Gold Forward Contract Specifications

1. Underlying asset
Gold in bars, cast by a refiner and kept in a depository institution, both formerly accredited by BM&F.
2. Price quotation
Brazilian Reals (R$) per gram to three decimal places.
3. Minimum price fluctuation
R$0.001 per gram.
4. Contract size
A round lot of 250 grams of gold.
5. Expiration date
Five consecutive days and their multiples, up to 30 days; and multiples of 30 consecutive days, up to 180 days.
6. Margin requirements
Margins shall be determined by BM&F, according to the criteria disclosed, and shall be subject to a minimum
value. Margins shall due on the business day following the trading day and may be altered at any time, at the
Exchange’s discretion.
7. Assets eligible to meet margin requirements
Cash, federal bonds, gold, shares of the Fund for Brokers’ Financing (FIF), and upon former approval by the
Exchange, private securities, letters of credit, shares of stocks, and equity fund units.
8. Settlement conditions
Cash settlement shall be made by the buyer on the expiration date or earlier, at his/her own discretion, as of
the business day subsequent to the trading day, and its value shall be calculated by the following formula:
VL = P x 249.75
where:
VL = the cash settlement value per contract;
P = the forward price per gram of gold.
Physical delivery shall be made by the seller on the day the buyer cash settles his/her obligation by delivering
249.75 grams of gold contained in 250 gram or 1 kilogram gold bars, assaying not less than .999 fineness, or in
100 or 400 troy ounce gold bars, assaying not less than .995 fineness.
9. Trading costs
• Basic Commission Rate
Regular trading: 0.4%; spread trading (forward with spot and forward with forward with the same expiration
date): 0.1%.
The Basic Commission Rate shall be applied to the value traded and shall be subject to a minimum value
established by the Exchange.
• Exchange Fee
6.32% of the Basic Commission Rate.
• Registration fee
A fixed value established by BM&F.
Trading costs shall be due on the business day following the trading day.
Common Members shall pay no more than 75% of the Basic Commission Rate and 75% of the Registration and
Exchange Fees.
Institutional investors shall pay 75% of the Registration and Exchange Fees.
10. Further regulations
This contract shall be subject, where applicable, to the legislation in force and to BM&F rules, regulations, and
procedures, as defined in its Bylaws, Operating Rules, and Circular Letters, as well as to specific rules set forth
by the Brazilian government authorities that may affect the terms herein stated.

Bolsa de Mercadorias & Futuros