Trading on the Exchange
Trading and related transactions
- The Exchange will provide its trading platform for trading in commodities which will consist of different types of graded commodities.
- Trading will take place competitively by open outcry on the Trading Floor.
- Only a member or his authorized representative can execute any open outcry transaction on the Trading Floor of the Exchange.
- Members of the Exchange will issue a contract note for each of the transactions done by them for their respective clients on the trading system of the Exchange. Contract notes should not be issued for transactions which have not been executed through the trading system of the Exchange.
- Members will maintain a record of all transactions done in commodities on the Exchange both for their own account and on behalf of clients. Records will be kept for a period of three years for production whenever required by the Exchange.
Members and their Authorised Representatives should be familiar with all trading rules and terms which will be used on the Exchange when trading. These include rules on trading sessions, daily price limits, opening and closing prices and daily position limits.
Practices and language
Bids and offers for contracts will be:
- Open to the first (1st) member or Authorised Representative accepting the bid or offer at the price named by the bidding or offering Representative;
- Binding on the first members making and accepting the bid or offer at the price named by the bidding or offering member;
- Deemed withdrawn if not immediately accepted; and
- Made in the English language.
Presence of members
A Member or his Authorized Representative will personally be present on the trading floor of the Exchange at least fifteen (15) minutes before the opening of a trading session in which he intends to trade.
Execution of trades
- The trading system of the Exchange will capture the execution price, quantity and the concerned membersâ€™ identification number after the price of a commodity is determined.
- Concluded transactions will be recorded, executed and properly assigned for clearing and settlement.
- Each Member will be furnished with a copy transaction executed by him.
- A member will at the earliest time possible notify the Trading Floor Supervisor of an anomaly he discovers pertaining to transactions executed by him.
Admission to the trading floor
- Only members, their Authorised Representatives, or permitted guests may be admitted to the Trading Floor of the Exchange.
- Authorised Representative of members that have been suspended will not be admitted to the Trading Floor.
- No mobile telecommunication devices will be allowed on the Trading Floor.
- All guests of Members will be accompanied by the member while on the Trading Floor and will obey all Rules respecting floor conduct established by the Exchange for members. Members will be responsible for violations committed by their guests and the resulting fines.
Members will be bound by the principles of fiduciary relationship in relation to all transactions undertaken on behalf of their clients. A member will not be allowed to benefit from a client’s money or proceeds in any way other than his commission and will account for all client’s money properly.