Outreach campaign
The BSE is heard to be reaching out to custodial participants (CPs), trying to persuade them to switch to its clearing corporation ICCL. But the bourse is not having much luck on that front. While it has managed to grow its derivatives volumes exponentially, CPs don’t see any merit in shifting because the charges are the same. But the bigger hurdle is the SEBI rule that CPs can sign up with only one clearing corporation. That is because inter-operability across both clearing houses does away with the need for CPs to sign up with more than one clearing house. BSE’s challenge right now is that it is hurting from a higher SEBI turnover fee as well as the clearing charges it has to pay for the trades cleared by the NSE-owned NSCCL. NSE too is seeing its SEBI turnover fee rising faster than premium turnover, but the charges it pays to NCCL ultimately reflects in its consolidated financials. Source
ICCL Q4 results.
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