BSE and ICCL Implement SEBI's Interoperability Framework for Clearing
Moneylife Digital Team 04 June 2019
Asia's oldest exchange BSE and its subsidiary Indian Clearing Corp Ltd (ICCL) have gone live with the interoperability framework for clearing multiple trades. On Monday, ICCL received and cleared several trades from BSE and Metropolitan Stock Exchange of India Ltd (MSE).
 
Ashishkumar Chauhan, managing director and chief executive (MD & CEO) of BSE, said, "We thank SEBI for conceptualising the world class interoperability framework. It will reduce the requirement for funds as well as reduce risk on the overall system when all the stock exchanges and clearing corporations become interoperable making Indian stock market more robust."
 
Last year in November, market regulator SEBI had issued broad guidelines for operationalizing the interoperable framework among clearing corporations. 
 
Devika Shah, MD&CEO of ICCL feels that interoperability will bring down cost of clearing substantially for members with netting benefits, bring efficiency in margins, collateral, clearing and settlement, while bringing down the systemic risk.
 
To ensure that the transition to interoperability is seamless and non-disruptive, it was jointly decided by all stock exchanges and clearing corporations that members can choose a functional date for going live with Interoperability on any Monday from 3rd June till 1 July 2019.
 
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