Portfolio Compression for outstanding IRS (MIFOR Benchmark) trades carried out on 28th July 2022


On 28th July 2022, CCIL successfully carried out the 3rd cycle of the Portfolio Compression exercise in the Interest Rate Swaps market for MIFOR Benchmark, aimed at reducing the overall notional outstanding 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 675 trades between 17 members which were found to be eligible for being considered for compression, 451 trades were identified for early termination achieving a compression of over 66.81%. 348 trades were terminated fully while 103 trades were partially terminated. The reduction in market-wide Notional Outstanding of Rs. 20,326.17 crores was achieved through this portfolio compression exercise. The compression exercise included both trades cleared by CCIL and non-cleared trades.