The India International Bullion Exchange IFSC Limited (IIBX) operates through clearly defined trading and post-trade sessions designed to facilitate efficient market operations, transparent price discovery, robust risk management, and timely settlement of transactions. The Exchange periodically publishes its trading calendar, market timings, and holiday schedules to ensure participants remain informed of operational arrangements and any revisions thereto.
Trading Hours
Spot Segment :The Spot Market operates during the following trading hours on all designated trading days:
| Session | Trading Hours (IST) |
|---|---|
| Continuous Trading Session | 09:00 Hours to 21:30 Hours |
The extended trading window enables participants to access liquidity across domestic and international market hours while supporting efficient bullion trading and settlement.
Futures Segment :The Futures Market operates during the following trading hours on all designated trading days:
| Session | Trading Hours (IST) |
|---|---|
| Continuous Trading Session | 09:00 Hours to 23:30 Hours |
The extended futures trading session allows participants to manage price risk, respond to global market developments, and access international trading opportunities across multiple time zones.
Market Sessions
Continuous Trading Session : The Continuous Trading Session represents the principal trading period during which market participants may submit, modify, or cancel orders through the Exchange trading platform.
During this session:
• Orders are entered electronically by authorized participants.
• Buy and sell orders are matched automatically based on Exchange-defined matching principles.
• Real-time market data, order book information, and trade confirmations are disseminated to market participants.
• Risk management controls, including margin validation, exposure monitoring, and trading limits, remain active throughout the session.
• Executed trades are routed for clearing and settlement processing.
The Continuous Trading Session serves as the primary mechanism for price discovery and liquidity formation within the market.
Market Close : The Market Close signifies the conclusion of trading activity for the respective trading day.
At market close:
• Order matching and trade execution cease.
• Outstanding orders are processed in accordance with applicable Exchange rules.
• End-of-day positions are finalized.
• Settlement prices and other market information may be determined and published where applicable.
• Post-trade processing activities commence.
The market close process supports an orderly transition from trading operations to clearing and settlement functions.
Settlement Processing Window : Following the close of trading, the Exchange undertakes a series of post-trade processes to facilitate settlement and contract completion.
Key activities may include:
• Trade validation and reconciliation
• Margin and collateral verification
• Obligation computation
• Position management
• Mark-to-market (MTM) processing for futures contracts
• Funds settlement
• Bullion Depository Receipt (BDR) settlement
• Delivery intention processing
• Final settlement and ownership transfer
For the Spot Segment, IIBX operates multiple settlement cycles during the trading day, enabling timely settlement of trades and efficient management of participant obligations. BDR settlements are processed at regular intervals, while funds settlements are conducted through multiple settlement windows throughout the trading day.
Operational Framework : The structured segmentation of trading, market close, and settlement activities enables IIBX to maintain high standards of market integrity, operational resilience, and settlement efficiency. By providing extended trading hours and a robust post-trade infrastructure, the Exchange supports seamless participation by domestic and international market participants while facilitating transparent and efficient bullion market operations.