Interoperability of clearing corporations is a mechanism which allows one clearing corporation to execute and settle trades of any other exchange. It allows market participants to choose any clearing corporation to settle their trades, irrespective of the exchange where the trades are executed. On 27 November 2018, SEBI had given exchanges and clearing corporations a deadline to implement it from July 3, (revised). Currently, trades executed on the NSE are cleared and settled only through its subsidiary — NSE Clearing Corporation (NSE Clearing - NCL). Transactions on the BSE are settled through its subsidiary — Indian Clearing Corporation (ICCL) — and those on Metropolitan Stock Exchange through Metropolitan Clearing Corporation of India.