Terms and conditions for the MXN Peso / US Dollar Futures Contract (Physically Delivered)

Transcription

1 The Englsh verson of he Terms and Condons for Fuures Conracs s publshed for nformaon purposes only and does no consue legal advce. However, n case of any Inerpreaon conroversy, he Spansh verson shall preval. Terms and condons for he MXN Peso / US Dollar Fuures Conrac (Physcally Delvered) I. PURPOSE 1. Underlyng Asse US Dollar: Legal currency of he Uned Saes of Amerca (herenafer Dollar). 2. Number of uns of he Underlyng Asse conaned n he Fuures Conrac. $10, (Ten housand US Dollars 00/100). 3. Seres. Under he erms of her respecve Inernal Regulaons, MexDer and Asgna may ls and make avalable for radng dfferen Seres of Dollar Fuures Conracs wh a daly, monhly or quarerly maury up o ffeen years. In case he marke demands avalably of MXN Peso / US Dollar Fuures Conracs wh Maury Daes dfferen from hose menoned n he precedng paragraph, MexDer may ls new Seres for radng. II. TRADING MECHANISM 1. Tcker Symbol or Code The dfferen Seres of MXN Peso / US Dollar Fuures Conracs wll be denfed wh a cker symbol or code, whch wll conss of he expresson, followed by wo numbers o denfy he specfc day of maury and he frs leer and he followng consonan of he maury monh and he las wo dgs of he maury year, as shown n he followng example: Fuures Conrac Tcker Symbol or Code 15 EN15 25 EN15 12 MR15 29 AG16 Underlyng Asse Code Maury Day Maury Monh Maury Year 15= Day 15 25= Day 25 12= Day 12 29= Day 29 EN = January EN = January MR = March AG = Augus 04 = = = = 2016

2 For dffuson purposes, he conracs ha are quoed wh monhly Seres wll appear wh he code DEUA, and hose conracs wh daly Seres wll appear as. 2. Quoaon Un In he radng of conracs n MexDer, he quoaon un for he Fuures Prce wll be expressed n pesos, legal currency of he Uned Mexcan Saes up o en-housandh of a peso (MXN$0.0001) per US Dollar. 3. Tck Submal of Bds or Offers for MXN Peso / US Dollar Fuures Conracs, execuon wll be refleced n mnmal flucuaons of he Fuures Prce of en-housandh of a peso (MXN$0.0001) per US Dollar. 4. Value of he Tck per Fuures Conrac The value of he change n a MXN Peso / US Dollar Fuures Conrac s Prce per ck s $1.00 peso, whch s calculaed by mulplyng one ck (MX$0.0001) by he number of uns of he Underlyng Asse (10, US Dollars) he conrac covers. 5. Means for Tradng Dollar Fuures Conracs wll be raded by means of elecronc procedures usng MexDer s Elecronc Tradng Sysem, n accordance wh he sandards and procedures se forh n MexDer s Inernal Regulaons, whou dermen o MexDer s rgh o esablsh a dfferen mechansm. III. CHARACTERISTICS AND TRADING PROCEDURES 1. Maxmum Daly Fuures Prce Flucuaon There wll be no maxmum flucuaon n he Fuures Prce durng a same aucon sesson. 2. Tradng Hours Tradng hours for Dollar Fuures Conracs wll be Busness Days from 7:30 a.m. o 2:00 p.m., Mexco Cy me. Also, radng hours wll be undersood o nclude he perod for radng a Daly Selemen Prce and aucons summoned by MexDer n accordance wh provsons of pon (III.4.d) heren. The foregong whou MexDer s dermen o esablsh a dfferen schedule, same ha mus be publshed n he Bullen whn hree Busness Days pror o he enrance of s effecs. 3. Tradng Hours a Daly Selemen Prce The Daly Selemen Prce shall be calculaed by MexDer a he close of each radng sesson, and wll allow he radng of Dollar Fuures Conracs hroughou he submal of lve Bds or Offers a he Daly Selemen Prce by he Clearng Members and MexDer Brokers. The hours n whch MexDer wll receve lve Bds or Offers for radng a Daly Selemen Prce wll be 2:25 o 2:35 p.m. The foregong whou MexDer s dermen o esablsh a dfferen schedule, same ha mus be publshed n he Bullen whn hree Busness Days pror o he enrance of s effecs. 4. Las radng Day and Seres Maury Dae

3 The las radng day and he Maury Dae for a gven Seres of Dollar Fuures Conracs wll be dae se forh n he cker symbol or quoaon code n accordance wh pon (I.4) above. For conracs wh monhly and quarerly maures, he las radng day and he Maury Dae wll be on Monday of he week correspondng o he hrd Wednesday of he maury monh, or he prevous Busness Day f sad Monday s a non Busness Day. 5. Tradng of new Seres Tradng of new Seres of he cycle of he Fuures Conrac, shall commence he nex Busness Day followng he las radng day of he pror Seres. 6. Selemen Dae a Maury. For purposes of he fulfllmen of he oblgaons assumed by Asgna and he Clearng Members wh her Clens, he Selemen Dae of each Seres of he Dollar Fuures Conrac shall be he second Busness Day followng he Maury Dae, beng a necessary requremen ha he wo followng days o he Maury Dae are Busness Days boh n he Uned Saes of Amerca and n Mexco. IV. Daly Selemen and Selemen a Maury 1. Selemen a Maury. The Clen wll carry ou he selemen a maury of he oblgaons relave o he Open Conracs he holds, on he second Busness Day afer he Maury Dae. 2. Procedure for Selemen a Maury. In he Selemen Dae, wo Busness Days afer he Maury Dae, Clens wh Shor Posons wll be oblged o delver a 11:00 a.m. n he bank and n he accoun ndcaed by he Clearng Member, he amoun n dollars deermned by mulplyng he amoun of dollars covered by a conrac mes he number of Open Conracs. In he same Selemen Dae afer he fulfllmen of he oblgaon, Clens wh Shor Posons wll be enled o receve, n Mexcan currency, durng he hours, n he bank, and n he accoun agreed upon wh he Clearng Member, he amoun deermned by mulplyng he Selemen Prce a Maury mes he amoun of Dollars a Conrac covers mes he number of Open Conracs held. In he Selemen Dae, wo Busness Days afer he Maury Dae, Clens wh Long Posons wll be oblged o delver, n Mexcan currency, a 11:00 a.m. n he bank, and n he accoun ndcaed by he Clearng Member, he amoun deermned by mulplyng he Selemen Prce a Maury mes he number of dollars covered by a Conrac mes he number of Open Conracs. In he same Selemen Dae, afer he fulfllmen of he oblgaon, Clens wh Long Posons shall be enled o receve, n dollars, durng he hours, n he bank, and n he accoun agreed upon wh he Clearng Member, he amoun deermned by mulplyng he number of dollars covered by a Conrac mes he number of Open Conracs. In he Selemen Dae, wo Busness Days afer he Maury Dae, he Clearng Members shall have he oblgaon o delver a 12:00 noon, n he accoun Asgna holds n he Agen Bank n he Uned Saes of Amerca, he amoun n dollars deermned by mulplyng he dollars covered n a Conrac mes he oal number of Open Conracs of he Ne Shor Poson. In he same Selemen Dae, afer he fulfllmen of he oblgaon, he Clearng Members shall be enled o receve n Mexcan currency, durng he hours, n he bank and n he accoun agreed upon wh Asgna, he amoun derved from mulplyng he Selemen Prce a Maury mes he number of Dollars covered by a Conrac mes he number of Open Conracs of he Ne Shor Poson.

4 In he Selemen Dae, wo Busness Days afer he Maury Dae, he Clearng Members shall have he oblgaon o delver a 12:00 noon, n Mexcan currency, n he accoun Asgna holds n he Agen Bank n Mexco, he amoun resulng from mulplyng he Selemen Prce a Maury mes he number of dollars covered by a conrac mes he number of Open Conracs n he Ne Long Poson. In he same Selemen Dae, afer he fulfllmen of he oblgaon, he Clearng Members shall be enled o receve durng he hours, n he Uned Saes of Amerca bank and n he accoun agreed upon wh Asgna, he amoun n dollars resulng from mulplyng he dollars covered by a conrac mes he oal number of Open Conracs n he Ne Long Poson. 3. Daly Selemen. Clens and Clearng Members wll sele her oblgaons n accordance wh he provsons se forh n he brokerage agreemen. Clearng Members and Asgna wll carry ou he daly selemen of her oblgaons n accordance wh Asgna s Inernal Regulaons, ncludng n such daly selemens all profs and losses, he updang of he Margn, he updang of he Compensaon Fund, accrued neres, and, f applcable, he correspondng fees. 4. Compuaon of he Daly Selemen Prce A he end of a radng sesson, MexDer wll calculae he Daly Selemen Prce for each Seres, observng he followng order of prory and mehodology: a) The Daly Selemen Prce, a frs nsance wll be he weghed average of he prces agreed upon n Fuures Conracs rades execued n he las fve mnues of he radng sesson per Seres and adjused o he neares ck, accordng o he followng formula: Where: n 1 n 1 PV V = Selemen Prce for Dollar Fuures Conrac on day, rounded o he neares ck. n = Number of rades execued n he las fve mnues of auconng. P = Prce negoaed for he h rade. V = Volume raded n he h rade. b) If no rades were execued durng he perod menoned n pon (III.4.a) above, he Daly Selemen Prce for each Seres wll be he volume weghed average prce of he lve and ousandng Bds and Offers a he end of he radng sesson, accordng o he followng formula: Where: PcVv Vc PvVc Vv = Selemen Prce for Dollar Fuures Conracs on day, rounded o he neares ck. P C = Prce of he hghes lve Bd quoe(s) ousandng a closng. P V = Prce of he lowes lve Offer quoe(s) ousandng a closng. V C = Volume of he hghes lve Bd quoe(s) ousandng a closng. V V = Volume of he lowes lve offer quoe(s) ousandng a closng. c) If, a he close of he sesson, here s no a leas one Bd quoe and one Offer quoe for a Fuures Conrac wh he same Maury Dae, he Daly Selemen Prce wll be he fuures prce agreed upon n he las rade execued durng he aucon sesson.

5 d) If, durng he aucon sesson, no rades were execued for a gven Fuures Conrac Maury Dae, he Daly Selemen Prce wll be ha resulng from he aucon summoned by MexDer, whn he erms of s Inernal Regulaons. e) If, n he aucon menoned n pon (III.4.d) above, he hghes bd prce s lower han he lowes offer prce, he Daly Selemen Prce wll be he volume weghed average prce of he lve and ousandng Bds and/or Offers quoes a he end of he radng sesson, applyng he formula shown n pon (III.4.b) above. f) If no lve Bd and Offer quoes were receved for he aucon menoned n pon (III.4.d) above, he Daly Selemen Prce wll be deermned n accordance wh he followng formula: Where: S 1 1 DI, M LI, M M 360 M 360 = Selemen Prce for Dollar Fuures Conracs on day, rounded o he neares ck. S = SPOT exchange rae deermned on day, (adjused DI, M LI, M for he dfference n calendar days from he value dae of ha exchange rae and he value dae of 48-hour ransacons). = Implc Domesc rae of yeld repored on day, for he fuures conrac publshed by he Prce Vendor hred by MexDer. = LIBOR rae of yeld repored on day for he erm of he Fuures Conrac publshed by he Prce Vendor hred by MexDer. M = Number of days o maury on he Fuures Conrac. = Day of valuaon or selemen. Nowhsandng he provsons of pons (III.4.a), (III.4.b) and (III.4.c) above, f more han one hrd of he Marke Makers consder ha he Selemen Prce does no reflec he prce prevalng a he end of he sesson, hey may reques he Operaons Offcer o summon for an aucon o deermne he Selemen Prce who wll answer f such reques proceeds or no. 5. Selemen Prce a Maury. The Selemen Prce a Maury for a fuures conrac a he Maury Dae wll be calculaed by MexDer accordng o he mehodology used o calculae he Daly Selemen Prce. V. Poson Lms n Dollar Fuures Conracs. 1. Poson Lms n Shor or Long Posons and n Crossed Posons. The Poson Lm esablshed for he Dollar Fuures Conrac s he maxmum number of Open Conracs of he same Class, a Clen may have; he Poson Lms shall be esablshed ogeher by MexDer and he Clearnghouse and shall be publshed hrough he Bullen. 2. Poson Lms for Hedgng Posons. Clens may open Long Posons and Shor Posons ha exceed he Poson Lms esablshed n pon IV.1 above solely for he purpose of creang a hedgng poson.

6 I wll be he Clearng Member s Responsbly o verfy he exsence of he condons necessary o carry ou hese rades and o prove n he accoun of s Clens, before he Clearnghouse, he exsence of posons elgble for hedgng, no laer han he nex Busness Day n whch he Poson Lms are exceeded, accordng o he procedure se forh n he Operang Manual. In accordance wh he Inernal Regulaons, hedgng poson wll be undersood as he Shor Poson or Long Poson a Clen manans n he Clearnghouse, whch helps hedge rsks n a Clen s poson n oher markes dfferen han he Exchange and he Clearnghouse, n Underlyng Asses or secures of he same ype as he Underlyng Asse or n oher knd of asses on whch s akng he hedgng poson. The Clearnghouse wll, a s dscreon, approve or deny a Clen s reques o manan a hedgng poson, and n case of rejecon he Clearng Member mus assure ha s Clen closes he number of Conracs necessary o comply wh he Poson Lms esablshed n pon IV.1 above, n he undersandng ha falure o close hose Conracs over he Poson Lm wll be grounds for sancons under he erms of he Clearnghouse s Inernal Regulaons. VI. Exraordnary Evens 1. Foruous Even or Causes of Force Majeure. When, due o a foruous even or causes of force majeure, s mpossble o connue radng he Dollar, MexDer and Asgna may suspend or cancel radng, clearng, and selemen of Fuures Conracs, respecvely, and wll be auhorzed, n erms of her respecve Inernal Regulaons, o deermne he means for selng he opened Conracs n force a he me, ryng o safeguard n all evens, he rghs acqured by her Clens. 2. Conngency Suaons. If MexDer declares a conngency suaon, boh he aucon hours and he operang mechansm may be modfed n accordance wh MexDer s and Asgna s Conngency Manuals.