.