The first test run of the Central Banks Scripless Securities Settlement System (SSSS) went thought without a hitch on Tuesday.
The first set of firms participating in the test routed routine transactions through the system, parallel to their present manual trading process.rn
rnThree more groups will test the system in the coming weeks, facilitating a pre February launch, industry officials said Tuesday. rn
rnThe SSSS improve efficiency in the government debt securities market by improving secondary market trading and eliminating risks associated with paper based securities, Central Bank officials explain.rn
rnMeanwhile, each message routed through the SSSS will cost Rs. 240 and will cut back significantly on the time taken to transact govt. securities. rn
rnOfficials say each message would be able to carry multiple transactions (more than one transfer of securites and to multiple accounts), cutting back on the number of messages between the firms. rn
rnThe SSSS, together with a simultaneous t