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Settlement & Delivery-Derivatives Market

Settlement Operations

Article 28- Each customer shall, for the purpose of trading in futures, open an account named the

"Customer's Operating Account" with a bank so introduced by the clearing house. At the time of

opening the account, the customer shall permit the clearing house to handle such account for

operations of "Accounts Updating" as per the existing rules.

Note: Transfer of funds for Settlement of customers' accounts shall be handled by the clearing

house.

Article 29- The clearing house shall, appropriate to the number of "Open Position" of each customer and

the amount of the "Initial margin" for each futures contract, take action to close the customer's

account.

Article 30- The "Daily Settlement Session" shall start after the closing of transactions and shall continue for

one hour before the closing of the day trading session for the following day.

Article 31- The clearing house shall, on the basis of the "Daily settlement price" handle the operations of

"Accounts Updating" as follows:

١- With respect to the "Open Positions", the difference in the subscribed assets value under

"the futures contract shall be calculated on the basis of the difference between the "daily

settlement price" of the current day transactions and the previous day transactions and shall

be credited in the customers' accounts.

٢- If, upon performance of the calculations stated above, the customer's "Initial margin" drops

below the limit of the "Maintenance margin", the clearing house shall send the "margin call"

to the concerned broker.

Article 32- The brokers shall, immediately after receipt of the "margin call", inform the case to the

concerned customer so that he shall take action for payment of the "Compensatory Margin"

within the prescribed time-frame.

Note 1: The "Compensatory Margin" shall have to be paid within one hour before the end of

the trading session for the following day at the latest.

Note 2: It shall be possible to create a new "open position" for customers who have received

the "margin call" upon payment of the "compensatory margin".

Article 33- In the event that the customer does not take any action, until the end of the prescribed

deadline, to pay the "compensatory margin", and correct the balance of this account up to the

limit of the "initial margin", the concerned broker shall, upon the instructions of the clearing

house, take action to close, all or any part of the customer's open positions for provision of the

"compensatory margin".

Article 34- In the case the broker is unable to provide the compensatory margin out of the freezing the

customer's trading position during the normal trading hours, he shall provide such fund in the

compensatory market.

Note 1: The procedural standards for compensatory market shall be approved by the Exchange

board of directors.

Note 2: If the closure of the customer's positions in the "compensatory market" does not cover

his obligations, such obligations shall be met out of the funds held by the concerned broker

and/or the customer's margins deposited with the clearing house.

Article 35- If the customer takes action to close his position, the difference in the contract value opposite

to the value of the subscribed assets in the futures contract shall be credited into the customer's

account on the basis of the last "daily settlement price".

Article 36- At the end of each trading day, the "daily settlement price" shall be calculated by employing

one of the following methods:

a- The "daily settlement price" is the weighted average of the price of trades carried out during

the closing 30 minutes of the last trading session of that trading day.

b- In the case that the trades volume during the session stated in paragraph a, above is less

than 20 percent (20%) of total trades for the same day, the "daily settlement price" is the

weighted average of the price of trades carried out during the closing one hour of the last

"trading session" of that trading day.

c- In the case the trades volume during the session stated in paragraph b, above is less than 20

percent (20%) of total trades for the same day, the "daily settlement price" is the weighted

average of the price of daily total trades of the futures contract.

d- If the futures contract is not accomplished during one trading day, the average price of the

best sale and purchase order registered on the trading site within the approved range of the

daily price fluctuation shall be calculated at the closing moment of the last trading day and

considered to be the "daily settlement price".

e- Where the calculation of the "daily settlement price" is not achieved through one of the

above-mentioned methods, the price hereof shall be theoretically determined by the

"Futures Committee". The method of theoretical calculation of "daily settlement price" shall,

upon the proposal of the "Futures Committee", be approved by the Exchange board of

directors.

Article 37- The clearing house shall, upon advising the "daily settlement price", send the settlement report

to brokers until the end of the business hours of the same day. Such report shall contain the

least amount of information relating to each broker with a breakdown of his customers as

follows:

١- The number of existing "opening positions"

٢- The number of positions closed during the day

٣- The number of "positions" opened during the day

٤- The amount of available margin

٥- The amount of required "Initial margin"

٦- Compensatory margin

٧- Fees

Article 38- Upon receipt of the settlement report, the brokers shall have to examine this report and, if it

contains any inconsistency, inform the IME of the matter in writing within 30 minutes

before opening the market for the next business day. Failure to send the IME a report

within the specified deadline shall be deemed to be the confirmation of the settlement report

and waiver of protest by brokers.

Delivering Commodities and Final Settlement

Article 39- Futures contracts shall, after the last trading day, enter the delivery session and the parties

thereto shall take action for delivery processing.

Article 40- The delivery session shall start as of the business day after the last trading day and shall

continue until the end of "contract month".

Article 41- The owners of the open "short position" shall, within five working days before the last trading

day, deliver the "certificate of delivery readiness" and "warehouse receipt" to the clearing house,

through the broker concerned.

Note: In case the foregoing documents are not submitted to the IME within the stated

time-frame, the future contracts shall be settled in cash on the basis of the "Daily Settlement

Price" for that day and the said owners shall be liable to the penalties specified in the future

contracts.

Article 42- One business day after the end of the deadline for supplying the "certificate of delivery

readiness", the clearing house shall send the "delivery notice" in the priority of timing to the

customers holding open "long position" through the brokers concerned. The respective brokers

shall have to notify the "delivery notice" to the customers immediately upon receiving it from

the clearing house. Such advice shall contain the following:

١- Quantity and specifications of the commodity to be delivered

٢- The name of commodity seller

٣- Schedule and manner of delivery

٤- Address of warehouses to deliver commodity and inventories in each warehouse

٥- Name and address of the seller's representative with whom the buyer is to be in contact for

delivery

٦- The buyer's trades report on the futures contract containing the date for sale or purchase as

well as the number of futures contract purchased or sold during the session

٧- The details of "warehouse receipt"

٨- Service charges and delivery fees

٩- Other necessary information at the discretion of the Exchange

Article 43- The recipients of "delivery notice" shall, within three business days at the latest before the end

of the "trading session", deposit 25% of the value of the subscribed assets in the futures

contract in the clearing house account as the "delivery prepayment" on the basis of the last

"daily settlement price" and thereafter hand over the paying-in slip to the clearing house

through the respective broker.

Note: If the said fund is not paid within three days before the end of the "trading session", the

futures contract shall be "settled in cash" and the said recipients shall be liable to payment of

penalties prescribed in the futures contract.

Article 44- The buyers who, during the three closing days of the "trading session", take action to open the

"long position" shall have to pay 25% of the futures contract value" as "delivery prepayment".

Article 45- The owner of the "long position" shall, during one business day at the latest after the last

trading day, credit the remainder of the futures contract into the clearing house account and

hand over the paying-in slip thereof to the broker. The broker concerned shall, upon production

of the paying-in slip to the clearing house, obtain the "warehouse receipt" thereof from that

house.

Note: If the said fund is not paid within the given session, the futures contract shall be "settled

in cash" and the party thereto shall be liable to payment of penalties prescribed in the futures

contract.

Article 46- The clearing house shall, until the end of the following business day at the latest, pay the funds

received from the buyer's broker to the seller's broker.

Note: If the buyer shall not, within the specified time-frame, take delivery of the commodity

from the warehouse designated by the seller, all expenses and losses incurred thereafter shall be

borne by the buyer.

Article 47- In the case where the buyer, upon receipt of the commodity, notices any difference in regard to

the specifications of the commodity received with those described in the futures contract, he

shall, within 15 business days at the latest after the end of the delivery session, notify any such

difference in writing to the Exchange and Arbitration Board. Failure to report the case within the

specified deadline shall be deemed to be the confirmation of the fulfillment of obligations by

the seller and waiver of protest by the buyer.

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