A futures contract is settled on the day following the contract’s last trading day:
- Single stock futures, Index futures, FX futures, STIRs futures and cash-settled commodity futures are to be settled on the 15th day of the settlement month;
- Bonds futures are to be settled on the 5th day of the settlement month;
- Gaz oil futures are to be settled within 14 days starting from the first business day of the settlement month.
Cash-settled futures are settled during a clearing session via payment or withdrawal of the variation margin on the basis of the settlement price defined in the contract’s specification.
Physically-delivered futures are settled through the Clearing House via re-registrating of the underlying asset or payment for the underlying asset on the basis of the settlement price as defined in the contract’s specification.
The procedure on settlement of the physically-delivered futures differs for each contract depending on the underlying asset:
- Securities
- OFZ (Federal Loan Bonds)
- Gaz oil
- Sugar
