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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.
