07:27 Oct 3, 2023
CCILCCIL > Derivatives > Trade Processing

Trade Processing Services:

Validation: Deals reported by members are subjected to technical and business validation checks. Deals which pass through the validation checks successfully will be accepted for matching else the deals will be rejected which will be communicated to the concerned members with the rejection reason in the form of report.

Matching: Upon successful validation checks the deals reported from the parties to the trade are taken up for matching based on pre defined parameters. The resultant trade will be assigned a Trade Id.

Amendment: Modifications to the existing deal can be carried out in terms of an amendment. The amendment would be required to make reference to the original deal. If the underlying is a matched trade, then both members to the contract are required to send the amendment.

Cancellation: Deals both new as well as subsequent amendments reported by members can be cancelled by members and such cancellation is accepted upon submission of cancel request by both members to the trade.

Early Termination (Reversals): Both members may also resort to early termination of deals by reporting reversals. Such reversals would be reported either with or without consideration.

Reports: CCIL provides the following reports to member on daily basis:
a) Matched deals report.
b) Alleged deals report.
c) Unmatched and rejected deals report.

Besides the above, members of the non-guaranteed settlement are provided with additional reports like the EOD trade status report, Settlement Obligation reports interim and final as well as reset rates report, change in cash flow dates report etc.

Post - Trade Processing Services:

Interest Rate Reset: Based on the pre-defined algorithm, CCIL sets floating rate periodically as per the terms of the contract.

Cash Flow Computations: Cash flows due for settlement for the various benchmarks are computed one day prior to the settlement date and information is made available to members in the form of Interim and Final Net Obligation reports.

Settlement of Cash Flows: A logical extension of the trade reporting facility is the settlement services offered by CCIL on non-guaranteed basis. CCIL has commenced multilateral settlement of cash flows arising from IRS/FRA trades on non-guaranteed basis effective from 27th November 2008. All Banks and Primary Dealers which are members of the Rupee Derivatives Segment are eligible to participate in the non-guaranteed settlement subject to completion of documentation formalities

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