00:15 Jul 21, 2017
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1. What are the essential services offered by CCIL in Derivatives Segment?
2. How are the deals reported to CCIL?
3. Can a member report IRS trades using their own internal Systems?
4. Can a member report a backdated IRS deal?
5. What are the various Benchmarks in IRS Trades processed by CCIL.?
6. What is the cut off time for reporting deals by members?
7. Is Amendment / Cancellation / Early Termination possible for an existing Trade?
8. Can Amendment / Cancellation / Early Termination be reported on the cash flow date?
9. What are the various reports provided by CCIL?



1.

What are the essential services offered by CCIL in Derivatives Segment?

a) 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.

b) Settlement Services
The Final Settlement Obligations is made available to all members at EOD of the previous business day. This report would be the basis for settlement.

 

  •  On the day of the settlement, the settlement file is sent to RBI for settlement through RTGS. The amounts payable are debited from the member accounts through RTGS in the morning at around 11.00 a.m.
  •  If the members account is sufficiently funded and the pay-ins are successfully debited, the payouts are released immediately through RTGS.
  •  Currently, the settlement at RBI is on "All or None" basis and hence in case of insufficient       funds in the account of any member(s) the entire file is rejected by RBI.



2. How are the deals reported to CCIL?

Members have been provided with a Deal Reporting Utility. This Utility (exe) is available on CCILs Report Browser which can be downloaded by the member on the PC having INFINET connection. This utility helps members to create IRS deals in a standardized format for matching and further processing. Members are provided with an option to manually input a deal or use the bulk file upload option using this utility.


3. Can a member report IRS trades using their own internal Systems?

Yes. Members can customize their own internal systems to generate the IRS deal in the standardized format as prescribed by CCIL for processing.


4. Can a member report a backdated IRS deal?

Yes. A member can report a deal done with old trade date. However the termination date of such a swap should be greater than the date of reporting the trade to CCIL.


5. What are the various Benchmarks in IRS Trades processed by CCIL.?

CCIL undertakes processing of IRS trades of 4 Benchmarks namely MIBOR, MIFOR, INBMK and MIOIS.


6. What is the cut off time for reporting deals by members?

As per RBI ’s directive (RBI/2007-2008/122 IDMD/11.08 15/809/2007-08 dt. 23-Aug-2007), a IRS deal should be reported to CCIL within half an hour of the trade conducted between members. Further, members should also note that CCIL can process the deals on daily basis on all working days (except Saturday) till 7:30 pm. Deals reported after 7:30 pm are taken up for processing on the next working day.
Click on this link to view the RBI Notification on Deal Processing



7. Is Amendment / Cancellation / Early Termination possible for an existing Trade?

Yes. Members are allowed to amend / cancel / early terminate their trades subject to submission of the request to CCIL by both the members to the trade. Member has the option of manually creating the amend/cancel or reversal deal.


8. Can Amendment / Cancellation / Early Termination be reported on the cash flow date?

No. A Trade cannot be Amended / Cancelled / Reversed on the Cash Flow or Termination date.


9. What are the various reports provided by CCIL?

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.


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