Description

Settlement schedule for Mark to Market settlements in Currency Derivatives Segment for December 2025, including special settlement dates for various contract types.

Summary

NSE Clearing Limited has issued the Mark to Market settlement schedule for the Currency Derivatives Segment for December 2025. The circular outlines trade dates and corresponding settlement dates for the month, with special final settlement dates for different types of contracts including Interest Rate Contracts, Currency Futures and Options, and MIBOR/T-Bill Futures.

Key Points

  • Regular settlement occurs T+1 (trade date plus one business day) for most trading days in December 2025
  • Schedule covers 22 trading days from December 1 to December 31, 2025
  • Special final settlement dates apply for different contract types expiring in December 2025
  • Trading holiday on December 25, 2025 (no trading or settlement)
  • Settlement dates extend into January 2026 for certain contracts

Regulatory Changes

No regulatory changes. This is a routine monthly settlement schedule announcement.

Compliance Requirements

Members of the Currency Derivatives Segment must ensure:

  • Adequate funds and positions for Mark to Market settlements on scheduled dates
  • Awareness of special final settlement dates for expiring contracts
  • Compliance with standard T+1 settlement cycle throughout the month

Important Dates

  • December 1-31, 2025: Regular trading and settlement days (22 trading days total)
  • December 25, 2025: Market holiday (no trading or settlement)
  • December 26, 2025: Final settlement for DEC 2025 Cash Settled Interest Rate Contracts
  • December 31, 2025: Final settlement for DEC 2025 Cash Settled Currency Futures and Options Contracts
  • January 1, 2026: Final settlement for DEC 2025 Overnight Call Rate (MIBOR) & 91-Day GOI T-Bill Futures Contracts

Impact Assessment

This is a routine operational circular with minimal market impact. It provides necessary scheduling information for members to plan their settlement obligations and manage liquidity requirements. The staggered final settlement dates for different contract types (December 26, 31, and January 1) allow for orderly contract expiry and settlement processing. Members should note the extended settlement timeline into January 2026 for specific contract types to ensure adequate preparation.

Impact Justification

Routine operational circular providing standard monthly settlement schedule for currency derivatives segment with no material changes to market rules or procedures