Overview

The Trader Work Station (TWS) is the application through which members access the trading platform, place orders and execute trades.

The TWS offers a multitude of user friendly trading features which include commodity price ticker, market watch screen displaying best buy, best sell, last traded price, volume for the day, open interest etc., top gainer and loser contracts, net position, on-line back up facility etc.

Trading System

The best five buy and sell orders for every contract available for trading are visible to the market and orders are matched based on price time priority logic. Orders can be placed with time conditions and/ or price conditions

Time Related Conditions

DAY Order

A Day order is valid for the day on which it is entered. If the order is not matched during the day, the order gets cancelled automatically at the end of the trading day.

GTC

A Good Till Cancelled (GTC) order is an order that remains in the system until the expiry of the respective contract in which it is entered or until when the same is cancelled by the member.

GTD

A Good Till Date (GTD) order is valid till the date specified by the member. After the specified date the unexecuted orders get automatically cancelled by the system.

IOC

An Immediate or Cancel (IOC) order allows a member to execute the orders as soon as the same is placed in the market, failing which the order will get cancelled immediately.

Price Conditions

Limit Order

The order wherein the price is to be specified while placing the same.

Market Order

The order at the best available price at the time of placing the same.

Margins

MCX follows a comprehensive and stringent margining system for all future contracts traded on the Exchange platform. Actual margining and position monitoring is done on an on-line basis. For the purpose of computing and levying the margins, MCX uses SPAN® (Standard Portfolio Analysis of Risk) system which follows a risk-based and portfolio-based approach. The Initial Margin requirement is based on a worst-case loss scenario of portfolio at client level to cover VaR (value at Risk) over a two day horizon, subject to a minimum margin as prescribed by SEBI for the respective commodities. The SPAN Risk Parameter File (RPF) is generated by the Exchange periodically at pre-defined timings and RPF files so generated are provided to the members and is also made available on the Exchange website. In addition to SPAN margins, Extreme Loss Margins are levied to cover the tail end risk not covered by initial margins. Additional margins and/ or Special margins are also levied whenever deemed necessary considering the volatility and price movement in the commodities. Tender Period margins and Delivery Period Margins are levied on contracts nearing expiry to ensure non default in commodity delivery

Trade Timings

Special Session

Monday to Friday: 8:45 A.M. to 8:59 A.M. Special Session (order cancellation session) is held to cancel the pending orders prior to opening of market.

Normal Session

Monday to Friday: 09:00 A.M. to 11:30 P.M.
(up to 11:55 P.M. on account of day light savings typically between every November and March of the following year) Agri-commodities are available for futures trading up to 5:00 p.m. whereas other commodities such as Bullions, Metals and Energy products are available up to 11:30 pm / 11.55 PM and International referenceable Agri-commodities are available up to 09:00 pm as notified by SEBI