On 12th August
2021, CCIL successfully carried out a cycle of the Portfolio Compression
exercise in the Interest Rate Swaps market for MIFOR Benchmark, aimed at
reducing the overall notional outstandings and the number of outstanding
contracts by identifying economically redundant trades for early termination.
17 large foreign, private and nationalized sector Banks participated in this
exercise. Of the 3,299 trades between 17 members which were found to be
eligible for being considered for compression, 2,797 trades were identified for
early termination achieving a compression of over 84.78%. 2,594 trades were
terminated fully while 203 trades were partially terminated. The reduction in
market-wide Notional Outstanding of Rs. 1,41,086.35 crores was achieved through
this portfolio compression exercise. The compression exercise included both
trades cleared by CCIL and non-cleared trades.