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Copyright © 2009 by National Stock Exchange

Copyright © 2009 by National Stock Exchange

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 Copyright © 2009 by National Stock Exchange of India Ltd. (NSE)Exchange Plaza, Bandra Kurla Complex,Bandra (East), Mumbai 400 051 INDIAAll content included in this book, such as text, graphics, logos, images, data compilationetc. are the property of NSE. This book or any part thereof should not be copied,reproduced, duplicated, sold, resold or exploited for any commercial purposes.Furthermore, the book in its entirety or any part cannot be stored in a retrieval system ortransmitted in any form or by any means, electronic, mechanical, photocopying, recordingor otherwise.
 
1
CONTENT................................................................................................................................PAGE NO.S
LIST OF ABBREVIATIONS.....................................................................................................................5
 
CHAPTER 1....................................................................................................................................................7
 
TRADING........................................................................................................................................................7
 
1.1
 
INTRODUCTION
....................................................................................................................7
 
1.2
 
NEAT
 
SYSTEM
........................................................................................................................9
 
1.3
 
MARKET
 
TYPES
......................................................................................................................9
 
1.3.1
 
 Normal Market.....................................................................................................................9
 
1.3.2
 
Odd Lot Market....................................................................................................................9
 
1.3.3
 
 Retdebt Market...................................................................................................................10
 
1.3.4
 
 Auction Market...................................................................................................................10
 
1.4
 
CORPORATE
 
HIERARCHY
..............................................................................................10
 
1.5
 
LOCAL
 
DATABASE
.............................................................................................................11
 
1.6
 
MARKET
 
PHASES
................................................................................................................11
 
1.6.1
 
Opening................................................................................................................................11
 
1.6.2
 
Open Phase.........................................................................................................................11
 
1.6.3
 
 Market Close.......................................................................................................................12
 
1.6.4
 
Surcon..................................................................................................................................12
 
1.7
 
LOGGING
 
ON
........................................................................................................................12
 
1.8
 
LOG
 
OFF/EXIT
 
FROM
 
THE
 
APPLICATION
..............................................................14
 
1.9
 
NEAT
 
SCREEN
......................................................................................................................15
 
1.10
 
INVOKING
 
AN
 
INQUIRY
 
SCREEN
..............................................................................16
 
1.10.1
 
 Market Watch.................................................................................................................16 
 
1.10.2
 
Security Descriptor........................................................................................................18
 
1.10.3
 
 Market by Price..............................................................................................................19
 
1.10.4
 
Previous Trades.............................................................................................................20
 
1.10.5
 
Outstanding Orders.......................................................................................................21
 
1.10.6 
 
 Activity Log.....................................................................................................................21
 
1.10.7 
 
Order Status....................................................................................................................22
 
1.10.8
 
Snap Quote......................................................................................................................23
 
1.10.9
 
 Market Movement..........................................................................................................24
 
1.10.10
 
 Market Inquiry................................................................................................................24
 
1.10.11
 
 Auction Inquiry...............................................................................................................25
 
1.10.12
 
Security/Portfolio List...................................................................................................26 
 
1.10.13
 
 Multiple Index Broadcast and Graph.........................................................................26 
 
1.10.14
 
Online Backup................................................................................................................27 
 
1.10.15
 
 Basket Trading...............................................................................................................27 
 
1.10.16 
 
 Buy Back Trades............................................................................................................28
 
1.10.17 
 
Supplementary Functions.............................................................................................29
 
1.11
 
ORDER
 
MANAGEMENT
...................................................................................................42
 
1.11.1
 
 Entering Orders.............................................................................................................42
 
1.11.2
 
Order Modification........................................................................................................49
 
1.11.3
 
Order Cancellation.......................................................................................................49
 
1.11.4
 
Order Matching..............................................................................................................50
 
1.12
 
TRADE
 
MANAGEMENT
....................................................................................................53
 
1.12.1
 
Trade Cancellation........................................................................................................54
 
 
2
1.13
 
AUCTION
...............................................................................................................................54
 
1.13.1
 
 Entering Auction Orders..............................................................................................55
 
1.13.2
 
 Auction Order Modification.........................................................................................56 
 
1.13.3
 
 Auction Order Cancellation.........................................................................................56 
 
1.13.4
 
 Auction Order Matching...............................................................................................57 
 
1.14
 
LIMITED
 
PHYSICAL
 
MARKET
.....................................................................................57
 
1.15
 
RETDEBT
 
MARKET
 
(RDM)
...........................................................................................57
 
1.16
 
TRADING
 
INFORMATION
 
DOWNLOADED
 
TO
 
TRADING
 
MEMBERS
....60
 
1.17
 
INTERNET
 
BROKING
.....................................................................................................63
 
 Model Questions..................................................................................................................................63
 
CHAPTER 2..................................................................................................................................................66
 
CLEARING AND SETTLEMENT........................................................................................................66
 
2.1
 
INTRODUCTION
................................................................................................................66
 
2.1.1
 
Transaction Cycle..............................................................................................................67 
 
2.1.2
 
Settlement Process.............................................................................................................68
 
2.1.3
 
Settlement Agencies...........................................................................................................69
 
2.1.4
 
 Risks in Settlement.............................................................................................................72
 
2.2
 
SETTLEMENT
 
CYCLE
.........................................................................................................73
 
2.3
 
SECURITIES
 
SETTLEMENT
...........................................................................................77
 
2.4
 
FUNDS
 
SETTLEMENT
.......................................................................................................79
 
2.5
 
SHORTAGES
 
HANDLING
................................................................................................81
 
2.5.1
 
Valuation Prices.................................................................................................................82
 
2.5.2
 
Close-out Procedures........................................................................................................82
 
2.6
 
RISK
 
CONTAINMENT
 
MEASURES
.............................................................................86
 
2.6.1
 
Capital Adequacy Requirements.....................................................................................86 
 
2.6.2
 
 Margins................................................................................................................................88
 
2.6.3
 
On-Line Exposure Monitoring.........................................................................................97 
 
2.6.4
 
Off-line Monitoring............................................................................................................97 
 
2.6.5 Index-based Market-wide Circuit Breakers/ Price Bands for Securities.................98
 
2.6.6 
 
Settlement Guarantee Mechanism...................................................................................99
 
2.6.7 
 
 No-delivery Period.........................................................................................................100
 
2.7
 
INTERNATIONAL
 
SECURITIES
 
IDENTIFICATION
 
NUMBER
.........................100
 
2.8
 
DEMAT
 
AND
 
ELECTRONIC
 
TRANSFER
 
OF
 
SECURITIES
.................................101
 
2.9
 
INVESTOR
 
PROTECTION
 
FUND
...................................................................................103
 
2.10
 
CLEARING
 
SOFTWARE
 
 
DATA
 
AND
 
REPORTS
 
DOWNLOAD
......................104
 
2.10.1
 
Obligation Reports.....................................................................................................104
 
2.10.2
 
Custodial Trade Reports............................................................................................105
 
2.10.3
 
 Deliveries Reports.....................................................................................................10
 
2.10.4
 
 Receipts Reports.........................................................................................................10
 
2.10.5
 
 Bad Deliveries Reports..............................................................................................10
 
2.10.6 
 
Funds Reports..............................................................................................................10
 
2.10.7 
 
 Auction Reports...........................................................................................................108
 
2.10.8
 
Objections Reports.....................................................................................................108
 
2.10.9
 
 Margin Reports...........................................................................................................110
 
2.10.10
 
Securities Reports.......................................................................................................111
 
2.10.11
 
 Miscellaneous Reports...............................................................................................111
 
2.11
 
FILE
 
TRANSFER
 
PROTOCOL
....................................................................................112
 

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