Clearing and Settlement
The Exchange will have a Clearing House whose operations will be managed by the Exchange itself. The purpose of the Clearing House is to clear and settle transactions in the Exchange.
Clearing and settlement
- All members of the Exchange participating in trading will be required to open bank accounts with designated Settlement Banks. The members will follow instructions of the Exchange in respect of operation of these bank accounts, the minimum balance, segregation of clientsâ€™ fund and own fund, and any other instructions the Exchange may issue in this regard.
- In respect of these accounts, members will submit an irrevocable mandate to the Exchange to enable it to debit and credit their accounts electronically, in order to settle transactions.
- The exchange has determined timelines for clearing and settlement related activities, from the time settlement banks update the Exchange on account balance in members settlement accounts to the time executed transaction are settled.