NISM Series 12 Securities Markets Foundation Certification Exam Notes

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  • Settlement Process: Involves daily mark-to-market and final settlement on expiry.
  • Daily Settlement: Futures settle daily based on the weighted average price.
  • Final Settlement: Futures settle at the underlying’s closing price on expiry.
  • Options Settlement: Premiums settle daily; exercised options settle at strike price.
  • European Options: Exercised only on expiry date, common in India.

NISM 12 Securities Markets Foundation

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