Description

Margin schedule for commodity derivatives during tender period for Gold, Silver and their mini variants expiring in December 2025.

Summary

BSE has published the Tender Period Margin (TPM) Tracker for December 2025 applicable to the Commodity Derivatives Segment (BCX). The tracker outlines the progressive margin requirements for Gold, Silver, and their mini/kilogram variants during the tender period leading up to contract expiry. Margins increase progressively from 5% to 25% (minimum delivery margin) as the expiry date approaches.

Key Points

  • Tender Period Margins apply to GOLD, GOLDM, SILVER, SILVERKG, and SILVERM futures contracts
  • Margins increase progressively: 5% → 10% → 15% → 20% → 25% (minimum delivery margin)
  • Gold and Silver contracts expire on December 5, 2025 with tender period from December 1-5
  • SilverKG and SilverM contracts expire on December 31, 2025 with tender period from December 24-31
  • Holiday adjustments are included for December 25, 27, and 28, 2025 for SilverKG and SilverM contracts

Regulatory Changes

No regulatory changes. This is a routine publication of margin requirements for the tender period.

Compliance Requirements

  • Trading members and participants must maintain the specified Tender Period Margins as per the published schedule
  • Margins must be maintained at 5% on the first day of tender period, increasing daily
  • Final minimum delivery margin of 25% must be maintained on expiry date
  • Margin requirements apply differently based on contract expiry dates (December 5 vs December 31)

Important Dates

Gold & Silver (GOLD, GOLDM, SILVER) - Expiry: December 5, 2025

  • December 1, 2025: 5% margin
  • December 2, 2025: 10% margin
  • December 3, 2025: 15% margin
  • December 4, 2025: 20% margin
  • December 5, 2025: 25% margin (minimum delivery margin)

Silver Variants (SILVERKG, SILVERM) - Expiry: December 31, 2025

  • December 24, 2025: 5% margin
  • December 25, 2025: Holiday
  • December 26, 2025: 10% margin
  • December 27-28, 2025: Holiday
  • December 29, 2025: 15% margin
  • December 30, 2025: 20% margin
  • December 31, 2025: 25% margin (minimum delivery margin)

Impact Assessment

Market Impact: Medium - affects traders holding positions in gold and silver futures contracts as they approach expiry. The progressive margin increase encourages position squaring before delivery period.

Operational Impact: Trading members must ensure adequate margin collection from clients holding positions during tender period. The progressive margin structure provides clear visibility for risk management and capital planning for both members and clients trading commodity derivatives on BSE.

Impact Justification

Routine margin tracker for commodity derivatives traders during tender period; impacts margin requirements for gold and silver futures contracts