Description

Settlement schedule for Mark to Market settlement in the Currency Derivatives Segment for March 2026, including specific dates for T-Bill Futures, Cash Settled Currency Contracts, and MIBOR Contracts.

Summary

NSE Clearing Limited has released the Mark to Market settlement schedule for the Currency Derivatives Segment for March 2026. The circular provides trade dates and corresponding settlement dates for the entire month, along with final settlement dates for specific contract types including 91-Day GOI T-Bill Futures, Cash Settled Interest Rate Contracts, Cash Settled Currency Futures and Options, and Overnight Call Rate (MIBOR) Contracts.

Key Points

  • Settlement schedule covers 18 trading days in March 2026
  • Standard settlements occur T+2 (two days after trade date)
  • Special final settlement dates apply for different contract types
  • Circular issued by NSE Clearing Limited’s Currency Derivatives Department
  • Reference Number: NCL/CD/72615, Circular Ref. No: 07/2026

Settlement Schedule

Regular Mark to Market Settlements

Trade dates range from March 2, 2026 to March 30, 2026 with corresponding settlement dates following T+2 pattern:

  • First trade date: March 2, 2026 → Settlement: March 4, 2026
  • Last regular trade date: March 30, 2026 → Settlement: April 2, 2026

Final Settlement Dates by Contract Type

91-Day GOI T-Bill Futures & Cash Settled Interest Rate Contracts:

  • Final settlement date: March 27, 2026

Cash Settled Currency Futures and Options Contracts:

  • Final settlement date: March 30, 2026

Overnight Call Rate (MIBOR) Contracts:

  • Final settlement date: April 2, 2026

Compliance Requirements

  • All members must adhere to the published settlement schedule
  • Members should ensure adequate funds/margins are available on respective settlement dates
  • Different contract types have different final settlement dates that members must track

Important Dates

  • Circular Date: February 3, 2026
  • Settlement Period: March 4, 2026 to April 2, 2026
  • Key Final Settlements:
    • March 27, 2026: T-Bill Futures and Interest Rate Contracts
    • March 30, 2026: Currency Futures and Options
    • April 2, 2026: MIBOR Contracts

Impact Assessment

Operational Impact: Medium - Members need to plan their settlement obligations and ensure liquidity for multiple settlement dates throughout March 2026.

Market Impact: Low - This is a routine operational circular that provides necessary scheduling information without changing any rules or procedures.

Member Impact: All Currency Derivatives Segment members must maintain awareness of these dates to ensure timely settlement of their obligations and avoid penalties for settlement failures.

Contact Information

  • Telephone: 1800 266 0050 (IVR Option 2)
  • Email: support@nsccl.co.in
  • Issued by: Anil Suvarna, Associate Vice President, NSE Clearing Limited

Impact Justification

Operational circular providing settlement schedule for currency derivatives segment. Essential for members to plan settlements but routine monthly information.