CCIL's Transition Program – Transition of Legacy MIFOR trades to Modified MIFOR benchmark

On May 26, 2023, CCIL successfully completed the transition of all outstanding cleared as well as non-cleared legacy MIFOR trades to the Modified MIFOR benchmark. Non cleared trades had been included in this exercise on request from CCIL's members. As part of this exercise, 2309 trades with a notional of Rs. 1,80,332 crores were transitioned to Modified MIFOR. Of these, 912 trades of Notional Rs. 67,359 crores were cleared and the rest were non-cleared. This transition to the Modified MIFOR benchmark was warranted as the MIFOR benchmark references the USD LIBOR which will either cease to be provided by any administrator or will no longer be a representative rate after 30-June-23.