Description

NSE Clearing announces revised settlement dates for SLB contracts with expiry day changing to first Tuesday of the month from October 2025.

Summary

NSE Clearing Limited has announced changes to the expiry day for Securities Lending & Borrowing (SLB) contracts. From October 2025, contracts will expire on the first Tuesday of the month instead of the current schedule. Updated settlement dates will be reflected in EOD files starting September 1, 2025.

Key Points

  • SLB contract expiry day changes to first Tuesday of the month from October 2025
  • EOD files will reflect updated reverse leg settlement dates from September 1, 2025
  • Security file with updated information will be provided on August 29, 2025
  • Changes apply to both SLB reverse leg settlements and auction settlements

Regulatory Changes

  • Modification of SLB contract expiry schedule from October 2025 onwards
  • Updated settlement calendar for SLB reverse leg (settlement type P) and SLB reverse leg Auction (settlement type Q)
  • Revised settlement dates for contracts from October 2025 through September 2026

Compliance Requirements

  • All participants and custodians must adapt to the new settlement schedule
  • Updated reverse leg settlement dates must be incorporated into operational systems
  • Compliance with revised settlement calendar for both regular and auction settlements

Important Dates

  • September 1, 2025: Effective date for revised expiry day in EOD files
  • August 29, 2025: Security file with updated reverse leg settlement dates
  • October 2025: First month with contracts expiring on new schedule (first Tuesday)
  • Settlement dates range from October 7, 2025 to September 2, 2026 for various series

Impact Assessment

  • Affects all SLB market participants including brokers, custodians, and institutional investors
  • Requires operational adjustments to settlement systems and processes
  • May impact liquidity planning and position management strategies
  • Standardizes expiry to first Tuesday, potentially improving market predictability

Impact Justification

Operational change affecting SLB market participants with specific settlement date revisions