YEH exist kyun karta hai?
Stock exchange sirf orders match karta hai — har seller ke liye buyer dhundta hai. Lekin matching ek promise hai, delivery nahi. Do khatare baaki rehte hain:
Counterparty risk — doosra banda default kar de (pay na kare / deliver na kare).
Hazaron trades ka chaos — sab ek doosre ke baqaydaar hain; direct settlement ek bahut bada mess hoga.
YEH powerful kyun hai: Agar B default kare, A ko phir bhi payment milti hai — CC usse honour karti hai (safety funds use karke). Ise Central Counterparty (CCP) hona kehte hain.
Is guarantee ko back karne ke liye, CC maintain karti hai:
Margins jo members se collect kiye jaate hain (upfront cash/collateral).
Ek Settlement Guarantee Fund (SGF) — ek pooled reserve jo defaulting member ko cover karne ke liye hota hai.
T+0 (instant) kyun nahi? Netting ke liye puri din ki trades pehle collect karni padti hain, aur banks/depositories ko cash aur shares batches mein move karne ka time chahiye. India ab kuch stocks ke liye optional T+0 roll out kar raha hai.
Ek aisi institution jo buyer aur seller dono ki counterparty ban jaati hai, obligations net karti hai, trades guarantee karti hai, aur unhe settle karti hai (e.g. NCL, ICCL).
Settlement kya hota hai?
Buyer ko shares aur seller ko cash ka final irreversible transfer.
Novation define karo.
CC ka har seller ke liye buyer aur har buyer ke liye seller ban jaana, counterparty risk hataate hue.
"Central counterparty (CCP)" ka matlab kya hai?
CC dono sides guarantee karta hai isliye koi bhi party doosre ke default ka risk nahi uthati.
Netting kya hai?
Member ki buys aur sells ko combine karna taaki sirf net cash aur net securities settle hoon.
Ek din mein ek stock ke liye net securities ka formula?
Total Bought − Total Sold (positive = receive, negative = deliver).
Pay-in kya hai?
Members CC ko apni obligations deliver karte hain (sellers shares dete hain, buyers cash dete hain).
Pay-out kya hai?
CC buyers ko shares aur sellers ko cash distribute karti hai.
T+1 ka matlab kya hai?
Settlement trade day (T) ke ek working day baad hoti hai.
Settlement Guarantee Fund (SGF) kya hai?
Ek pooled reserve jo CC defaulting member ko cover karne aur guarantee honour karne ke liye use karti hai.
India mein shares electronically kaun hold karta hai?
Depositories NSDL aur CDSL.
Exchange aur clearing corporation mein kya fark hai?
Exchange orders match karta hai; clearing corporation unhe guarantee aur settle karti hai.
Recall Feynman: ise ek 12-saal ke bacche ko samjhao
Socho tum apne dost ke saath post ke zariye ek football card exchange kar rahe ho, par dara lagg raha hai ki woh apna card nahi bhejega. Toh tum dono pehle apne apne cards ek trusted teacher ko mail kar dete ho. Teacher check karta hai ki sab kuch aa gaya, phir har kisi ko sahi card de deta hai. Koi cheated nahi hota. Teacher hi clearing corporation hai. Aur agar tum poore din bahut saare cards aage-peeche trade karte raho, toh teacher tumhe final leftover de deta hai har ek card shuffle karne ki bajaye — yahi hai netting.
