> Settlement process for TRI PARTY REPO (Basket Repo)
Settlement process for TRI PARTY REPO (Basket Repo)
Early pay-in for Borrow Orders
||Settlement on Same Day || |
||Settlement on T+1 Day || |
||Forward Leg Settlement || |
||Transferable Type ||Securities transferred to Lender in ready leg pay-out|
||Non-Transferable Type ||Securities to be retained by ICCL|
- Ready leg (T0 and T1) type and forward leg of Repo transactions are to be settled as per separate settlement calendar notified by ICCL.
- Members may note that the borrow orders will be pre-validated for borrowing limit against early pay-in of any of the eligible securities forming part of the respective basket.
- For this purpose, the Members/Custodians are required to deliver the eligible securities to ICCL through the early pay-in mechanism available in the Depository system. For early pay-in the settlement type and settlement number are specified in settlement calendar. Further, members are also required to upload the .EPR file, through the extranet module, containing the requisite details.
- Client level borrowing limit will be provided to members on the basis of valuation of the securities (net of hair-cut) delivered by members to ICCL through early pay-in process.
- The Custodian/Clearing members will be required to deliver the early pay-in of securities and upload the .EPR file before the member inputs order in the system. .EPR file should, inter alia, include Trading Member/Clearing Member/Custodian Code, client code etc.
- In case where early pay-in is done by the Custodian member, the .EPR file, in addition to the other details, should also contain Custodian Code.
- If a member is doing early pay-in then Custody code/CM code field should be kept blank in the .EPR File.
- The shares delivered through early pay-in mechanism, will be treated as Securities Pay-in of the Members for ready leg (first leg) settlement.
- In case of transferable type of Repo contracts the lender will have to return back the securities to ICCL through securities pay-in process for the forward leg settlement.
- Following market types are to be used for giving instructions to Depositories for securities pay-in:
|REPO READY LEG (T+0) ||65|
|REPO READY LEG (T+1) ||66|
|REPO FORWARD LEG ||67|
||REPO LEG T+0 ||35|
|REPO LEG T+1 ||36|
|REPO FORWARD LEG ||37|