Clearing and Settlement
Indian Clearing Corporation Limited (“ICCL”) is promoted and wholly owned by Bombay Stock Exchange Ltd (“BSE”). The prime objective of ICCL is to improve efficiency in the transaction settlement process by providing fully automated, transparent Clearing and Settlement services. At present, ICCL provides clearing and settlement services for the Mutual Funds Segment and Corporate Debt Segment of BSE.
ICCL carries out the clearing and settlement activities, of the trades executed at the Currency derivatives segment of the United Stock Exchange of India Ltd. ("USE").
ICCL being a central counter-party (CCP) provides novation and by this process settlement guarantee for USE currency derivatives segment is achieved. It eliminates counter-party risk of trading on the Exchange and the exchange is insulated from threat of credit risk.
ICCL undertakes risk containment measures include monitoring of liquid net worth, collateral deposits, members positions and margin requirements, up dating risk parameters etc. in the system are monitored.
ICCL-USE has currently empanelled 9 Clearing Banks to provide Clearing and Banking services to its members.
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