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Advance Notice of Proposed Rule Changes Converting Mini Gold Futures and Options Contract Size and Fineness and Discontinuance of Warehouse Depository Receipts
This Notice is being issued to give market participants advance notice of changes which the Exchange plans to introduce to its Mini-Sized Gold Futures and Options Contracts, currently intended to become effective with the February 2015 futures contract. The changes will be specified in detailed amendments to the pertinent Exchange Rules and procedures and their implementation is subject to regulatory filing and review periods. The changes are as follows:
1. Contract Size and Fineness:
For the February 2015 contract and subsequent contract months, the size of the Mini Gold futures contract will be 32.15 troy oz. with a minimum fineness of 0.9999. Because of the change to the trading unit, the dollar value of a minimum tick for the contract will also change: the minimum tick size of $0.10 per oz. (which is not changing) will have a value of $3.215 cents per contract.
These changes to the contract size and the dollar value of the minimum tick will also become effective with the January 2015 Mini Gold options contract (which has the February 2015 as its underlying future) and all later option contract months. To confirm, for all futures contract months up to and including the January 2015 contract and all options contracts up to and including the December 2014 contract, the trading unit remains 33.20 troy oz. with a minimum fineness of 0.995, and the dollar value of a minimum tick will remain $3.32 per contract.
These changes to the futures contract trading unit and fineness will become effective starting with the February 2015 futures contract. As the February 2015 contract month, and subsequent contracts that are also affected by the changes, are already listed for trading and have outstanding open interest, implementation of these changes to the trading unit and the dollar value of a minimum tick will require supporting changes to the Exchange trading platform and clearing systems. These systems changes are expected to be made effective as of the start of trading for the September 15, 2014 business day. Until that time, the dollar value of the minimum tick for the February 2015 and all later futures contracts and for the January 2015 and all later options contracts, will remain $3.32 per contract.
2. Discontinuance of Warehouse Depository Receipts:
Also effective for the February 2015 Mini Gold futures contract and all subsequent months, the Exchange is discontinuing the use of Warehouse Depository Receipts (“WDRs”) in Exchange deliveries under the contract. With this change, for the February 2015 and all subsequent contract months all deliveries must be made using vault receipts for 32.15 troy oz. gold with minimum fineness of 0.9999, cast in a one kilogram bar.
WDRs will remain valid for deliveries against all Mini Gold futures contract months up to and including the January 2015 contract, but will not be valid for deliveries after the January 2015 contract.
The Exchange will use its best efforts to automatically cancel any remaining WDRs held in the Guardian Delivery System after the close of business on January 28, 2015, and issue in replacement for such WDRs an equivalent number of 32.15 oz. vault receipts along with any cash adjustments necessary for weight differentials as quickly as possible. However, market participants who wish to have one or more of their WDRs cancelled and replaced with one or more 32.15 oz. vault receipts should contact the Exchange to discuss the conversion process. That said, no action can be taken in the Guardian which manages registered inventory eligible to be used in an Exchange delivery to accomplish this until the Exchange has completed the system changes needed to support the conversion process. Information on the timeline for these Guardian system changes will be provided separately.