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.