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-
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Total available time for trading
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Volume Cap
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Applicable for May 11, 2013
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90 minutes
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36 Crores
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For Quote based incentives there would be 6 slots of 15 minutes each. Time range & Incentive amount of each slot is given below.
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Slot
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Time Frame
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Incentive Amount in Rs.
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1
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11:15 AM – 11:30 AM
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250
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2
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11:30 AM – 11:45 AM
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150
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3
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11:45 AM – 12:00 PM
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125
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4
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12:00 PM – 12:15 PM
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125
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5
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12:15 PM – 12:30 PM
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150
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6
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12:30 PM – 12:45 PM
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250
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TOTAL
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1050
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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.
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Condition
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Percentage of Bid Price
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Min. No of contracts
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A
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0.05% in any 15 stocks out of the basket of all 30 S&P SENSEX eligible stocks
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1
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B
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0.05% in any 10 stocks & 0.10% in any 10 stocks out of the basket of all 30 S&P SENSEX eligible stock
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1
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LEIPS-IX Programme- S&P SENSEX Futures
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Total available time for trading
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Volume Cap
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|
Applicable for May 11, 2013
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90 minutes
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24 Crores
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LEIPS-X Programme- S&P BSE-100 Futures
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Total available time for trading
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Volume Cap
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Applicable for May 11, 2013
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90 minutes
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24 Crores
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LEIPS-XI Programme- S&P BSE-100 Options
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Total No of Time Periods
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Duration of Each Time Period
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Time Period wise Volume Cap
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All ITM, ATM, OTM 1 & OTM 2
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OTM 3 & OTM 4
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Applicable for May 11, 2013
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90
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1 minute
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1st 10 minutes and Last 10 minutes
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Rs. 3.5 Crores
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Rs. 10.5 Crores
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Remaining 70 minutes
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Rs. 2.5 Crores
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Rs. 7.5 Crores
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Total Volume incentive cap
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Rs. 245 Crores
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Rs. 735 Crores
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Level 2 quote based incentive rate -
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Moneyness
(Call and Put)
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Quote Based Cash Incentive (Level 2) Rate per MM for CALL (Rs.)
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Quote Based Cash Incentive (Level 2) Rate per MM for PUT (Rs.)
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Additional Incentive if Quoting in pairs
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Total
(Rs)
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Quote Based Cash Incentive (Level 2) pool across all eligible MMs (Rs.)
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ITM 2
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5,000
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5,000
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1,250
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11,250
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57,000
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ITM 1
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4,500
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4,500
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1,000
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10,000
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50,000
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ATM
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4,500
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4,500
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1,000
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10,000
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50,000
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|
OTM 1
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3,375
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3,375
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750
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7,500
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38,000
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|
OTM 2
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2,250
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2,250
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500
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5,000
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25,000
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|
OTM 3
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1,688
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1,688
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375
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3,750
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18,000
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|
OTM 4
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1,125
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1,125
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250
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2,500
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12,000
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Total
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22,438
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22,438
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5,125
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50,000
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|
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Additional Incentive for fulfilling quoting obligations in all the above strikes (Rs.)
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25,000
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Total Pool for Level 2 Quoting Incentives (Rs.)
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1,00,000#
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# 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.
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Devika Shah
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Sameer Vaze
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Sr. GM – Trading Operations
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Manager – Trading Operations
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