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Research activities in the areas of Fixed Income and Forex markets are in their
infancy in India due to many reasons like unavailability of quality and
centralized data system, institutional support for research, less and
infrequent interaction between academicians and market participants, etc.
Further, these markets are evolving in India with institutionalization of
clearing and settlement systems, improved trade reporting mechanism etc. CCIL
with its institutional background is also better suited to further the
objective of creating a research repository in the relevant field that it
serves. Research Department at CCIL focuses on and undertakes research
activities that help participants as well as other stake holders and
academicians. “Rakshitra”, the monthly newsletter of CCIL launched in October
2002 contains topics of interest in the field of gilts and foreign exchange
markets, risk management and other related areas. It also contains detailed
analysis of various trade statistics based on trades cleared and settled
through CCIL. A weekly statistical update, titled “Market Update”, is brought
out regularly analyzing and providing information on trading, settlement, risk
management of various operational activities like securities settlement, funds
settlement and forex settlement.
Key market statistics are daily disseminated in a leading financial daily. In
an endeavor to enable the global dissemination of its data, CCIL has exclusive
access to almost 35 pages in the Reuters system (IN/CCIL) / (IN/DEBT). These
pages contain data on all aspects of its settlements operations and have evoked
a good response on a global scale. The related data is also made available
through the website. Research department also prepares a daily in-house report
“Market Review”, providing data on the money, forex, government securities and
derivative markets on the domestic front and also key international bond market
rates.
It has set up a Research Advisory Committee (RAC) that provides direction in
research in the areas of fixed income securities and forex markets in India.
The effort helps in creating a research base on the related areas. The research
at CCIL is aimed at designing and redesigning the market micro-structure in the
country that would match the international benchmarks and standards; help
market participants to frame their strategies; help policy makers to frame
regulations and policies; aid in expanding the horizon of knowledge and further
develop CCIL as a knowledge organization; and to create a Research Repository
in CCIL that can be accessed by academicians, researchers, regulators and
market participants.
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