Introduction to Inter-operability
Interoperability among Clearing Corporation (CC) will enable a Clearing Member to select the Clearing Corporation of its choice to clear and settle trades executed in multiple exchanges.
The facility is extended to products traded in Capital Market, Equity Derivatives, Currency Derivatives Segment and Debt Segment (Triparty Repo is excluded).
The order collection mechanism/schemes such as Offer for Sale, Mutual Funds Service Scheme, Buy back/Tender Offer, Non Competitive bidding, Primary bidding of SGB etc. are not covered under the facility of interoperability among CC. The Securities lending and Borrowing Scheme of Clearing Corporation is also kept outside interoperability.
Why NSE Clearing Limited (NCL) under Interoperability
NCL is largest CCP in World in terms of number of trades Cleared and Settled. NCL is a Qualified CCP by SEBI and has Global recognition like TC-CCP by ESMA and TC-CCP Temporary Recognition Regime of the UK NCL has been consecutively rated AAA by Crisil since 2008 and strongest CC in India with sound financial track record. NCL has a proven Robust Risk Management NCL Core Settlement Guarantee Fund currently stands at more than Rs. 2800 crs as against the Minimum Required Corpus (MRC) of Rs. 1587 crs.