12:19 Sep 25, 2023
CCILCCIL > TripartyRepo > Glossary






Best Yield – Time Priority

Best Yield – Time Priority refers to the matching principle that the system follows in matching, the Borrow and lend orders. The Best Yield for Borrow order is the rate either equal or higher than the lending rate available in the system. The Best Yield for Lend order is the rate either equal or lesser than the borrow rate available in the system.. If there are two or more identical borrow/Lend orders with the same Borrow and/ or Lend Yield, then the system follows the “Time Priority” principle based on the time of receipt of order by the system.


Initial Margin

Initial margin is collected to take care of Future Potential Exposure.


Order Lot

Order Lot refers to the minimum and multiple lot size, that is required to constitute a successful trade on the trading system.


Trading/Dealing Session

Trading/Dealing Session refers to the market hours for T+0 and T+1 settlement type, fixed by Clearcorp when members are permitted to conclude trades among themselves.


Volatility Margin

Volatility Margin is the extra margin which may be imposed by Clearing Corporation on both borrowers and lenders in the event of sudden increase in volatility either in CBLO rates and / or in the prices of securities contributed as Collateral in CBLO segment. The margins required as Volatility margin, may either be cash and/ or eligible securities as determined by Clearing Corporation.


Margin Call

Margin Call refers to the demand made by CCIL on a member to deposit additional funds and/or securities towards fulfillment of its margin obligation.


Member ID

Member ID refers to the Identification Code allotted to each member of CCIL to establish the identity. ID is unique to every member. 

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