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AS Chakravarthy NISM Hyderabad : Open Position Limits

AS Chakravarthy NCFM Hyderabad : Stock Market Training Institute


Books of Accounts maintained by Trading Member/Broker:

Regulatory guidelines on open position limits

In order to avoid building up of huge open positions, the regulator has specified the maximum allowable open position limit across all members of the Exchange. Rules with respect to monitoring and enforcement of position limits in the currency futures market:

• Positions during the day are monitored based on the total open interest at the end of the previous day’s trade.
• The above monitoring is for both client level positions (based on the unique client code) and for trading member level positions.
• The Exchange treats violation of position limits as an input for further surveillance action. Upon detecting large open positions, the Exchange conducts detailed analysis based on the overall nature of positions, the trading strategy, positions in the underlying market, positions of related entities (concept of persons acting in concert would be applied), etc.
• The violators of position limits are accountable for their large positions and are asked to submit detailed information pertaining to their trading activities whenever the information is sought by the Exchange. The clearing member is accountable for positions of all trading members and clients of trading members clearing through him. Similarly, the trading member is accountable for the positions of his clients. The Exchange also calls for information directly from the client itself.

SEBI prescribed gross open position limits for different currency pairs and different market participants is followed as below:

 

Client level

Non bank TM

Bank TM

USDINR

6% of total open interest or USD 10 mn, whichever is lower

15% of total open interest or USD 50 mn, whichever is lower

15% of total open interest or USD 100 mn, whichever is lower

EURINR

6% of total open interest or EUR 5 mn, whichever is lower

15% of total open interest or EUR 25 mn, whichever is lower

15% of total open interest or EUR 50 mn, whichever is lower

GBPINR

6% of total open interest or GBP 5 mn, whichever is lower

15% of total open interest or GBP 25 mn, whichever is lower

15% of total open interest or GBP 50 mn, whichever is lower

JPYINR

6% of total open interest or JPY 200 mn, whichever is lower

15% of total open interest or JPY 1000 mn, whichever is lower

15% of total open interest or JPY 2000 mn, whichever is lower

AS Chakravarthy NCFM Hyderabad : Stock Market Training Institute