IIBX – Indian International Bullion Exchange is inaugurated by the honourable prime minister, Shri Narendra Modi on 29th July 2022. IIBX is India’s first International Bullion Exchange set up at the GIFT City. India is known to be the world leader in terms of the consumption of Gold/Silver commodities. India thus holds an important position globally and has the capacity of deciding bullion prices worldwide. Gold is considered as a sign of prosperity and is one of the major investment options in India.

In India, the Gold/Silver market is still unorganized and hence price control is not possible. This bullion exchange is expected to address this issue and will eliminate market inefficiencies. With this bullion exchange, India will pose as a price setter for the bullion.

Giving shape to the vision of honourable Finance Minister Ms Nirmala Sitharaman in Union Budget 2020, the IIBX exchange is set up at the International Financial Service Center (IFSC) at GIFT City in Gandhinagar, Gujarat.

What is IIBX?

As mentioned above, IIBX is the Indian International Bullion Exchange. This is India’s first international bullion exchange set up in Gandhinagar, Gujarat. The holding company of IIBX is India International Bullion Holding IFSC Limited. Same was created for setting up and operationalizing India International Bullion Exchange, Bullion Clearing Corporation and Bullion Depository in IFSC, GIFT City.

CDSL-IFSC, a foreign depository has been designated as the Bullion Depository for the Bullion Exchange
responsible for managing the Vault Manager.

IIBX’s Products

the IIBX exchange is trading in the spot segment only. Currently, there are 2 products of Gold with different variants available for trading on the exchange. In the coming time, Silver will also be started trading on this platform. The available Gold variants are as below.

  • Gold 995
  • Gold Mini 999

Contract specifications

DescriptionGOLD 995 T+0
Trading PeriodExchange Business Days
Trading Session9.00 AM to 3.30 PM / 4.30 PM (depending on daylight savings) India time
Trading Unit1 kg (31.99 troy ounces)
Price QuoteU.S. dollars and cents per troy ounce
Maximum Order Size10 kg
Tick Size (Minimum Price Movement)US$0.10
Margin100%
Delivery
Settlement BasisCompulsory in BDR
Delivery Unit1 kg
SettlementT+0
Settlement Timing6.00 PM to 8.00 PM (IST) same day
Quality Specifications995 purity
It should be serially numbered Gold bars supplied by LBMA-approved suppliers or other suppliers as may be approved by IIBX to be submitted along with the supplier’s quality certificate.
Delivery LogicCompulsory in BDR
DescriptionGOLD MINI 999 T+0
Trading PeriodExchange Business Days
Trading Session9.00 AM to 3.30 PM / 4.30 PM (depending on daylight savings) India time
Trading Unit100 grams (3.212 troy ounces)
Price QuoteU.S. dollars and cents per troy ounce
Maximum Order Size10 kg
Tick Size (Minimum Price Movement)US$0.10
Margin100%
Delivery
Settlement BasisCompulsory in BDR
Delivery Unit100 grams
SettlementT+0
Settlement Timing6.00 PM to 8.00 PM (IST) same day
Quality Specifications999 purity
It should be serially numbered Gold bars supplied by LBMA-approved suppliers or other suppliers as may be approved by IIBX to be submitted along with the supplier’s quality certificate.
Delivery LogicCompulsory in BDR

IIBX Settlement Schedule

Sr. NoParticularsT0
1Trading Hours09:00 hrs to 15:30 / 16:30 hrs (Depending on daylight savings) IST
2Settlement Time18:00 hrs to 20:00 hrs (IST) same day
3Processing of obligation17:30 hrs
4Confirmation of Pay-in of fund and securities18:00 hrs
5Closeout19:00 hrs
6Interbank Swift Transfer Instruction19:30 hrs
7Payout of funds and BDR20:00 hrs

The Early Pay in Timing Schedule Would be as follows: –

EPITransaction day -1
T0T up to 15:30 hrs

For example, if the settlement calendar has the values as below

Financial YearSettlement TypeSettlement NoFrom DateTo DateFunds Pay-in DateFunds Pay-Out DateBDR Pay-in DateBDR Pay-out Date
2021-2022T0212219406-10-202106-10-202106-10-202106-10-202106-10-202106-10-2021

Then,

  • For T0 (settlement number – 2122194 settlement type – T0) Early pay in should be allowed from 06-10-2021 7:00 hrs onwards till 06-10-2021 at 15:30 hrs.

IIBX Trading Software

Salient Features of Trading Application

  • Normal and Fast Order Entry
  • Single Key to view Market Snap Shot.
  • Market Movement
  • Customizable Market Watch
  • Flexible Risk Management
  • Real-Time Margining
  • Net Position view with real-time MTM
  • User Defined Short Cut keys
  • Menu-based and Keyboard based accessibility
  • The download of Order and Trades
  • Activity Logs for an audit trail for the day

Technical Specifications

DescriptionSuggested Configuration of IIBX Front-end trading terminal
System ConfigurationIntel core 2 duo / i3 or equivalent configuration
Memory4 GB RAM minimum
Network cards2 Ethernet ports
Free Disk space100 GB at least
Display Resolution1024 X 768
OSWindows 7\Windows 8.1\
SoftwareDotNet framework 4.0 or above

Here is the link to download the trading application.

Before you install and start using the software, there is a testing software which you can download and use to check the compatibility. All details related to the testing of software are available on this link.

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