NISM Series XIII Common Derivatives Certification Exam Notes

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  • Margin Types: Initial, variation, and calendar spread margins.
  • Core Settlement Guarantee Fund (SGF): Protects against member defaults.
  • Margin Collection: By clearing corporations to cover losses.
  • Novation: Clearing corporation becomes counterparty to both parties.
  • Settlement Cycle: Daily or on expiry, depending on contract.

NISM Common Derivatives

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