NISM Series XIII Common Derivatives Certification Exam Notes
Page 118 Of 303
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Market Segments: OTC derivatives (customized, private contracts) and exchange-traded derivatives (standardized, transparent).
Clearing Corporation: Acts as central counterparty to guarantee trades and manage settlement.
Novation: Clearing corporation becomes the buyer to every seller and seller to every buyer.
Margining and Mark-to-Market: Processes to manage risk and protect clearing corporations.
Standardization: Exchange contracts have pre-defined lot size and settlement date.
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