How Does Freeze Quantity Work in Currency and Cross-Currency Derivatives at FYERS?

How Does Freeze Quantity Work in Currency and Cross-Currency Derivatives at FYERS?

At FYERS, trading in the Currency Derivatives segment is currently not allowed. In accordance with the Reserve Bank of India’s circular dated 5th January 2024 (effective from 5th April 2024) on exchange-traded currency futures and option contracts and in compliance with FEMA regulations, we have placed this segment in square-off mode for both NSE and BSE exchanges.

This proactive measure ensures full compliance with evolving regulatory standards while safeguarding our clients’ interests. We are awaiting further clarification from the regulators and will notify clients once there’s an update on the next course of action.

For your understanding, here’s how the freeze quantity mechanism works in Currency and Cross-Currency Derivatives under normal trading conditions.

What is Freeze Quantity?

The freeze quantity refers to the maximum number of lots that can be placed in a single order for any currency or cross-currency derivative contract. This limit is predefined by the exchange to maintain trading discipline and market stability.

At FYERS, we automatically validate every order you place to ensure it stays within the exchange-defined freeze quantity limit. Orders that exceed this limit will be rejected by the exchange.

Exchange-Defined Freeze Limit

  • Freeze quantity for currency and cross-currency derivatives: 10,001 lots
  • Applies to all NSE and BSE-listed currency derivative pairs such as USDINR, EURINR, GBPINR, JPYINR, and cross-currency pairs.

If you attempt to place an order exceeding this limit, it will be rejected automatically with the error message: “Freeze Quantity Limit Exceeded.”

How to Manage Large Orders

At FYERS, we offer an Order Slicing feature to help clients execute large-volume trades efficiently. When you enable order slicing, our system automatically divides your large order into smaller, exchange-compliant chunks — each within the freeze limit.

  • Automatic Splitting: The system breaks large orders into multiple slices without manual intervention.
  • Sequential Execution: Each slice is placed sequentially until the total order quantity is filled.
  • Partial Fills: If market liquidity is low, some slices may execute partially, depending on available bids/offers.

This feature helps you avoid manual splitting and ensures smoother execution for high-volume traders.

Tip: To enable Order Slicing on your FYERS account, follow our guide here: What is Order Slicing and How to Enable the Feature?

Example

Suppose you try to place an order of 12,000 lots in the USDINR contract:

  • Since the exchange freeze limit is 10,001 lots, the system will reject it by default.
  • If you’ve enabled Order Slicing, FYERS will automatically split it into:
    • One slice of 10,001 lots
    • Another slice of 1,999 lots
  • This ensures your entire order executes without rejection while staying within compliance limits.

What If...

ScenarioExplanation
I place a 12,000-lot order in USDINRIt will be rejected unless Order Slicing is enabled. The maximum per slice is 10,001 lots.
I enable Order SlicingYour large order will be automatically split into multiple smaller ones and executed sequentially.
My order partially executesPartial fills may occur due to market depth or liquidity. The unfilled portion continues until expiry or cancellation.
I’m not sure about the freeze limitsCheck the FYERS order window or contract specifications on the exchange for real-time freeze quantity validation.
Important: At FYERS, the Currency Derivatives segment is currently restricted under RBI/FEMA guidelines. This article is for informational purposes only. We will update all clients via the FYERS Notice Board once trading in this segment resumes.

If you have any queries or need assistance understanding freeze quantity, please contact our support team.

Last updated: 06 Nov 2025

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