To
All Members/Participants,
In continuation to ICCL Circular No. 20220429-14 dated April 29, 2022, regarding Segregation and Monitoring of Collateral at Client Level - Penalty mechanism for Short Allocation, members are hereby requested to note the following:
· Members will be provided segment wise, client wise, EOD short allocation report as per the below format with effect from end-of-day (EOD) Monday, August 01, 2022.
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Title
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Short Allocation Report
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Segment
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File Name
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EQ_SHRTCOLL_MEMBERCODE_DDMMYYYY.CSV
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Equity cash
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EDX_SHRTCOLL_MEMBERCODE_DDMMYYYY.CSV
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Equity Derivatives
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CDX_SHRTCOLL_MEMBERCODE_DDMMYYYY.CSV
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Currency Derivatives
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BCX_SHRTCOLL_MEMBERCODE_DDMMYYYY.CSV
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Commodity Derivatives
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SLB_SHRTCOLL_MEMBERCODE_DDMMYYYY.CSV
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Securities lending & borrowing scheme
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File location
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Member Extranet Module--->Transaction---->respective segment folder
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File Format
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Sr. No.
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Field Name
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1
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Current Date
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2
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Segment indicator
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3
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Clearing Member code
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4
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Trading Member code
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5
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Client Code
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6
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CP Code
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7
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Total allocated cash collateral (a) [amount in INR]
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8
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Total non cash collateral (b) [amount in INR]
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9
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Total Collateral (c) [amount in INR]
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10
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Minimum Margin (d) [amount in INR]*
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11
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EOD short allocation (e) =max(d-c,0) [amount in INR]
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* In the Equity segment Minimum Margin (d), will be after adjustment of Value of securities sold for which EPI has been done by end of day to ICCL.
· Members may further note that akin to existing intraday margin files an additional margin information file will be provided for Equity cash segment which will be available for download on the extranet folder of equity cash transaction.
File name: EQ_MGDTLS_MGTM_MEMBERCODE_DDMMYYYY_NN.CSV
EQ_MGDTLS_MGCM_MEMBERCODE_DDMMYYYY_NN.CSV
Client Margin break-up reports from RTRMS system can be referred by Members for margin details pertaining to Derivatives & SLBs.
· Members shall ensure that sum of allocated collateral plus value of securities re-pledged to ICCL for a TM Prop/CP/client across all segments in ICCL is at all times greater than or equal to the sum of minimum margin collection requirement for the respective TM Prop/CP/client across all segments in ICCL. In case where the allocated collateral plus the securities collateral re-pledged to ICCL in respect of a TM Prop/CP/client, is falling short of sum of minimum margin collection requirement across all segments in ICCL same shall be considered as short allocation and shall be subject to penalty.
· In case of instances of EOD short allocation; members shall have an opportunity to report amount of client collateral available with permitted reasons. In case of such reporting, penalty will not be applicable.
· Members shall be subsequently provided details of segment wise, client wise, EOD short allocation as computed by ICCL after considering excess collateral in other segments, if any.
· Members shall have an opportunity to report amount of client collateral available against such segment wise short allocation due to below mentioned reasons, along with reason code:
1. Excess collateral (allocation and value of pledged securities over and above minimum margin) available in another Clearing Corporation
2. Trades done on behalf of NRI clients in equity segment for which the settlement/margin amount is received subsequently from the authorized bank.
· In case of false reporting, penalty as applicable on false margin reporting will be applicable.
The detail modalities of reporting including file formats for the same shall be informed separately. The abovementioned changes shall be applicable from August 01, 2022.
In case of any clarifications, members may contact their respective Relationship Managers or below mentioned contacts:
For and on behalf of Indian Clearing Corporation Ltd.
Roanna Lewis Hitesh Shah
Sr. Manager Dy. General Manager
Membership & Inspection Post Trade |