Futures trading was once a way for farmers to hedge against price movements and to guarantee themselves a stable income. However, in the past decade, futures trading revolutionized the way investors and speculators profited.  Trading in the futures market is a golden opportunity for traders to not only hedge against price movement, but to also profit in large amounts through market speculation.

When deciding which futures contract to trade, there are many questions to keep in mind. These include: What are the future contract’s margin requirements? How about contract size and levels of liquidity of the futures contract? What is the duration of the future’s contract? With PCM International, you can get the answers to all your questions.


What is ICIC?

ICICI stands for Industrial Credit and Investment Corporation of India, an Indian financial institution. ICICI was initially a joint venture of the World Bank, public sector insurance companies, and Indian public sector banks with the goal to provide project financing to the Indian industry.

What is ICICI Bank

ICICI Bank is one of India’s most popular stocks in the banking sector. This large Cap Corporation is headquartered in Mumbai and was founded in 1994. In 2014, the bank was announced as India’s second largest bank based on assets and third in terms of market capitalization. ICICI Bank has over 4450 representative branches in 18 countries over seas. In 2000, ICICI Bank became the first Indian bank to be listed on the New York Stock Exchange.

The main business segments in which the bank operates are retail banking, wholesale banking, insurance and treasury.


Corporate Governance


To be the leading provider of financial services in India and a major global bank


•    Be the banker of first choice for customers by delivering high quality, worldclass products and services

•    Expand the frontiers of the business globally

•    Play a proactive role in the full realization of India’s potential

•    Maintain a healthy financial profile and diversify earnings across businesses and geographies.

•    Maintain high standards of governance and ethics.


ICICI Bank Data*

-Net income: 128.2 billion INR

-Total Equity: 5.056 billion INR

-Total Revenue: 673994 million INR

-Market Capitalization (RS CR): 151758


*Based on an annual report (2016)


Contract Parameters
DGCX Contract Symbol DICICIBC
Underlying Equity ICICI BANK LTD.
Underlying Country India
Contract Size 10
Notional Contract Value (Price * Contract Size) in USD
Price Quote Underlying Equity price expressed in USD (example: Bid: 265.1 / Ask 265.2)
Minimum Tick Size 0.1
Tick Value USD 1
Trading Days Monday through Friday
Trading Hours 07:00 - 23:30 Hours Dubai time (GMT+4)
Trading Months First two (2) serial months and 1 calendar spread
Last Trading Day ** Last Thursday of the calendar month
Cash Settlement Day** Business day following the Last Trading Day
New Contract Listing Business day immediately following the Last Trading Day
Final Cash Settlement Price Basis Based on the market closing price of the Underlying
Equity on the Last Trading Day in the Underlying
Country (source: public domain)
Settlement Basis Cash settled in USD
Wholesale Trades Minimum permitted block size is 100 lots
Max Open Position Limit As determined by the Exchange from time to time
Max Order Size 1,000 lots
Daily Price Movement limit No Limit, Note 1*
Initial Margin based on SPAN USD 400 (Based on SPAN, subject to change from time to time)
Calendar Spread Margin 100% benefit is offered on calendar spread positions

Note 1*: For the avoidance of ‘fat finger’ errors price band shall be 5% from previous settlement price e.g. if previous settlement price is USD 265.1, the price band is USD 13 i.e. from USD 252.1 to USD 278.1)
Exchange shall relax the intra-day price range for the prices of the contract approaching the