Spot Market

The Spot Market at IIBX facilitates trading in bullion products with standardized contract structures and defined settlement timelines.
The market is designed to support efficient bullion transactions while enabling operational flexibility across settlement cycles and delivery locations.

Benefits
     •   Transparent pricing
     •   Standardized products
     •   Efficient execution
     •   Structured settlement
     •   Enhanced operational efficiency

Trading Workflow

Spot Trading on IIBX follows a structured lifecycle designed to provide efficient execution and settlement.

Trading Process
Trading at IIBX follows a structured and transparent workflow designed to facilitate efficient execution, orderly settlement and secure transfer of ownership.
The trading process integrates participant access, order placement, advance settlement obligations, execution, clearing and delivery into a unified exchange framework.

The process has been designed to support efficient market functioning while maintaining strong settlement discipline and operational certainty.

End-to-End Trading Lifecycle –

Order Types

IIBX Spot Market supports multiple order types designed to enable efficient trade execution, settlement efficiency and seamless market participation.

Order Types

Limit Order : A Limit Order enables participants to specify the maximum purchase price or minimum sale price for execution.
Orders are executed only at the specified price or at a more favourable price available in the market.
Suitable for: Controlled price execution.

Market Order : A Market Order is executed immediately at the best available market price at the time of order execution.
Execution priority is based on available market liquidity.
Suitable for: Immediate execution.

Immediate or Cancel (IOC) Order : An Immediate or Cancel (IOC) Order attempts immediate execution upon order submission.
Any portion that cannot be executed immediately is automatically cancelled.
Suitable for: Immediate execution without retaining unexecuted quantity.

Stop Loss Order : : A Stop Loss Order allows participants to define a trigger price for order activation.
Once the trigger condition is met, the order becomes active in the market in accordance with applicable order parameters.
Suitable for: Position protection and risk management.

Settlement Flow

Settlement at IIBX is designed to support efficient completion of trade obligations through a structured settlement mechanism aligned with contract specifications and operational timelines.
The settlement framework enables timely transfer of ownership and financial obligations while maintaining market efficiency and operational certainty.

Settlement Components

Settlement Mechanism for Spot Contracts
Bullion Depository Receipt (BDR) Settlement : For Spot Market contracts, transfer of Bullion Depository Receipts (BDRs) is processed in defined settlement batches.

BDR Settlement Frequency : BDR settlements are processed at intervals of every 30 minutes during settlement windows.
This enables:
     •   Faster ownership transfer
     •   Improved operational efficiency
     •   Reduced settlement waiting time
     •   Enhanced liquidity movement

Funds Settlement for T+0 Contracts :: For Spot Contracts with T+0 settlement, financial obligations are settled in periodic settlement cycles.
Funds Settlement Frequency :: Funds settlement is carried out after every 3-hour interval for T+0 products.
This framework supports:
    •   Intraday settlement efficiency
    •   Improved liquidity management
    •   Timely release of settlement obligations
    •   Better participant cash flow optimization

Settlement Timelines

Settlement Component	Frequency
BDR Settlement	Every 30 minutes
Funds Settlement (T+0 Products)	Every 3 hours
Final Settlement Completion	As per applicable contract timelines

T+0 Settlement
Trade execution and settlement obligations are completed on the trade date through periodic settlement cycles.
Typical characteristics:
    •   Intraday BDR settlement
    •   Periodic fund settlement
    •   Faster ownership transfer

T+2 Settlement
Settlement obligations are completed within two business days from trade execution in accordance with applicable contract specifications.
Typical characteristics:
    •   Extended settlement timeline
    •   Operational flexibility

Delivery Process

Delivery Framework
Delivery arrangements support secure and efficient transfer of bullion ownership.
Delivery processes are executed in accordance with contract specifications.

Delivery Centres

GIFT City and Chennai
Supports exchange-linked international bullion operations.
Supports bullion logistics and regional delivery efficiency.

Delivery Lifecycle –