Segments

The trades received from members are validated and matched. Matched trades supported by adequate margins are guaranteed for settlement. Trades not supported by margins (by either or both counterparties) are kept “Pending” with daily margin check till S-3 day. Novation occurs at the point in time when the trade is accepted for guaranteed settlement by CCIL. Final settlement of the trades happens through the USD/INR segment. On S-2 day, the net position of each member is computed for all underlying trades accepted for guaranteed settlement for the relevant settlement date. Such net position arising out of guaranteed trades is moved to the USD-INR segment and subjected to exposure check for limit check in the USD-INR segment.