Clearcorp Dealing Systems (India) Ltd. (Clearcorp), a wholly owned subsidiary of CCIL, was incorporated in June, 2003 to facilitate, set up and carry on the business of providing dealing systems/platform in Collateralised Borrowing and Lending Obligation (CBLO), Repos and all money market instruments of any kind and also in foreign exchange (FX-CLEAR) and currencies of all kinds. Clearcorp has been set up to facilitate CCIL to segregate its other activities from Clearing and Settlement activities, a risk bearing activity. Accordingly, the Shareholders of CCIL at their meeting held on June 4, 2003 resolved to transfer all activities of the Company relating to Forex Dealing Platform (FX-CLEAR) and Collateralised Borrowing and Lending (CBLO) dealing platform to Clearcorp and the same has been made operational from January 1, 2004.

Collateralised Borrowing and Lending Obligation (CBLO) is a product developed by CCIL for the benefit of entities who have either been phased out from inter bank call money market or have been given restricted participation in terms of ceiling on call borrowing and lending transactions and who do not have access to the call money market. CBLO is a discounted instrument available in electronic book entry form for the maturity period ranging from one day to ninety days (can be made available up to one year as per RBI guidelines). In order to enable the market participants to borrow and lend funds, CCIL provides the Dealing System through Indian Financial Network (INFINET), a closed user group to the Members of the Negotiated Dealing System (NDS) who maintain Current account with RBI and through Internet for other entities who do not maintain Current account with RBI.

CCIL has developed FX-CLEAR, a Forex Dealing System, which has been launched on August 7, 2003. FX-CLEAR offers both Order Matching and Negotiation Modes for dealing. FX-CLEAR covers inter-bank USD-INR Spot and Swap transactions and transactions in major cross currencies (EUR/USD, USD/JPY, GBP/USD etc.) The USD-INR constitutes about 85% of the total FOREX transactions in India in terms of value.