00:15 Jul 21, 2017
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1. Who can be a member of FX-CLEAR and FX-SWAP Dealing Systems? 
2. Do members need to take separate membership to become a member of FX-SWAP Dealing system?
3. How will the connectivity between Clearcorp and member banks be established for FX-CLEAR and FX-SWAP Dealing Systems?
4. What are the advantages FX-CLEAR offers to its members?
5. What are the various modes of dealing on FX-CLEAR and FX-SWAP?
6. What is Order Matching Mode on FX-CLEAR Dealing System?
7. What is Negotiation Mode on FX-CLEAR Dealing System? 
8. What are the various deal types and Currency Pairs in which a dealer can trade in Negotiation Mode of FX-CLEAR?
9. What are the various reports available to Members in FX-CLEAR Dealing System?
10. What are the advantages FX-SWAP offers to its members?
11. What are the instruments available for trading in FX-SWAP Dealing System?
12. How does trading happen in forward instruments of FX-SWAP Dealing System?
13. What is LD/LD Instrument in FX-SWAP Dealing System?
14. What is Outright Forward Instrument in FX-SWAP Dealing System?
15. What are the various reports available to Members in FX-SWAP Dealing System?
16. Can the dealer modify/cancel orders placed in Order Matching Mode of FX-CLEAR and FX-SWAP?
17. Can dealer cancel trades done on FX-CLEAR and FX-SWAP Dealing Systems?
18. What are Market by Order and Market by Price in FX-CLEAR and FX-SWAP system?
19. What are the Dealer queries available in FX-CLEAR and FX-SWAP system?
20. What is ‘STP’?
21. Can the dealer request for unlocking/resetting his Login Password in FX-CLEAR/FX-SWAP?
22. How does a member integrate the data of FX-CLEAR and FX-SWAP with its own system?
23. What are the system requirements for installation of FX-CLEAR and FX-SWAP at Member end?
24. What are the contact points at Clearcorp for FX-CLEAR and FX-SWAP Dealing Systems?



1.

Who can be a member of FX-CLEAR and FX-SWAP Dealing Systems? 

 

All the Authorised Dealers in Indian Foreign Exchange market which are active members of Forex Clearing and Settlement System of CCIL are eligible to become members of FX-CLEAR and FX-SWAP Dealing Systems. 


2.

Do members need to take separate membership to become a member of FX-SWAP Dealing system?

 

Yes, members need to take separate membership to become a member of FX-SWAP Dealing system.


3. How will the connectivity between Clearcorp and member banks be established for FX-CLEAR and FX-SWAP Dealing Systems?
 

Clearcorp uses INFINET, a closed user group network as a communication backbone to establish connectivity with the member banks for FX-CLEAR and FX-SWAP Dealing Systems. 

 


4.

What are the advantages FX-CLEAR offers to its members?

 

A member using FX-CLEAR gets the following benefits apart from leveraging CCIL’s institutional structure and standing:-

Guarantee of all the trades executed on the Order Matching Mode of the platform from the point of trade, with CCIL as counterparty.

Cost efficient dealing system: FX-CLEAR is provided free of cost to the members and hence trading on FX-CLEAR would greatly reduce the cost incurred by banks by way of brokerage fees.

STP for all Order matching trades:  All the trades concluded on the order matching mode of FX-CLEAR shall be guaranteed for settlement by the Clearing Corporation from the point of trade, wherein these trades shall be automatically sent to the Settlement segment of Clearing Corporation. Qualitative features like Market by Order, Market by Price, are available in the system which shows market depth and enables the dealers to trade multiple orders in one go.

 


5.

What are the various modes of dealing on FX-CLEAR and FX-SWAP?

FX-CLEAR Dealing System offers two modes of dealing viz. Order Matching Mode and Negotiation (Chat) Mode. The Order matching mode of FX-CLEAR allows Spot trading in USD/INR currency pair, whereas the Negotiation mode allows trading in USD/INR & major cross currency pairs across all settlement dates.

 

FX-SWAP Dealing System offers trading only on the Order Matching Mode.

 


6. What is Order Matching Mode on FX-CLEAR Dealing System?
 

The order matching mode of FX-CLEAR platform provides a neutral, anonymous and order driven dealing platform for the market participants. It works on the principle of ‘price discovery’. In this mode, orders (Bid and Offer) with valid inputs will be accepted for dealing and the system will match these with the counter-orders available in the order book, based on price and time priority.  All trades concluded on this mode shall be guaranteed for settlement by Clearing Corporation from the point of trade, wherein these trades shall be automatically sent to Clearing Corporation. Accordingly, Clearing Corporation (CCIL) shall be the counterparty for these Trades. Further, Members need to suppress reporting these deals to the Clearing Corporation to avoid duplication. A Trade Cancellation facility has also been provided on the platform to act as a safeguard from the dealers from erroneous trades getting concluded on the Order Matching mode on the platform.

 


7. What is Negotiation Mode on FX-CLEAR Dealing System?
 

The Negotiation mode facilitates the dealer to chat with other members’ dealers for the purpose of arriving at a negotiated deal in the forex market. The deals negotiated will be captured as confirmed trades once acknowledged by both the parties. In addition to the USD-INR Currency pair, the dealer can use this mode for trading in other majorly traded currency pairs like EUR-USD, EUR-INR, USD-JPY etc. However, STP facility would not be available for these trades and hence need to be reported manually to the Clearing Corporation for settlement.

 

 

8. What are the various deal types and Currency Pairs in which a dealer can trade in Negotiation Mode of FX-CLEAR? 

 

Negotiation Mode of FX-CLEAR allows a dealer to enter into CASH, TOM, SPOT, Outright Forwards, Deposits and SWAP deals in major currency pairs which include USD/INR, GBP/USD, EUR/USD, EUR/INR, USD/JPY, JPY/INR, GBP/INR, GBP/JPY, EUR/JPY etc.



9.

What are the various reports available to Members in FX-CLEAR Dealing System?

  

The following reports are generated in FX-CLEAR:-

      Deal Ticket Report:

           Ø  Order Matching Deal Ticket: The deal ticket for Order Matching Trades gets generated for every trade and can be automatically printed. An option to print Duplicate deal tickets is also available.

           Ø  Negotiation Deal Ticket: The Deal Ticket for Negotiation Trades gets generated for every trade and can be automatically printed. An option to print Duplicate Deal tickets from the Deal Log Report is also available.

            Member Trade Report (Previous Trades): This report summarizes all deals done by the dealer in USD/INR SPOT market for the current business day in Order Matching Mode of FX-CLEAR.

            Activity Log Report: The Activity Log Report gives the details of all the activities performed with respect to the orders placed/modified/cancelled and traded by the dealer.

            Deal Log Report: This report summarizes all conversations done by dealer in Negotiation Mode of FX-CLEAR.

            • Trades Cancelled Report: This Report summarizes all USD/INR deals cancelled by the Member on the System through Trade Cancellation Facility.

             Market Movement Report: This Report provides orders, trades and price related information for specified time intervals. This screen shows hourly information and is available in the Market Query Menu. The user can also take a printout of the market movement screen with the help of the Print button in the screen.

     All the above mentioned reports can be taken in multiple instances during the current business day.


10.

What are the advantages FX-SWAP offers to its members?

·  Guarantee of all legs of the trades executed on the platform from the point of trade, with CCIL as counterparty.

 

·  Cost Effective dealing system: FX-SWAP is provided free of cost to the members and hence trading on FX-SWAP would greatly reduce the cost incurred by banks by way of brokerage fees. 

 

·  STP for all trades: All the trades concluded on FX-SWAP shall be guaranteed for settlement by the Clearing Corporation from the point of trade, where in these trades shall be automatically sent to the settlement segment of Clearing Corporation.

 

·  Qualitative features like Market by Order - Total Market, Market by Price - Total Market are available in the system which shows market depth and enables dealer to trade multiple orders at one go.


11.

What are the instruments available for trading in FX-SWAP Dealing System?

FX-SWAP Dealing System offers three upto Spot instruments viz Cash/Tom, Cash/Spot and Tom/Spot instruments, 12 month-end (forward) instruments i.e. spot over Month 1 end to Month 12 end, one LD/LD instrument (Month 1 end over Month 2 end) and two ORF instruments (Month 1 end and Month 2 end). In total, there are 18 instruments available at any point of time.

 


12.

How does trading happen in forward instruments of FX-SWAP Dealing System?


Trading on the Swap Instruments of the FX-SWAP Dealing System would happen on the basis of premium/discount quoted in paise. E.g. 52 paise or 123 paise.

 


13. What is LD/LD Instrument in FX-SWAP Dealing System?
 

LD/LD indicates Last Date over Last Date or M1/M2 i.e. First Month-end over Second Month-end. LD/LD instrument has two legs for settlement, and both the legs are for month end dates. Trading on this instrument will be on the basis of premium/discount quoted in paisa. The settlement dates for both the legs of the LD/LD instrument will be the last business date of the current month and the next month.



14. What is Outright Forward Instrument in FX-SWAP Dealing System?

 

An ORF i.e. Outright Forward instrument has only one leg of settlement for the month end date. Trading on ORF instruments will be on the basis of the Outright Forward rate. For first month ORF & second month ORF instruments, the settlement will happen on the last business day of the first month and second month respectively.




15. What are the various reports available to Members in FX-SWAP Dealing System?


 ·  Deal Ticket Report: The deal ticket for Trades gets generated for every trade and can be automatically printed. An option to print Duplicate deal ticket is also available.

 

·  Member Trade Report (Previous Trades): This report provides an instrument-wise summary of all the trades done by the dealer in FX-SWAP Platform for the current business day.

 

·  Activity Log Report: The Activity Log Report gives the details of all the activities performed with respect to the orders placed/modified/cancelled and traded by the dealer.

 

Trades Cancelled Report: This Report summarizes all the deals cancelled by the Member on the System through Trade Cancellation Facility.

 

Market Movement Report: This Report provides orders, trades and price related information of each instrument for specified time intervals. This screen shows hourly information and is available in the Market Query Menu. The user can also take a printout of the market movement screen with the help of the Print button in the screen.

 

All the above mentioned reports can be taken in multiple instances during the current business day.



16. Can the dealer modify/cancel orders placed in Order Matching Mode of FX-CLEAR and FX-SWAP?

The dealer has the facility to modify or cancel his/her outstanding orders which have not been matched by the system in FX-CLEAR and FX-SWAP.

17. Can dealer cancel trades done on FX-CLEAR and FX-SWAP Dealing Systems?
 

A Trade Cancellation facility has been provided on both FX-CLEAR and FX-SWAP Dealing Systems to act as a safeguard for the dealers from erroneous trades getting concluded on the system. The trade cancellation is allowed on the system within the stipulated time as specified by Clearcorp. However, for Cash deals on FX-SWAP platform, the trade cancellation is allowed on the system within the stipulated time as specified by Clearcorp or the Cash Session, whichever is earlier.

 

Initiation Of Trade Cancellation Request

 

FX-CLEAR - the dealer can initiate the trade cancellation request by selecting “Cancel Trade” option available on right click on the deal in the Self trades static screen.

 

FX-SWAP - The dealer can initiate the trade cancellation request by selecting the particular deal he wishes to cancel and clicking on the “Cancel Trade” button provided in the Previous Trades query screen.

 

 

18.

What are Market by Order and Market by Price in FX-CLEAR and FX-SWAP system?


• Market by Order: - Market By Order displays the Five Best outstanding Bid orders and Five Best outstanding Offer orders in the Market based on price time priority.

 

• Market by Price: - Market By Price displays the Five Best outstanding Bids and Five Best outstanding Offers available for trading, at different prices with the cumulative quantity of one or more orders available at the same price.
 


19. What are the Dealer queries available in FX-CLEAR and FX-SWAP system?
 

The following queries are available to dealers in Order Matching Mode:

 

Outstanding Orders: This query screen provides details of all the Orders placed by the dealer, Outstanding in the market.

 

Previous Trades: This query screen provides details of all the trades done by the Dealer on Order Matching mode for the current business day.

 

Activity Log: This query screen gives the details of all the activities performed with respect to the orders placed/modified/cancelled and traded by the dealer.

 

 Order Status: The Order Status screen provides the current status of the orders placed by the dealer.



20. What is ‘STP’?
 

CCIL provides STP (Straight Through Processing) facility for all the trades done on FX-CLEAR (Order Matching mode) and FX-SWAP, by default, since these trades are guaranteed for settlement by Clearing Corporation from the point of trade and would automatically flow to the Settlement System of Clearing Corporation. The member need not report these trades separately for settlement to Clearing Corporation.



21. Can the dealer request for unlocking/resetting his Login Password in FX-CLEAR/FX-SWAP?
 

Yes. The dealer can contact FX-CLEAR Helpdesk team to unlock/reset the FXCLEAR/FXSWAP Login password.

 


22.

How does a member integrate the data of FX-CLEAR and FX-SWAP with its own system?

 

The dealer Every time a trade is executed on the Order Matching Mode of FX-CLEAR and FX-SWAP and/or a deal is confirmed on the Negotiation Mode of FX-CLEAR a .csv file containing the details of the trade/deal is generated which is saved in a designated folder as specified by the dealer in the FX-CLEAR / FX-SWAP dealer Frontend. Member can integrate these .csv files with their Deal Reporting / Back-Office software for automation of deal/trade flow. 



23. What are the system requirements for installation of FX-CLEAR and FX-SWAP at Member end?

 

View System Requirements document.

24. What are the contact points at Clearcorp for FX-CLEAR and FX-SWAP Dealing Systems?

 

The details of the FX-CLEAR contact points at Clearcorp are made available in the Contact Us option provided on the main menu on FX-CLEAR and FX-SWAP platforms. It provides the dealer with the contact information of the FX-CLEAR & CCIL-IT Helpdesk team. The Contact information includes the telephone nos and official e-mail ids of the respective teams as detailed below:

 

FX-CLEAR/FX-SWAP Help Desk : Dadar - 022-61546312, 61546313, 61546314, 61546315, 61546316, 61546317, 61546318 Kurla - 022-66639362 , 66639363, 66639368, 66639369, 66639386, 66639390 Pune – 020-66800776, 66800777, 66800779, 66800780.

 

FX-CLEAR/FX-SWAP Email ID: fxclearmails@ccilindia.co.in

 

IT Helpdesk numbers: 022- 61546250

 

IT Email ID: ithelpdesk@ccilindia.co.in

 

CCIL Negotiation Code: CCIL


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