Page 23 - Bullion world volume 4 issue 6 june 2024

Bullion World | Volume 4 | Issue 6 | June 2024

Innovative Solutions Implemented at IIBX 3.Global First: Direct transfer of BDRs at the time of
1. Global First: One to one congruence between Pay-in and Pay-out
bullion bars and Bullion Depository Receipts Direct Pay-in of BDRs from seller’s Demat account to the
(BDRs) IIBX Clearing account to facilitate the trade and similarly
All bullion bars accepted at IIBX vaults get assigned a the direct Pay-out to Buyer’s Demat account from IIBX
unique Bullion Depository Receipt which captures details Clearing post trade have been introduced wherein the
of the bullion bar, serial number, purity, weight and name BDRs are directly credited to the respective Demat
of the refinery. IIBX ecosystem as 3 vaults at present accounts without the intervention of the intermediate
in GIFT IFSC at GIFT CITY, Gujarat, India having total Clearing and Trading Members.
capacity of approximately 450 tons of Gold and 4,500
tons of Silver. Bullion Depository Receipt is an electronic These innovative solutions have paved the way for same
security instrument, the units of which are traded on day delivery of Bullion through IIBX ecosystem for the
the Exchange. The India International Depository IFSC Buyers of Bullion.
Ltd. (IIDL) at GIFT IFSC maintains Demat accounts of
each client whether on buy side or sell side, where the 4.Global First: Multiple Fund Settlements Cycles
BDRs are credited. The one-to-one congruence of bars IIBX is the first Exchange globally to introduce
and BDRs ensures that as long as a BDR is credited in ‘Multiple Fund Settlement Cycles’. IIBX settles funds in
any Demat account, there is certainty of a bullion bar multiple settlement cycles, i.e., three times in a day at
corresponding to that BDR in one of the vaults of the IIBX 12:15,15:15,19:00 IST.
ecosystem. Thus the BDRs traded on the IIBX are duly
backed by physical bullion in the vaults. Multiple Fund settlement Cycles reduces TAT of overall
trade process, encouraging Suppliers to offer best rates
2.Global First: Every 30 minutes BDR settlement and manage Bullion shipment cycles and Cash flow of
IIBX is the first Exchange globally to introduce ‘Every 30 funds more efficiently.
minutes Settlement of BDRs’. This ensures quick delivery
of BDRs to the buyer’s Demat account within 30 minutes
of the trade. The first settlement of BDRs takes place at
9:30 am as the trading on Exchange starts at 9:00 am.
Thereafter, it continues at 10:00 am and 10:30 am and
so on.

Traded Volume at IIBX of Bullion
Gold - Cumulative Volume Month wise – in Kilograms (as on 24th May 2024):

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