Portfolio Compression for outstanding IRS (MIBOR Benchmark) trades carried out on 7th September 2023

On 7th September 2023, CCIL successfully carried out the 31st cycle of the Portfolio Compression exercise in the Interest Rate Swaps market for MIBOR Benchmark, aimed at reducing the overall notional outstandings and the number of outstanding contracts by identifying economically redundant trades for early termination. 26 large foreign, private and nationalized sector Banks and Primary Dealers participated in this exercise. Of the 31,675 trades between 26 members which were found to be eligible for being considered for compression, 28,242 trades were identified for early termination achieving a compression rate of 89.16%. 27,904 trades were terminated fully while 338 trades were partially terminated. The reduction in market-wide Notional Outstanding of Rs. 9,43,172.51 crores was achieved through this portfolio compression exercise. The compression exercise included both trades cleared by CCIL and non-cleared trades.