Dubai Gold & Commodities Exchanges

Dubai Gold & Commodities Exchange Street address: EMAAR Business Park, Bldg 2, Level 1, Sheikh Zayed Rd, Dubai, United Arab Emirates Phone: +971 4 3611 616 Fax: +971 4 3611 617 Email: info@dgcx.ae Website: www.dgcx.ae

Principal officers

Senior Management Team

Chairman	Ahmed Bin Sulayem
Vice-Chairman	Jignesh Shah
Director	Dr David Rutledge
Director	Colin Griffith
Director	Joseph Massey
Director	Arshad Khan
Chief Executive Officer	Malcolm Wall Morris

Executives

Chief Financial Officer	Gautam Sashittal
Head of Compliance, Audit and Membership	Tony Day
General Manager, Technology	Basab Banerjee
Chief Marketing Officer	Nishat Bandali
Chief Operating Officer	Gaurang Desai

Brief history

Dubai Gold and Commodities Exchange (DGCX) commenced trading in November 2005 as the region’s first derivatives and commodities exchange. Because of its location between the two crucial times zones, DGCX extends trading hours globally for commodities and integrates regional and international commodities trade. As a truly international commodities and derivatives exchange, DGCX offers a range of commodities, with electronic trading accessible from anywhere in the world.

DGCX offers trading in gold, silver, fuel oil and currency futures. The exchange introduced its first options contract for gold in 2007, which was followed by the worlds first Indian Rupee and Steel Rebar futures contracts.

A diversified range of commodities will continue to enhance the DGCX portfolio as it grows.

DGCX is a technology driven, de-mutualized organization committed to provide a world-class trading platform for a wide array of commodities and to implement the best global practices, with the highest level of transparency.

With cutting edge, transparent and secure technological infrastructure, well established and stringent compliance and governance norms, regulated by ESCA (a full ordinary member of IOSCO), and management expertise, the Exchange is geared to significantly expand its portfolio of innovative products, aimed at meeting the growing needs of Members and investors.

DGCX and the Malaysian exchange, Bursa Malaysia Berhad, signed a Memorandum of Understanding (MoU) in January 2008 to establish cooperative ties aimed at developing the derivatives markets in Malaysia and the UAE. The agreement will provide a platform for both parties to develop their strengths and product offerings in respect to palm oil, gold, crude oil, plasticsand such other commodities.

In addition to this, DGCX also has strategic tie-ups with CBOT and Tokyo Commodity Exchange.

DGCX secured an approval from the Monetary Authority of Singapore (MAS), making it a Recognised Market Operator (RMO) in Asia’s key trading hub. With the approval, DGCX could now offer Singapore-based market participants direct access to its growing portfolio of commodity and currency contracts.

Structure

DGCX is a Dubai Multi Commodities Centre (DMCC) – Government of Dubai, initiative (51% ownership), with Financial Technologies (India) Limited and Multi Commodity Exchange of India Limited (MCX).

Trading statistics

Trading volumes
Year	Contracts
2005*	6,679
2006	612,862
2007	907,439

Open Interest
Year	Contracts
2005*	1,133
2006	4,289
2007	4,198
* November and December only

The DGCX trading platform incorporates a highly sophisticated and automated Risk Management System which reduces human intervention to the bare minimum. This provides comfort to the market participants at all times regarding the financial integrity and transparency of the market place. DGCX is the 1st Exchange in the region to achieve the prestigious ISO 27001:2005 Certification for its Information Security Mgmt Sys. ISO Certification illustrates the Exchange’s ability to provide a safe and secure environment to Members, customers and associates.

DGCX offers:

A fully automated, state of the art, electronic trading platform accessible from anywhere in the world
Uninterrupted Trading hours from 08:30 am – 11:30 pm (GMT +4)
Regulated by the Emirates Securities & Commodities Authority
Futures and Options trading on a range of commodities
Robust risk management and surveillance systems
Settlement guarantee provided by Dubai Commodities Clearing Corporation (DCCC), a subsidiary 100% owned by DGCX.

Clearing and settlement
Dubai Gold and Commodities Exchange has established a wholly owned subsidiary, Dubai Commodities Clearing Corporation (DCCC) which acts as the clearing house of DGCX. DCCC is the counter party for each trade done on DGCX. This means that DCCC interposes itself between the buyer and seller of each contract, and guarantees performance to clearing members. This guarantee is unpinned by a system of initial and additional margins, supported by commitments from clearing members, and insurance held by DCCC specifically the risk of default.

Commission rates and other client costs

Transaction and clearing fee
Transaction category	(USD)
Member day trade	0.25
Member regular trade	0.45
Non-member all trades	0.65
Charges are levied per contract per side and subject to volume discount.

Taxation and regulations affecting foreign investors

Currently no taxes are applicable

DGCX aspires to be a commodities exchange of global significance with participation from all sectors of the international commodities trading community. To achieve this goal, DGCX is committed to adhering to the highest international standards of corporate governance, self-regulation and market surveillance. The DGCX management follows international best practices in terms of its code of conduct and its management of the Exchange.

DGCX is regulated by the Emirates Securities and Commodities Authority (ESCA).

ESCA, a member of the International Organisation of Securities Commissions (IOSCO), is also the regulatory authority for the Dubai Financial Market and the Abu Dhabi Securities Market and adheres to a fundamental objective to provide the opportunity to invest in commodities in a manner that serves the interest of the national economy by establishing the bases for sound and just dealings between various investors.

Entities approved as DGCX members have undergone a strict vetting process in terms of their financial strength, background in securities or commodities broking or dealing in commodities. DGCX requires similar know your customer standards to be followed by its members in relation to their clients.

Investor protection details

DGCX has incorporated in its by-laws an extensive range of provisions designed to protect members' customers, including:

• KYC standards

• Comprehensive client agreement forms

• Minimum capital requirements for brokers

• Requirements to call margin from clients

• Requirements to segregate clients' monies

• Requirements to submit client orders in the sequence in which they are received

• Requirements to treat client orders in confidence, disclosing them to others only to extent necessary to execute such orders

• Requirements to maintain Clients’ details and records of their transactions for at least 6 years

DGCX enforces compliance with these provisions with a well defined programme of inspections of members' records and operations.

Settlement Guarantee Fund

DGCX has established a wholly owned subsidiary, Dubai Commodities Clearing Corporation (DCCC) for undertaking all clearing, settlement & risk management functions. DCCC becomes the Central Counterparty for all deals executed on DGCX trading platform through the process of novation, whereby it acts as a Seller to all Buyers and Buyer to all Sellers on the Exchange. DCCC provides Settlement Guarantee for all deals executed on DGCX platform. This provides a tremendous confidence to market participants as the counter-party risk is eliminated in this process.

In order to protect market participants from any counter party credit risk, DCCC has established a Settlement Guarantee Fund (SGF). The settlement guarantee provided by DCCC is underpinned by a system of initial margin, daily marking-to-market procedures and additional margins. The corpus of the Settlement Guarantee Fund is made up of Commitments from clearing members, insurance policy held by DCCC and line of credit extended by the Exchange. As onJan 1, 2008, the corpus of SGF stood at US$ 79 million.

Trading Symbol	DGO
Trading Unit	One DGCX Gold Futures contract
Trading Hours	As specified by the Exchange from time to time
Price Quotation	US Dollars and cents per fine ounce
Minimum Price Fluctuation	US$ 0.10 per troy ounce
Maximum Daily Price Fluctuation	No Daily Limit
Trading Months	The nearest three contract months (February, April, June, August, October and December) are available at all times. The options are American-style and can be exercised at any time up to expiration. On the first day of trading for any options contract month, there will be a minimum of 7 strike prices each for puts and calls.
Last Trading Day	Last trading day for gold futures options are the tenth business day prior to the start of tender period of the underlying Gold futures contract. If the last trading day falls on a Friday or an Exchange holiday, last trading day occurs on the previous business day.
Exercise of Options	On the last trading day, all in-the-money options are exercised automatically against Settlement Price, however, should a member choose not to exercise an in-the-money option, the member is required to notify the Exchange latest by 2345 hrs (15 minutes after trading ceases). All out-of-the-money options automatically expire worthless and they can not be exercised.
Strike Prices	For each option contract, the strike prices are at increments of US$10.00.
Position Limit	Initially, same as specified for Gold Futures contract.
Margin Requirement	Buyer pays full premium, while the seller is margined on the SPAN basis.

Exchange holiday schedule

HOLIDAY NAME	2008	2009	2010
New Years Day	01-Jan-2008, Tue	01-Jan-2009, Thu	01-Jan-2010, Fri
Islamic New Year	10-Jan-2008, Thu	-	-
The Prophet’s Birthday	20-Mar-2008, Thu	09-Mar-2009, Mon	26-Feb-2010, Fri
Good Friday	21-Mar-2008, Fri (ESO*)	17-Apr-2009, Fri	02-Apr, 2010, Fri
The Prophet's Ascension	30-Jul-2008, Wed	20-Jul-2009, Mon	09-Jul-2010, Fri
Eid al-Fitr (End of Ramadan)	01-Oct-2008, Wed	20-Sep-2009, Sun	09-Sep-2010, Thu
	02-Oct-2008, Thu	21-Sep-2009, Mon	10-Sep-2010, Fri (ESO*)
Thanksgiving Day	27-Nov-2008, Thu	26-Nov-2009, Thu	-
UAE National Day	02-Dec-2008, Tue	-	-
Eid al Adha (Feast of sacrifice)	08-Dec-2008, Mon	27-Nov-2009, Fri (ESO*)	16-Nov-2010, Tue
	09-Dec-2008, Tue (ESO*)	28-Nov-2009, Sat	17-Nov-2010, Wed
Thanksgiving Day	-	-	25-Nov-2010, Thu
UAE National Day	-	02-Dec-2009, Wed	02-Dec-2010, Thu
Islamic New Year	-	18-Dec-2009, Fri	07-Dec-2010, Tue
Christmas	25-Dec-2008, Thu	25-Dec-2009, Fri	25-Dec-2010, Sat
Islamic New Year	29-Dec-2008, Mon	-	-
*ESO –Trading timings shall be 1700-2330 Hours Dubai Time

Futures contracts

Dubai Gold Contract Specifications

Trading

Contract Size	32 troy ounces. (1 kg)
Quality Specification	0.995 purity, as per Dubai Good Delivery Standard
Trading Months	Feb, Apr, Jun, Aug, Oct and Dec
Last Trading Day	Fifth Business Day of the Delivery Month.
New Contract Listing	Business Day immediately following the Last Trading Day.
Price Quote	US$ per troy ounce
Minimum Tick Size	US$ 0.10
Price Movement Limit	US$ 30 – Note *
Max Open Position Limit	As determined and specified by the Exchange
Max Order Size	200contracts
Trading Days	Opening: Monday through Friday
Trading Hours	M/F 0830 – 2330 Hrs

Note*: If price breaches the daily price movement limit, trading in particular contract shall continue but, within the current daily range for next 15 minutes. There-after the new trading range will become applicable. However, if the price movement limit is breached during the first or last 30 minutes of trading on any business day, the new range will be applicable immediately.

Margins

Initial Margin based on SPAN	US$ 1000 per contract
Calendar Spread Position Margin	Depending upon each class of asset, spread position margin (Calendar spread margin) is charged using SPAN framework. In case of Gold, 100% benefit is offered on calendar spread position.
Extra Margin	In case of additional volatility, an Extra Margin as deemed fit by the Exchange; will be imposed on all open positions.
Delivery Period Margin	US$ 5,000 per contract is applicable during the last six trading days for all open long or short positions that have not been liquidated.

Delivery related information

Delivery Unit	1 Kg (31.99 troy ounces)
Deliverable Weight	1 Kilogram cast in one bar
Deliverable Quality	0.995 fineness
Approved CMI / Assayers	Names as listed on the DGCX website.
Approved Refiners	Names as listed on the DGCX website.
Approved Vaults	Names as listed on the DGCX website.
Delivery Period	First through Sixth Delivery Day of the Delivery Month
First Notice Day	Business Day immediately preceding First Delivery Day
Last Notice Day	Business Day immediately preceding Sixth Delivery Day
Delivery Process	Compulsory Delivery as allocated by the Exchange on a random basis
Vault charges	Rates applicable as published on the DGCX website.
Delivery Instrument	Dubai Gold Receipt (i.e. Standard DGR along with validated Refiner’s certificate or CMI-Certified DGR only)

Options on Gold Futures

Trading

Trading Symbol	DGO
Trading Unit	One DGCX Gold Futures contract
Trading Hours	As specified by the Exchange from time to time
Price Quotation	US Dollars and cents per fine ounce
Minimum Price Fluctuation	US$ 0.10 per troy ounce
Maximum Daily Price Fluctuation	No Daily Limit
Trading Months	The nearest three contract months (February, April, June, August, October and December) are available at all times. The options are American-style and can be exercised at any time up to expiration. On the first day of trading for any options contract month, there will be a minimum of 7 strike prices each for puts and calls.
Last Trading Day	Last trading day for gold futures options are the tenth business day prior to the start of tender period of the underlying Gold futures contract. If the last trading day falls on a Friday or an Exchange holiday, last trading day occurs on the previous business day.
Exercise of Options	On the last trading day, all in-the-money options are exercised automatically against Settlement Price, however, should a member choose not to exercise an in-the-money option, the member is required to notify the Exchange latest by 2345 hrs (15 minutes after trading ceases). All out-of-the-money options automatically expire worthless and they can not be exercised.
Strike Prices	For each option contract, the strike prices are at increments of US$10.00.
Position Limit	Initially, same as specified for Gold Futures contract.
Margin Requirement	Buyer pays full premium, while the seller is margined on the SPAN basis.

Option Settlement Premium

1. For traded contracts, The Exchange shall determine the Option Settlement Premium based on following order:

(a) Value Weighted Average Price (VWAP) of trades executed in last 10 minutes for the trading day provided there were at least 15 trades executed during the last 10 minutes.

(b) VWAP of last 15 trades executed during the day provided 15 trades are executed

(c) The Options Settlement Premium as declared by a Price Committee consisting of Exchange / Clearing Corporation officials.

2.For contracts not traded on a given trading day, Options Settlement Premium will be determined based on theoretical prices.

Silver

The silver future contracts were launched on 28th March 2006. The silver contract is for 1,000 troy ounces of silver (min 0.999 purity) and deliverable at DGCX approved vaults in the UAE.

Dubai Silver Contract Specifications

Trading

Contract Size	1,000 troy ounces.
Quality Specification	Min 0.999 purity, as per Dubai Good Delivery Standard
Trading Months	Mar, Jul, Sep and Dec
Last Trading Day	Fifth Business Day of the Delivery Month.
New Contract Listing	Business Day immediately following the Last Trading Day.
Price Quote	US$ quoted in Cents per troy ounce
Minimum Tick Size	US$ quoted in Cents - 0.5 Cent
Price Movement Limit	US$ quoted in Cents - 75 Cents - Note 1*
Max Open Position Limit	As determined and specified by the Exchange
Max Order Size	200contracts
Trading Days	Opening: Monday through Friday
Trading Hours	M/F 0830 – 2330 Hrs

Note 1*: If price breaches the daily price movement limit, trading in particular contract shall continue but, within the current daily range for next 15 minutes. There-after the new trading range will become applicable. However, if the price movement limit is breached during the first or last 30 minutes of trading on any business day, the new range will be applicable immediately.

Margins

Initial Margin based on SPAN	US$ 750 per contract
CalendarSpread Position Margin	Depending upon each class of asset, spread position margin (Calendar spread margin) is charged using SPAN framework. In case of Silver, 100% benefit is offered on calendar spread position.
Extra Margin	In case of additional volatility, an Extra Margin as deemed fit by the Exchange; will be imposed on all open positions.
Delivery Period Margin	US$ 3,750 per contract is applicable during the last six trading days for all open long or short positions that have not been liquidated.

Delivery & Cash Settlement related information

Delivery Unit	30 Kg
Deliverable Weight	30 Kilograms cast in one bar of 1,000 troy ounces (10% more or less)
Deliverable Quality	Minimum 0.999 fineness - Note 2*
Approved CMI / Assayers	Names as listed on the DGCX website.
Approved Refiners	Names as listed on the DGCX website.
Approved Vaults	Names as listed on the DGCX website.
Delivery Period	First through Fifth Delivery Day of the Delivery Month
First Notice Day	Business Day immediately preceding First Delivery Day
Last Notice Day	Business Day immediately preceding Fifth Delivery Day
Delivery Process	Compulsory Delivery as allocated by the Exchange on a random basis
Vault charges	Rates applicable as published on the DGCX website.
Delivery Instrument	Dubai Gold Receipt (i.e. Standard DGR along with validated Refiner’s certificate or CMI-Certified DGR only)
Option for Cash Settlement	Open Positions that have not been Closed Out on the Last Day of Trading are subject to Cash Settlement as per Silver Cash Settlement Price declared by the Exchange
Silver Cash Settlement Price	Silver Cash Settlement Price shall be the London Silver Fixing Price (expressed in US Dollars per troy ounce) of The London Silver Market Fixing Limited published by The London Bullion Market Association (LBMA) on the Last Day of Trading. – Note 3*

Note 2*: If Silver of higher fineness is delivered, no premium shall be paid.

Note 3*: All parties acknowledge that all references to the London Silver Fixing Price are used with the permission of The London Silver Market Fixing Limited which for the avoidance of doubt has no involvement with and accepts no responsibility whatsoever for the underlying product for which the London Silver Fixing Price may be referenced.

Currency Futures

In a landmark development, DGCX introduced the world’s first exchange traded Indian Rupee currency futures contracts on June 7, 2007 in addition to 3 major currencies already listed – Euro-Dollar, Yen-Dollar and Sterling-Dollar. All DGCX Currency futures contracts are physically deliverable contracts which have now established DGCX as the pioneer commodities exchange offering trading in precious metals and currencies and energy futures on the same platform in the Middle East.

Currency futures contracts provide an edge to its market participants by providing the unique advantage to trade and hedge commodity as well as currencies risk on the same exchange.

This pioneering initiative is expected to generate interest among corporate treasuries, importers, exporters, inter-bank dealers and retail participants in the region, who were traditionally confined to banks and other large financial institutions for their foreign exchange market requirements. DGCX currency futures product will be an opportunity for private investors and an important risk management tool for foreign currency market participants in the region.

Contract Specifications

Dubai Indian Rupee-Dollar FX Futures Contract

Symbol	DINR
Contract Size	INR 2,000,000
Trading Months	Monthly Contracts for nearest three months. Quarterly for months four to twelve forward
Last Trading Day	2 Business days before 3rd Wednesday of Expiry month
Settlement Date	3rd Wednesday of Expiry Month
Price Quote	US$ quoted in Cents per INR 100 Indian Rupees ( e.g. 244.56 /244.62 US Cents per 100 Indian Rupees)
Minimum Tick Size	US$ 0.000001 per INR or $ 2 per tick
Initial Margin based on SPAN	As determined by the exchange from time to time using SPAN Margin system. At the outset, Minimum Initial Margin shall be USD 1,500
Spread Position Margin	Nil on matched positions.
Extra Margin	In case of additional volatility, an Extra Margin as deemed fit by the Exchange, will be imposed on all open positions.
Trading Days and hours	Monday through Friday - 0830 – 2000 Hrs (GMT + 4 hours)
Maximum Order Size	Banks and institutions promoted by Banks – 500 Lots All other entities - 200 Lots
Price Limit	No Price Limits* (Note 1)

Dubai Euro-Dollar FX Futures Contract

Symbol	DEUR
Contract Size	€ 50,000
Trading Months	Mar, Jun, Sep and Dec
Last Trading Day	2 Business days before 3rd Wednesday of Expiry month
Settlement Date	3rd Wednesday of Expiry Month
Price Quote	US$ quoted in Cents per €
Minimum Tick Size	US$ 0.0001 per € or $ 5 per tick
Initial Margin based on SPAN	USD 1,200
Spread Position Margin	Nil on matched positions.
Extra Margin	In case of additional volatility, an Extra Margin as deemed fit by the Exchange; will be imposed on all open positions.
Trading Days and hours	Monday through Friday - 0830 – 2330 Hrs (GMT + 4 hours)
Maximum Order Size	Banks and institutions promoted by Banks – 500 Lots All other entities - 200 Lots
Price Limit	No Price Limits* (Note 1)

Dubai Sterling – Dollar Futures Contract

Symbol	DGBP
Contract Size	£ 50,000
Trading Months	Mar, Jun, Sep and Dec
Last Trading Day	2 Business days before 3rd Wednesday of Expiry month
Settlement Date	3rd Wednesday of Expiry Month
Price Quote	US$ quoted in Cents per £
Minimum Tick Size	US$ 0.0001 per £ or $ 5 per tick
Initial Margin based on SPAN	USD 1,400
Spread Position Margin	Nil on matched positions.
Extra Margin	In case of additional volatility, an Extra Margin as deemed fit by the Exchange; will be imposed on all open positions.
Trading Days and hours	Monday through Friday - 0830 – 2330 Hrs (GMT + 4 hours)
Maximum Order Size	Banks and institutions promoted by Banks – 500 Lots All other entities - 200 Lots
Price Limit	No Price Limits* (Note 1)

Dubai Yen-Dollar FX Futures Contract

Symbol	DJPY
Contract Size	¥ 5,000,000
Trading Months	Mar, Jun, Sep and Dec
Last Trading Day	2 Business days before 3rd Wednesday of Expiry month
Settlement Date	3rd Wednesday of Expiry Month
Price Quote	US$ quoted in Cents per 100 ¥
Minimum Tick Size	US$ 0.000001 per ¥ or $ 5 per tick
Initial Margin based on SPAN	USD 1,000
Spread Position Margin	Nil on matched positions.
Extra Margin	In case of additional volatility, an Extra Margin as deemed fit by the Exchange; will be imposed on all open positions.
Trading Days and hours	Monday through Friday - 0830 – 2330 Hrs (GMT + 4 hours)
Maximum Order Size	Banks and institutions promoted by Banks – 500 Lots All other entities - 200 Lots
Price Limit	No Price Limits* (Note 1)

Note 1: – There will be no limits on intra-day price movements, however to restrict data-entry errors; system will not allow entry of orders having prices higher or lower than 2 US cents as compared to the previous day’s settlement price. Exchange shall relax the intra-day price range for the prices of the contract approaching the 2 US cents limit.

Fuel oil

The Arabian Gulf has tremendous liquidity in fuel oil in terms of both freely traded import/export volumes and bunkers traded in Fujairah, the world’s second largest bunker market (12 million tonnes per annum). The volumes traded in the Gulf markets are forecast to continue growing substantially over the next decade.

Accordingly trading, in Fuel oil was introduced in for trading on October 30, 2006.

Contract Specifications

Trading

Contract Size	100 Metric Tons
Quality Specification	High Sulphur Fuel Oil 380CST (4.5% Sulphur)
Trading Months	6 consecutive months
Last Trading Day	Last Business Day of the month preceding the Delivery Month
New Contract Listing	On the Business Day succeeding Last Trading Day
Price Quote	US$ per Metric Ton, Ex-Wharf Fujairah
Minimum Tick Size	US$ 0.01 per Metric Ton
Daily Price Limit	$25 per Metric Ton
Maximum Open Position Limit	As determined and specified by the Exchange
Maximum Open Position Limit for Near Month Contract	20,000 Metric Tons applicable during the last four trading days of the Contract Month.
Trading Days	Monday through Friday
Trading Hours	0830 – 1900 hrs (except on the last trading day of every month)
Trading Hours on Last Trading Day of every month	0830 - 1700 hrs (applicable to all contract months)

Margins

Initial Margin	As determined by the Exchange from time to time using SPAN Margin System. At the outset, Minimum Initial Margin shall be US$1500
Near Month Contract Margin	As determined by the Exchange and applicable during the last 10 trading days across all open positions. Minimum Near Month Contract Margin shall be US$ 7500
Spread Position Margin	Spread Position Margin using SPAN Margin System shall be US$ 240
Delivery Margin	US$ 7500 per contract on all delivery positions.
Extra Margin	In case of additional volatility, an Extra Margin as deemed fit by the Exchange shall be imposed on all open positions.

Delivery related information

Delivery Unit	100 Metric Tons
Delivery Tolerance	+/-5 percent of the contract delivery unit
Deliverable Quality	High Sulphur Fuel Oil 380CST (4.5% Sulphur)
Delivery location	Exchange-approved facilities in Fujairah
CMIs (Quality Inspectors)	As approved by the Exchange
Approved Storage facilities	VOPAK HORIZON, FRCL, DMCC-leased tanks
Provisional Settlement Value	The amount invoiced to the Buyer prior to the determination of the actual weight delivered, and based on an assumed weight of 100 Metric Tons
Settlement Value	The amount paid to the Seller based upon the actual delivered weight. The difference between the Provisional Settlement Value and Settlement Value is reimbursed or collected to or from the Buyer as the case may be on the Business Day following the Delivery Day
Loading Day	The day on which Buyer initiates loading of product into his nominated vessel or tank
Delivery Day	The day on which transfer of title to the product from the Seller to the Buyer completes
Delivery Period	Seller: Shall have the product ready for delivery (that is, in deliverable position) not later than 12th Business Day of the Delivery Month Buyer: Acceptance of delivery must be subsequent to the Seller having the product ready for delivery. Buyer shall nominate a Delivery Period of three calendar days that commences no earlier than the 5th Business Day of the Delivery Month and finishes no later than the earlier of (i) 14 calendar days after product placement by the Seller, and (ii) the 3rd last Business Day of the Delivery Month.
Notice Day	Last Trading Day
Delivery Allocation Day	Last Trading Day
Title Transfer	By In-Tank Transfer (ITT) in DMCC-leased tanks, and Inter-Tank Transfer or Ex-Wharf in case of other Exchange-approved tanks
Minimum number of contracts for Ex-Wharf delivery	30 contracts (3000 Metric Tons)

Dubai Steel Rebar Futures

Listed on October 29, 2006

Contract Size	10 metric tons
Quality Specification	BS 4449 (1997) W 460 B Type 2
Trading Weeks / Months	Weekly for first 13 weeks Monthly for four to six months forward Quarterly from Months nine forward
Last Trading Day (Monthly Contracts)	First Thursday of Delivery Month. If first Thursday is holiday then preceding trading day
Last Trading Day (Weekly Contracts)	Thursday of the week prior to delivery week. If Thursday is holiday then preceding trading day
New Contract Listing	Trading day immediately following the last trading day of expiring contract
Price Quote	US$ per metric ton
Trading Days	Opening: Monday through Thursday
Trading Hours	M/F 1000 – 1800 Hrs GMT+4

NEWS

See www.dgcx.ae for the latest on Dubai Gold & Commodities Exchange.