Contract cycle - The period over which a contract trades. The currency futures contracts on the SEBI recognized exchanges have 1-month, 2-month, and 3-month up to 12-month expiry cycles. Hence, these exchanges will have 12 contracts outstanding at any given point in time
Value Date/Final Settlement Date - The last business day of the month will be termed as the Value date / Final Settlement date of each contract. The last business day would be taken to be the same as that for Inter-bank Settlements in Mumbai. The rules for Inter-bank Settlements, including those for 'known holidays' and 'subsequently declared holiday' would be those as laid down by Foreign Exchange Dealers' Association of India (FEDAI).
Expiry date - Also called Last Trading Day, it is the day on which trading ceases in the contract; and is 2 working days prior to the final settlement date
Contract size - The amount of asset that has to be delivered under one contract. Also called as lot size. In the case of USDINR it is USD 1000; EURINR it is EUR 1000; GBPINR it is GBP 1000 and in case of JPYINR it is JPY 100,000 . Further, in case of EURUSD, the contract size is EUR 1000, for GBPUSD it is GBP 1000 and for USDJPY it is USD 1000.
Initial margin - The amount that must be deposited in the margin account at the time a futures contract is first entered into is known as initial margin.
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