ICEX to outsource clearing and settlement from MSE exchange subsidiary

Sebi has mandated that all commodity exchanges shall have independent clearing corporations from October

In a first of its kind of equity–commodity convergence, Reliance ADAG-anchored commodity derivatives trading platform Indian Commodity Exchange has received approval from the Securities and Exchange Board of India (Sebi) to outsource clearing and settlement of the exchange transactions from the Metropolitan Clearing Corporation of India (MCCIL), a subsidiary of Metropolitan Stock Exchange (MSE). 

With this, MCCIL has started handling all transactions on ICEX for clearing and settlement of contracts effective October 1. Now, the alliance paves the way for ICEX to outsource clearing and settlement of all trades on it to MCCIL, a Sebi-recognised clearing corporation.

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