CDS Monthly Settlement Schedule for May 2026

Description

NSE Clearing Limited has published the Mark to Market settlement schedule for the Currency Derivatives Segment for May 2026, including special settlement dates for T-Bill Futures, Cash Settled contracts, and MIBOR contracts.

Summary

NSE Clearing Limited (NCL) has released the Mark to Market (MTM) settlement schedule for the Currency Derivatives Segment (CDS) for May 2026. The schedule covers 19 trade dates from May 4 to May 29, 2026, with corresponding next-day settlements. Two special final settlement dates apply for specific contract types.

Key Points

• Settlement schedule covers trade dates from 04-May-2026 to 29-May-2026
• Standard MTM settlement follows a T+1 cycle throughout the month
• No trading/settlement on certain dates (28-May-2026 absent, indicating a holiday)
• Final settlement for MAY 2026 91-Day GOI T-Bill Futures, Cash Settled Interest Rate Contracts, and Cash Settled Currency Futures and Options is 29-May-2026
• Final settlement for MAY 2026 Overnight Call Rate (MIBOR) Contracts is 01-Jun-2026
• Circular reference: NCL/CD/73614, Circular Ref. No: 015/2026

Regulatory Changes

No regulatory changes. This is a routine operational circular publishing the monthly settlement schedule as per existing framework.

Compliance Requirements

• All CDS segment members must adhere to the published settlement schedule
• Members must ensure funds/securities are available for MTM settlements on the designated settlement dates
• Members with positions in 91-Day GOI T-Bill Futures, Cash Settled Interest Rate Contracts, and Cash Settled Currency Futures/Options must plan for final settlement on 29-May-2026
• Members with MIBOR contract positions must plan for final settlement on 01-Jun-2026

Important Dates

*Final settlement for 91-Day GOI T-Bill Futures, Cash Settled Interest Rate Contracts & Cash Settled Currency Futures and Options

**Final settlement for Overnight Call Rate (MIBOR) Contracts

Impact Assessment

This is a routine operational circular with medium operational impact for CDS segment members. Members must update their settlement calendars and ensure liquidity planning aligns with the published schedule. The extended settlement for MIBOR contracts to 01-Jun-2026 requires cross-month liquidity planning. No market-wide or investor-level impact beyond standard settlement obligations.

Impact Justification

Routine monthly settlement schedule publication for Currency Derivatives Segment members; operationally important for members to plan settlements but does not introduce regulatory changes.