15:33 Mar 3, 2024
CCILCCIL > Forex Settlement > Clearing and Settlement Procedure


Clearing and Settlement Procedure


Deal confirmation files are transmitted over the INFINET to CCIL, and form the starting point for processing by it. The trades are validated and matched. Matched trades are subjected to an online exposure check and trades that pass such exposure check are ‘Accepted’ for settlement. Novation occurs at the point in time when the trade is accepted for guaranteed settlement. Following the multilateral netting procedure, the net amount payable to or receivable from CCIL in each currency is arrived at, member-wise. A Settlement window from  3:00 p.m. to 8:30 p.m. is defined. Within this window, the settlement is effected. The rupee leg is settled through the member’s current accounts with RBI and the USD leg through CCIL’s account with the Settlement Bank. Settlement happens on a Payment versus payment basis (PVP) i.e. the final settlement of one obligation occurs if and only if the final settlement of the linked obligation occurs. Various reports are generated to update members on the status of deals reported by it to CCIL and the net settlement obligations that become due to and from them. These reports are accessed by members over a Report Browser.


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