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Delivery Margin

When performing the deliverable futures contracts both parties to the delivery contract shall dispose of the resources required: the buyer shall have a sufficient monetary amount and the seller shall own a sufficient amount of the underlying asset. If, for instance, the seller does not have a sufficient amount of the underlying asset the Clearing Organization may collect the collateral amount contributed by it and may transfer the stated collateral to the buyer against the forfeit. To make the obligation to deliver an unfavourable alternative as compared to possible losses from price change in an unfavourable way the Clearing Organization shall in advance increase the required guarantee collateral. The initial margin shall serve as such additional collateral, its amount shall be calculated as the product of the initial margin rate by the contract size expressed in underlying asset items.

The members not interested in physical delivery may terminate their obligations under the futures contract at any moment before occurrence of its performance date by concluding an opposite transaction for the current amount of open positions.

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