Description

NSE Clearing announces the mark-to-market settlement schedule for Currency Derivatives Segment for November 2025, including final settlement dates for various contract types.

Summary

NSE Clearing Limited has published the mark-to-market settlement schedule for the Currency Derivatives Segment for November 2025. The circular provides settlement dates for all trading days in November and specifies final settlement dates for different contract types including 91-Day GOI T-Bill Futures, Cash Settled Interest Rate Contracts, Currency Futures and Options, and Overnight Call Rate (MIBOR) Contracts.

Key Points

  • Settlement schedule covers 19 trading days from November 3 to November 28, 2025
  • Standard settlements occur T+1 (next business day after trade date)
  • Final settlement for NOV 2025 91-Day GOI T-Bill Futures: November 27, 2025
  • Final settlement for NOV 2025 Cash Settled Interest Rate Contracts & Currency Futures/Options: November 28, 2025
  • Final settlement for NOV 2025 Overnight Call Rate (MIBOR) Contracts: December 1, 2025
  • Circular issued by NSE Clearing Limited, Currency Derivatives Department

Regulatory Changes

No regulatory changes introduced. This is a routine operational schedule.

Compliance Requirements

  • All members of NSE Clearing must adhere to the published settlement schedule
  • Members must ensure timely settlement of mark-to-market obligations on specified dates
  • Members must prepare for final settlements of respective contract types on their designated dates

Important Dates

  • November 3-28, 2025: Trading and daily settlement period
  • November 27, 2025: Final settlement for 91-Day GOI T-Bill Futures Contracts
  • November 28, 2025: Final settlement for Cash Settled Interest Rate Contracts and Currency Futures/Options
  • December 1, 2025: Final settlement for Overnight Call Rate (MIBOR) Contracts
  • Holiday/Non-trading days: November 1, 2, 5, 8, 9, 15, 16, 22, 23, 29, 30 (inferred from gaps in schedule)

Impact Assessment

Operational Impact: Medium - This schedule is essential for currency derivatives market participants to plan their settlement obligations and liquidity management for November 2025.

Market Impact: Low - Routine settlement schedule with no changes to existing processes or requirements.

Member Impact: Members trading in currency derivatives must ensure adequate funds and positions for settlements on specified dates, particularly for final settlements of expiring contracts.

Impact Justification

Operational circular providing routine monthly settlement schedule for currency derivatives traders and clearing members. Medium impact due to importance for operational planning.