NISM Series XIII Common Derivatives Certification Exam Notes
Page 165 Of 303
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Netting: Multilateral netting is done to arrive at net settlement obligations.
Settlement Phases: Pay-In (members bring in funds/securities) and Pay-Out (members receive funds/securities).
Daily Settlement: Daily mark-to-market settlement is done on T+1; final settlement on T+2.
Clearing Corporation Functions: Clearing, settlement, margin collection, risk management.
Entities in Clearing: Clearing Corporation, Clearing Members, Clearing Banks, Depositories, Depository Participants.
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