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NOTICES
Notice No.   20130507-18   Notice Date   07 May 2013
Category   Trading   Segment   Derivatives
Subject   Terms & Conditions of LEIPS-VIII, LEIPS-IX, LEIPS-X,LEIPS-XI and LEIPS Scheme for Dealer & Prop desk/members applicable for special Live Trading Session on Saturday May 11, 2013
 
Content

 

In pursuance of notice no 20130429-16 dated April 29, 2013, the Trading Members have been informed that  LEIPS-VIII, LEIPS-IX, LEIPS-X, LEIPS-XI ,Dealer & Prop Desk/member scheme shall be extended on the special LIVE trading session in Derivative Segment on Saturday May 11, 2013.
On this background, following terms and conditions of LEIPS-VIII, LEIPS-IX, LEIPS-X and LEIPS-XI Programme, Dealer & prop desk/member scheme shall be applicable for trading on Saturday, May 11, 2013 -
 LIVE trading session for Derivative segment shall be for a period of 90 minutes (i.e. from 11.15 a.m. to 12.45 p.m.). Total no of Time Periods and volume incentive cap for the Time Period shall be as follows –
LEIPS-VIII Programme-

 
Total available time for trading
Volume Cap
Applicable for May 11, 2013
90 minutes
36 Crores

 
For Quote based incentives there would be 6 slots of 15 minutes each. Time range & Incentive amount of each slot is given below.

Slot
Time Frame
Incentive Amount in Rs.
1
11:15 AM – 11:30 AM
250
2
11:30 AM – 11:45 AM
150
3
11:45 AM – 12:00 PM
125
4
12:00 PM – 12:15 PM
125
5
12:15 PM – 12:30 PM
150
6
12:30 PM – 12:45 PM
250
TOTAL
1050

 
Eligible MMs who would fulfill any one of the quote obligation condition i.e. A or B as per the table given below will be allowed for an additional quoting incentive of Rs. 50,000/-, provided they are present 75% of the time for each slot as per the table given above. If more than one MM qualify for the said pool, then incentive will be provided on a pro rate basis.

Condition
Percentage of Bid Price
Min. No of contracts
A
0.05% in any 15 stocks out of the basket of all 30 S&P SENSEX eligible stocks
1
B
0.05% in any 10 stocks & 0.10% in any 10 stocks out of the basket of all 30 S&P SENSEX eligible stock
1

 
LEIPS-IX Programme- S&P SENSEX Futures

 
Total available time for trading
Volume Cap
Applicable for May 11, 2013
90 minutes
24 Crores

 
LEIPS-X Programme- S&P BSE-100 Futures

 
Total available time for trading
Volume Cap
Applicable for May 11, 2013
90 minutes
24 Crores

 
LEIPS-XI Programme- S&P BSE-100 Options

 
Total No of Time Periods
Duration of Each Time Period
 
Time Period wise Volume Cap
 
All ITM, ATM, OTM 1 & OTM 2
OTM 3 & OTM 4
Applicable for May 11, 2013
90
1 minute
1st 10 minutes and Last 10 minutes
Rs. 3.5 Crores
Rs. 10.5 Crores
Remaining 70 minutes
Rs. 2.5 Crores
Rs. 7.5 Crores
Total Volume incentive cap
Rs. 245 Crores
Rs. 735 Crores

 
Level 2 quote based incentive rate -
 
Moneyness
(Call and Put)
Quote Based Cash Incentive (Level 2) Rate per MM for CALL (Rs.)
Quote Based Cash Incentive (Level 2) Rate per MM for PUT (Rs.)
Additional Incentive if Quoting in pairs
Total
(Rs)
Quote Based Cash Incentive (Level 2) pool across all eligible MMs (Rs.)
ITM 2
5,000
5,000
1,250
11,250
57,000
ITM 1
4,500
4,500
1,000
10,000
50,000
ATM
4,500
4,500
1,000
10,000
50,000
OTM 1
3,375
3,375
750
7,500
38,000
OTM 2
2,250
2,250
500
5,000
25,000
OTM 3
1,688
1,688
375
3,750
18,000
OTM 4
1,125
1,125
250
2,500
12,000
Total
22,438
22,438
5,125
50,000
 
Additional Incentive for fulfilling quoting obligations in all the above strikes (Rs.)
25,000
Total Pool for Level 2 Quoting Incentives (Rs.)
1,00,000#
# Level 2 Quote Based Incentives shall be distributed from the existing daily pool of Rs. 1 Lakhs. i.e if the total
 
of Level 2 Quote Based Incentives crosses Rs.1 Lakhs, incentives shall be paid proportionately from the pool.
 
Level 3 quote based incentive rate
Market maker shall be paid Rs.50,000 incentive in addition to Level 2 Quote Based Incentive if he maintains 3 layered 2—way quotes in all the 14 strikes as published by the Exchange on the S&P BSE-100 Options.
Level 3 Quote Based Incentives shall be distributed from the existing daily pool of Rs. 1 Lakhs. i.e if the total of Level 3 Quote Based Incentives crosses Rs.1 Lakhs, incentives shall be paid proportionately from the pool.
 
The quote obligations required to be maintained by market maker under LEIPS-VIII, LEIPS-IX, LEIPS-X & LEIPS-XI programme shall be based on 90 minutes of trading time.
LEIPS scheme for Dealers and Proprietary trading desks/members in Equity and Equity Derivative Segment
Registered dealer has to achieve minimum turnover of Rs.37.5 lacs for May 11,2013 to qualify for that day.
Proprietary trading member / desk shall be required to achieve target of minimum 250 lots trading (buy + sell combined) for May 11,2013 to qualify for that day.
The Exchange shall compute and process LEIPS incentives for the eligible LEIPS members, as applicable, on Saturday May 11, 2013. However, considering the partial availability of clearing banks for fund transfers on a Saturday, the incentive payouts may not be credited in designated accounts of the eligible LEIPS registered members on the same day. Members are requested to get in touch with their respective clearing banks to check this.
All other terms and conditions of LEIPS-VIII, LEIPS-IX, LEIPS-X, LEIPS-XI and LEIPS scheme for Dealers and Proprietary trading desks / members shall remain unchanged.
 
For any further clarifications, members are advised to contacts their designated Relationship Managers.
 

Devika Shah    
Sameer Vaze    
Sr. GM – Trading Operations
Manager – Trading Operations