NSE's clearing arm maintains lead position after interoperability kicks in

Sources say trading members making up nearly 95% of market volumes have selected NSE Clearing, the fully-owned arm of NSE, for settling trades in cash segment

The National Stock Exchange (NSE) has cemented its dominant position in the stock market ecosystem after interoperability of clearing corporations has kicked in.

According to people in the know, trading members accounting for nearly 95 per cent of market volumes have selected NSE Clearing (NCL) — the fully-owned subsidiary of NSE — for settling their trades in the cash segment.

Interoperability came into effect in this segment on June 15. It allows trading members to opt for a clearing corporation of their choice, irrespective of the stock exchange in which they execute trades.

Interoperability for the equity derivatives segment comes