Portfolio Compression for outstanding IRS (MIBOR Benchmark) trades carried out on 16th March 2023

On 16th March 2023, CCIL successfully carried out the 29th 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 27,337 trades between 26 members which were found to be eligible for being considered for compression, 24,306 trades were identified for early termination achieving a compression rate of 88.91%. 23,942 trades were terminated fully while 364 trades were partially terminated. The reduction in market-wide Notional Outstanding of Rs. 8,68,493.01 crores was achieved through this portfolio compression exercise. The compression exercise included both trades cleared by CCIL and non-cleared trades.