Description

Tender period margin schedule for commodity derivatives (Gold, GoldM, Silver, SilverKG, SilverM) on BSE's BCX segment for January 2026, detailing progressive margin increases and delivery margins.

Summary

BSE’s Commodity Derivatives Segment (BCX) has published the Tender Period Margin (TPM) tracker for January 2026, outlining progressive margin increases for commodity futures contracts (GOLD, GOLDM, SILVER, SILVERKG, SILVERM) as they approach expiry and delivery. The margins escalate from 5% at the start of the tender period to 25% minimum delivery margin on the expiry date.

Key Points

  • Tender period margins apply to FUTCOM (futures commodity) products: GOLD, GOLDM, SILVER, SILVERKG, and SILVERM
  • Margins progressively increase during the tender period: 5%, 10%, 15%, 20%, culminating in 25% delivery margin
  • Gold and Silver (mini) contracts expiring January 5, 2026 have tender period from December 30, 2025 to January 5, 2026
  • SilverKG and SilverM contracts expiring January 30, 2026 have tender period from January 23, 2026 to January 30, 2026
  • Holidays during tender periods: January 3-4, 2026 (for Jan 5 expiry) and January 24-26, 2026 (for Jan 30 expiry)
  • Minimum delivery margin of 25% applies on expiry date

Regulatory Changes

No regulatory changes. This is a standard operational tracker providing margin schedules for the tender period.

Compliance Requirements

  • Trading members and clearing members must ensure adequate margins are maintained during tender periods
  • Progressive margin increases must be collected as per the specified schedule
  • Market participants holding positions into tender period must comply with escalating margin requirements
  • Minimum 25% delivery margin required for positions held until expiry

Important Dates

GOLD/GOLDM/SILVER (January 5, 2026 Expiry):

  • December 30, 2025: 5% margin
  • December 31, 2025: 10% margin
  • January 1, 2026: 15% margin
  • January 2, 2026: 20% margin
  • January 3-4, 2026: Holiday
  • January 5, 2026: 25% delivery margin (Expiry)

SILVERKG/SILVERM (January 30, 2026 Expiry):

  • January 23, 2026: 5% margin
  • January 24-26, 2026: Holiday
  • January 27, 2026: 10% margin
  • January 28, 2026: 15% margin
  • January 29, 2026: 20% margin
  • January 30, 2026: 25% delivery margin (Expiry)

Impact Assessment

Market Impact: Medium - affects liquidity and trading strategies for commodity futures positions approaching expiry. Traders typically square off positions before tender period to avoid higher margin requirements.

Operational Impact: Medium - clearing members must monitor and collect progressive margins, requiring enhanced margin monitoring systems during tender periods.

Trading Impact: Position holders must either close positions before tender period or arrange for increased margin funding. The progressive margin structure encourages early position closure and reduces concentration of open interest near expiry.

Impact Justification

Operational circular detailing margin requirements during tender periods for commodity futures. Important for traders and clearing members managing positions approaching delivery, but routine market operations guidance.