|One PANEX Wheat futures contract shall represent 10,000 kilograms of Wheat.
|Trading Months and Hours
|Trading shall be conducted in the months of March, May, July, September, December within the next 18 calendar months following the current calendar month. Trading in all contract months shall be conducted between the hours of 9:30 a.m. and 4:30 p.m., then a clearing break will occur between 4:30pm and 5pm. Overnight trading will begin after 5.00pm.
|Price Per Unit
|Prices for PANEX Wheat futures contracts shall be quoted in Zambian Kwacha and cents per kilogram. (Cent per kilogram)
|The minimum price fluctuation shall be ZMW 0.0025 (1/4 cents) per Kilogram
|Grade 2 will be acceptable for delivery as defined by PANEX grading standards in rules and regulations of the exchange.
|Daily Price Range
|Commencement and Termination of Trading
|A new contract month shall be eligible to be listed for trading on the first business day of the calendar month that proceeds the contract month by 24 calendar months. Trading in the expiring contract month shall terminate on the business day immediately preceding the last ten business days of the contract month.
|The Opening price will be the first two bid and offer order prices matched. All opening orders will be limit orders until the opening price is discovered.
|The closing Price will be the last two order executed at the closing of the trading session.
|All maintenance margin requirements and calculations will be based on the settlement price determined according to this rule.
|No person shall own or control more than 15% of futures contracts, options contracts or any combination of futures and options contracts in any contract month. No person shall own or control more than 10% futures contracts, options contracts or any combination of futures and options contracts in any contract month in the 10 day period preceding the expiration of the contract. For the purposes of this rule, one options contract shall be considered to be equivalent to one futures contract.
|The position limits specified in this chapter shall be Final.
|Exemption from Speculative Position Limits
|Exemption from speculative position limits for bona fide hedging transactions and positions may be granted by the president of the Exchange pursuant to the terms and conditions specified by the exchange. Application for exemption from speculative position limits for hedging purposes must be made by letter or email to the president of the Exchange demonstrating compliance with all requirements of Exchange.
|The daily settlement price for each contract month shall be: The weighted average price for the last three minutes of trading rounded to the nearest ZMW 0.0025 per Kilogram price interval at which trades for that month were completed.
|The exchange shall have the right to delay deliveries when there is a government ban on export of such a commodity. The exchange may exercises cash delivery if barns are institutes by any government agency or government.
|A buyers shall be charge demurrage and storage from the third day of the of the specified loading-out time. The storage charges shall be the standard storage fees for the specified warehouse.
|The terms and conditions under which trading in each contract month shall be conducted shall be fixed as of the day trading in each contract month commences. However, any change in instructions, order, ruling, directive or law issued or enacted by any court or agency of the Government of Zambia that conflicts with the rules contained in this chapter shall take precedence, immediately become a part of these rules, and be effective for all currently listed and newly listed contract months.
|Physical delivery of Wheat in satisfaction of PANEX Wheat futures contracts shall be permitted through the PANEX EWR. Non-exercised open contracts at the expiration of trading shall be settled through the Exchange’s clearinghouse using normal variation margin procedures.
|If strike, fire, accident, equipment malfunction or act of God results in a cessation of trading on the Exchange, or inability of a trader to communicate with the Exchange, the settlement price for all outstanding contracts each day shall continue to be the cash settlement price determined as specified in this chapter. For all purposes, all positions will remain open and subject to the current cash settlement procedures specified in these rules until settled.