Portfolio Compression for outstanding IRS (MIFOR Benchmark) trades carried out on 16th December 2021



On 16th December 2021, CCIL successfully carried out 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. 15 large foreign, private and nationalized sector Banks participated in this exercise. Of the 2,140 trades between 15 members which were found to be eligible for being considered for compression, 1,599 trades were identified for early termination achieving a compression of over 74.72%. 1,440 trades were terminated fully while 159 trades were partially terminated. The reduction in market-wide Notional Outstanding of Rs. 93,647.38 crores was achieved through this portfolio compression exercise. The compression exercise included both trades cleared by CCIL and non-cleared trades.