22:40 Sep 27, 2016
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Introduction
 

The Clearing Corporation of India Ltd. (CCIL) was set up in April, 2001 to provide guaranteed clearing and settlement functions for transactions in Money, G-Secs, Foreign Exchange and Derivative markets. The introduction of guaranteed clearing and settlement led to significant improvement in the market efficiency, transparency, liquidity and risk management/measurement practices in these market along with added benefits like reduced settlement and operational risk, savings on settlement costs, etc. CCIL also provides non-guaranteed settlement for Rupee interest rate derivatives and cross currency transactions through the CLS Bank. CCIL’s adherence to the stringent principles governing its operations as a Financial Market Infrastructure has resulted in its recognition as a Qualified Central Counterparty (QCCP) by the Reserve Bank of India in 2014. It has also set up a Trade Repository to enable financial institutions to report their transactions in OTC derivatives.

 

CCIL has continuously evolved over the years with the shifting paradigms of the financial arena to take on various roles in the financial market. Through its fully owned subsidiary, Clearcorp Dealing Systems Limited (CDSL), CCIL has introduced various platforms for electronic execution of deals in various market segment. Further, CDSL has developed, implemented and manages the NDS-OM - the RBI owned anonymous electronic trading system for dealing in G-Secs and also for reporting of OTC deals as well as the NDS-CALL platform which facilitates electronic dealing in the Call, Notice & Term Money market.  

 

CCIL is also the Trade Repository for all OTC transactions in the Forex, Interest Rate and Credit derivative transactions. Portfolio Compression is also undertaken semi-annually for non- cleared Rupee Interest rate Swaps and cleared Forex forward derivative transactions. CCIL through its subsidiary Legal Entity Identifiers India Limited is the Local Operating Unit (LOU) for issuing globally compatible Legal Entity Identifiers (LEIs) in the Indian financial market. Currently, CCIL is the Calculation Agent for some of the important Benchmarks used by the market under the aegis of the Benchmark Administrator, Financial Benchmarks India Limited (FBIL).

 

CCIL has received the ISO/IEC 27001:2013 certification from DNV GL in 2015 for securing its information assets. CCIL through its publications and website updations disseminates information and statistics pertaining to CCIL’s operations and the financial markets.

 

 
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