Prevention of physical delivery
- Within the category of eTrading products, cash settlement are available for some and physical delivery applies to others.. However, as we do not offer "Physical Delivery" arrangements at the moment, please close out or roll over your positions on or before the Close out deadline in order to avoid the risk of physical delivery.
- All "Physical Delivery" future products will have a "Close-out deadline", which is either 3 days before "First Notice Day" or 2 days before "Last Trading Day", whichever earlier.
- Please close out or roll over any overseas futures positions on or before the "Close out deadline". After this date, you will not be able to perform e-trade using Power Futures. To further process these contracts, please contact our 24 hours investment centre (852-2213 8333). *
- We will perform compulsory close out on the day after closing deadline if the positions were not closed out or rolled yet. ^
- The "Close out deadline" of relative Long Positions is either 2 days before the First Notice Day or 1 day before Last Trading Day, earlier one applies
- For relative Short Positions, "Close out deadline" will be 1 day before the Last Trading Day
- If the contact First Notice Day comes before the Last Trading Day, it is possible to open a new short position after the "Close out deadline". Please contact your account executive or our 24 hours investment centre to do so. As such, please be sure to settle your positions 1 day before the Last Trading Day.
| Example |
The Last Trading Day of April Gold would be the 3rd last trading day. i.e. 28th April 09. The First Notice Day would be the last working day of the previous month. i.e. 31st Mar 09.
Taking the earlier date, for April Gold, we will count 3 days before First Notice Day, i.e. 26th Mar 09. Starting from 27th Mar 09, you will not be able to place any orders through Power Futures.
After Close-out Deadline, you may close out the April Gold position or open a new short position through account executive or 24 hours investment centre. However, you must close out any long positions 2 days before First Notice Day, 27th Mar in this case. If your long position was not closed by 27th Mar, system will automatically close out the position for you. |
* AE commission scheme applies for trades not done by way of Power Futures or TWS, but through account executive or 24 hours investment centre. Please refer to FAQ for details.
^AE commission shall apply for forced liquidation.
Note: The above trading hours use New York Winter time as reference.
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