All Members/Custodians/PCM,
This is further to circular no. 20190430 dated April 30, 2019 regarding the guidelines on Interoperability among Clearing Corporations.
As decided jointly by the Clearing Corporations, Trading Members of all the recognised stock exchanges are mandatorily required to ensure that they maintain association with only one Clearing member for each business segment namely Capital Market segment, Futures & Options and Currency Derivative Segment across all Exchanges wherein the Trading Member is enabled.
The following probable scenarios from a Trading Member point of view, envisaged for clarity purpose is given below:-
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Scenario
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Clearing Member in Exchange 1
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Clearing Member in Exchange 2
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Action by Trading Members and Self Clearing members(SCM)
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1
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CM 1
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CM 1
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No Action by Trading Member
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|
2
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CM 1
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CM 2
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One CM to be selected for Both
Exchange before May 29, 2019
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|
3
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CM 1
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SCM
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1. TM to either select CM 1 for Exchange 2 or Select SCM for Exchange 1 to be applicable from June 03.
2. If SCM is chosen then SCM needs to select one Clearing Corporation as Designated CC by May 25 2019
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|
4
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SCM
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CM 2
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1. TM to either select CM 2 for Exchange 1 or Select SCM for Exchange 2 to be applicable from June 03
2. If SCM is chosen then SCM needs to select one Clearing Corporation as Designated CC by May 25 2019
|
|
5
|
SCM
|
SCM
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SCM to select one Clearing Corporation
as Designated CC by May 25 2019
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** CM includes Professional Clearing Member (PCM) and Trading-cum-Clearing Member (TCM)
Members are also requested to note that the last date for ensuring the above requirement is May 29, 2019.
For and on behalf of ICCL
Ravindra B. Palande
Dy. General Manager
Tel: 022-22728308
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