Description

Tender period margin schedule for commodity derivatives (GOLD, GOLDM, SILVER, SILVERKG, SILVERM) futures contracts expiring in November 2025.

Summary

BSE has released the Tender Period Margin (TPM) tracker for November 2025 for commodity derivatives traded on BCX. The circular specifies progressive margin requirements during the tender period for GOLD, GOLDM, SILVER, SILVERKG, and SILVERM futures contracts. Margins escalate from 5% to 25% as contracts approach expiry, with a minimum delivery margin of 25%.

Key Points

  • Tender period margins apply to commodity futures contracts nearing expiry
  • GOLD and GOLDM contracts expiring November 5, 2025 have tender period from October 30 to November 5
  • SILVER contracts expiring November 5, 2025 follow the same October 30 to November 5 schedule
  • SILVERKG and SILVERM contracts expiring November 28, 2025 have tender period from November 24 to November 28
  • Margins increase progressively: 5% → 10% → 15% → 20% → 25%
  • November 1-2, 2025 are holidays (no margin changes during these days)
  • Minimum delivery margin is 25% for all commodities

Regulatory Changes

No regulatory changes. This is a scheduled margin tracker as per existing commodity derivatives framework.

Compliance Requirements

  • Trading members must ensure adequate margin deposits during tender periods
  • Clients holding positions in expiring contracts must maintain escalating margin levels
  • Positions not squared off before expiry will be subject to delivery margin of 25%
  • Members must monitor client positions and collect appropriate margins based on the published schedule

Important Dates

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

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

SILVERKG, SILVERM (Expiry: November 28, 2025)

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

Impact Assessment

Market Impact: Medium - Affects participants in commodity derivatives segment, particularly those holding positions near expiry. The progressive margin structure encourages early position squaring.

Operational Impact: Trading members must ensure margin collection systems are updated with the escalating requirements. Clients maintaining positions through tender period will face increased margin obligations, potentially affecting liquidity and position management strategies.

Financial Impact: Traders holding positions closer to expiry will need to allocate additional capital to meet margin requirements, with margins increasing 5x from initial 5% to final 25%.

Impact Justification

Routine margin schedule for commodity derivatives traders with escalating margins during tender period; affects GOLD, GOLDM, SILVER, SILVERKG, and SILVERM futures contracts.