Future On IR swaps

Contract Size USD 1,000
Trading Months and Hours ULive cleared trading in all contract months shall be conducted between the hours of 8:30 a.m. and 4:30 p.m. Extended trading is available 24hr. There will be no trading between Friday 5pm to Sunday 4:30 pm.
Tick size 0.001 per Kenya Shilling increment (USD 1 per contract)
Contract Months 18 Month trading cycle
Minimum Margin The value amount of margin will be 2% on the first day and will be reduced to 1.5 % thereafter. The exchange will have the right to review and change the margin requirements as the Market volatility may demand.
Exercise Settlement All contracts remaining open at the expiration of trading shall be cash settled according to the terms contained in this section.
Expiration Dates The Saturday immediately following the third Friday of the expiration month
Aggregation The position limits specified in this chapter shall be Final.
Contract Modifications 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.
Force Majeure 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.
Position Limits Limits vary according to the number of outstanding trading contract volume. Individual client will not hold more than 5% or open interest, Trading Members not more than 20 % and Banks not more than 20%. Firms under same ownership will be aggregated for this calculating.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 e mail to the president of the Exchange demonstrating compliance with all requirements of Exchange.