On 27th November 2018, the Securities and Exchange Board of India (SEBI) issued norms for interoperability among clearing corporation which is expected to bring down the compliance costs for market intermediaries and thereby the trading costs a well. Interoperability among clearing corporations means linking of multiple clearing corporations in order to allow market participants to effectively consolidate their clearing and settlement functions at the single clearing corporation. SEBI has directed all the clearing corporations to establish peer-to-peer link for ensuring interoperability. Interoperability will lead to efficient allocation of capital for the market participants.