 "New platform for OTC forex and interest rate derivatives from Dec 30")
The Reserve Bank of India (RBI) said on Wednesday that market participants will have to report trades for Over-The-Counter (OTC) foreign exchange and interest rate derivatives to a new platform developed by Clearing Corporation of India Limited (CCIL) from December 30.
CCIL has completed development of the platform for reporting of various transactions in Over-The-Counter (OTC) derivatives.
These include inter-bank and client transactions in currency swaps, inter-bank and client transactions in Foreign Currency (FCY) and Forward Rate Agreement (FRA)/Interest Rate Swaps (IRS), client transactions in rupee forward rate agreements (INR FRA/IRS)/interest rate swaps.
“The CCIL has also put in place a confidentiality protocol in consultation with the market representative bodies,” said RBI. The main purpose is to improve transparency and price discovering.
CCIL has completed development of the platform for reporting of various transactions in Over-The-Counter (OTC) derivatives.
These include inter-bank and client transactions in currency swaps, inter-bank and client transactions in Foreign Currency (FCY) and Forward Rate Agreement (FRA)/Interest Rate Swaps (IRS), client transactions in rupee forward rate agreements (INR FRA/IRS)/interest rate swaps.
“The CCIL has also put in place a confidentiality protocol in consultation with the market representative bodies,” said RBI. The main purpose is to improve transparency and price discovering.