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Clearing & Settlement

Settlement Process

  • The settlement of Currency Futures contracts and Options Contracts would be settled in cash in Indian Rupees.

  • The daily mark-to-market settlement and Premium Settlement of currency derivatives contracts would be settled in cash on T+1 day basis as per the timelines specified by ICCL.

  • The Currency Derivatives contracts would expire on the last working day (excluding Saturday) of the month. The last working day would be taken to be the same as that for Interbank Settlements in Mumbai. The final settlement of currency derivatives contracts would be effected on T+2 day basis as per the timelines specified by ICCL. The final settlement date would be the contract expiry date. The contract expiry date (final settlement date) shall be T+2 day from the last trading day of the contract as may be specified by BSE. (The pay-in and pay-out of daily mark to market settlements and final settlement would be effected in accordance with the settlement schedule issued by ICCL periodically. The members should maintain clear balance of funds in their settlement account with their designated clearing bank towards their funds pay-in obligation at the scheduled pay-in time (at present on or before 8.30 a.m.) on the settlement day).

  • Daily settlement price for futures contracts would be the closing price of such contracts on the trading day.

  • Final settlement price for a futures contract shall be the Reserve Bank of India Reference Rate on the last trading day of such futures contract or as may be specified by ICCL from time to time.