The National Commodity Clearing Limited (NCCL) on February 03, 2026, issued a circular regarding the Spread margin benefit in a commodity complex.
Members are informed that a 50% initial margin spread benefit will be available for spread positions between GUARSEED10 and GUARGUM5 futures and options contracts. This benefit applies only where each leg of the spread is among the first three expiring contracts. No additional margin will be levied on spread positions; however, Extreme Loss Margin (ELM) will continue to be charged on both individual legs, with no ELM benefit for spreads.
The margin benefit will be withdrawn equally over three days prior to the start of the staggered period, including the start date of the staggered period. NCCL retains the discretion to impose higher margins based on its risk assessment. The spread benefit shall apply to all existing and future contracts of GUARSEED10 and GUARGUM5 and will be effective from the beginning of the trading day on February 04, 2026.
[Circular No. NCCL/RISK-006/2026]
