Physical Delivery of Commodity (General Procedures)

  1. The delivery takes place on the initiative of the selling party which delivers a delivery receipt meeting the requirements defined by the contract specification and the Clearing House as well as an invoice made out to the Exchange. A Clearing Member may indicate on the invoice the seller to whom the payment should be made. The price on the invoice will be equal to the final price of contract clearing.
  2. If the selling party fails to initiate the process of delivery by the date preceding the last day of trading in the contract, the Clearing House commences the execution of contingency procedures.
  3. The transfer of a delivery receipt to the selling party may take place based on an application to be allocated a warehousing receipt on a preferential basis made by a Clearing Member representing the buyer.
  4. The application shall at least include the following details:
    1. Name of the Member representing the buyer;
    2. Name of the buyer;
    3. Preferences as to the location in which delivery is taken;
    4. Number of warehousing receipts which the buyer is planning to take.
  5. If it is the warehouse which produced the warehousing receipt that applies to be granted such receipt on a preferential basis, the Clearing House shall grant the receipt thereto. Next in succession, the Clearing House shall grant warehouse receipts to those applicants whose preferences as to the place of delivery can be met.
  6. If it is not possible to clearly specify preferences, the Clearing House shall select a selling position in a given contract on a random basis. The transfer of a delivery receipt is made to the Clearing Member on whose behalf the randomly selected position was registered.
  7. If the randomly selected position was registered in a Member’s own account, such Member may not transfer the delivery receipt to a client and request that such client take delivery.
  8. If the randomly selected position was registered in a client account, the Member is required to execute the procedure of selecting the client to which such receipt will be transferred. The regulations governing the provision of clearing services by a Clearing Member shall include procedures for allocating delivery receipts to clients.
  9. The Exchange shall make out an invoice in its own name to the Clearing Member of the buyer at the same price as the closing price at which the seller has made out the invoice to the Clearing House.
  10. If the amount paid by the buyer into the account of the Clearing House is lower than that indicated in the invoice, the Clearing House shall check if the amount blocked in respect of margin requirement in this very opened contract is sufficient to cover the balance. If it is the case, the Clearing House closes the position out and provides the Clearing Member with a warehousing receipt. If it is not the case, the Clearing House commences the execution of the relevant contingency procedures.

Delivery of currencies (General Procedures)

  1. Beginning from the second business day preceding the last day of trading (T-2) the Clearing House applies doubled margin requirements for deliverable currency futures. Clearing House requests Members to make up for the shortage up to the level of doubled margin requirements calculated for the account after closing of the session on third business day preceding the last day of trading (T-3).
  2. If funds are not sufficient to cover the margin calculated for Member’s account, the Clearing House is entitled to close out adequate number of positions beginning from Member's own account.
  3. After closing of the session on the last day of trading (T) Clearing House marks to market all positions on contract to delivery to Final Settlement Price.
  4. Clearing Members are obligated to report gross positions on contracts to delivery after closing of the session on last day of trading (T).
  5. Clearing House till 18:00 on last day of trading requests Members to deliver calculated amounts of cash in proper currencies.
  6. Members deliver proper amounts of currencies till 10:00 on the second day after last day of trading. Delivery is considered as executed when Clearing House bank account is credited.
  7. The Clearing House delivers currencies against Clearing Members till 13:00 on the second day after last day of trading.
  8. Delivery takes place upon the rate equal to the Final Settlement Price.
  9. In default of delivery the Clearing House debits the house account of Clearing Member with doubled margin multiplied by the number of undelivered contracts as a penalty.
  10. Delivery of currencies upon the EFC contracts takes place according to the same procedures. The date of the EFC transaction is considered as the last day of trading.