What is the settlement system that CCIL follows?
CCIL runs a multilateral netting system for forex inter-bank transactions that nets the members payments and receipts in a currency, though they are due to or from different counterparties and settles the net position in both the legs of the transactions. The matched and accepted Forward deals are guaranteed for settlement from S-2 day and the Spot, Tom, Cash deals are guaranteed for settlement from the trade date as the CCIL becomes the central counterparty to every accepted trade through the process of novation.
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