IIBX provides an integrated clearing and settlement framework supporting efficient post-trade processing across Spot and Futures markets.
The clearing and settlement architecture is designed to facilitate orderly settlement, effective risk management and operational efficiency while supporting market integrity and participant confidence.
The framework covers the complete post-trade lifecycle including trade validation, obligation determination, risk controls, settlement processing and final settlement.

Spot Market Clearing & Settlement
For Spot Market contracts, clearing and settlement are designed to support timely completion of obligations through advance settlement mechanisms.
The framework includes:
    •   Trade validation and confirmation
    •   Obligation generation
    •   Early pay-in of BDRs and Funds
    •   Settlement processing
    •   Delivery and ownership transfer
For T+0 contracts, settlement is supported through periodic settlement cycles during the trading day.
For T+2 contracts, settlement obligations are completed in accordance with applicable contract specifications.

Futures Market Clearing & Settlement
For Futures contracts, the clearing and settlement framework supports management of market exposure throughout the contract lifecycle.
The framework includes:
    •   Trade clearing and confirmation
    •   Margin administration
    •   Position management
    •   Daily Mark-to-Market (MTM) settlement
    •   Final settlement through cash settlement or delivery settlement
Delivery settlement, where applicable, is completed through prescribed delivery and matching processes.

Risk Management Integration
Clearing and settlement activities operate together with the Exchange risk management framework to support settlement discipline and market resilience.
Risk controls include:
    •   Advance pay-in mechanisms
    •   Margin-based controls
    •   Daily settlement processes
    •   Settlement Guarantee arrangements
    •   Default management procedures

Settlement Objectives
The clearing and settlement framework is designed to:
    •   Support settlement certainty
    •   Strengthen market integrity
    •   Reduce settlement and counterparty risk
    •   Enhance operational efficiency
    •   Promote orderly market operations