About Us

Clearcorp Dealing Systems (India) Ltd. (Clearcorp)(CIN: U74999MH2003PLC140849), a wholly owned subsidiary of CCIL, was incorporated in June, 2003 to facilitate, set up and carry on the business of providing dealing systems/platform in Collateralised Borrowing and Lending Obligation (CBLO), Repos and all money market instruments of any kind and also in foreign exchange (FX-CLEAR) and currencies of all kinds. Clearcorp has been set up to facilitate CCIL, to segregate its other activities from Clearing and Settlement activities, a risk bearing activity. Accordingly, the Shareholders of CCIL at their meeting held on June 4, 2003 resolved to transfer all activities of the Company relating to Forex Dealing Platform (FX-CLEAR) and Collateralised Borrowing and Lending (CBLO) dealing platform to Clearcorp. CBLO, an electronic screen based trading platform, facilitated borrowing and lending of funds, in a collateralized environment with anonymity and was operational till 03rd November 2018.

TREPS, facilitates, borrowing and lending of funds against Government securities, in a Triparty Repo arrangement. TREPS is an anonymous electronic order matching platform. Entities who are admitted to Clearcorp’s Triparty Repo (Dealing) Segment, and having access to INFINET network, access dealing system through INFINET. Other entities who are admitted as Members access dealing system through INTERNET. Member’s orders to borrow and / or lend under Triparty Repo are matched on Amount to borrow / lend, Interest rate-and Time priority. All the matched orders i.e. trades of the members flows seamlessly to CCIL for settlement. CCIL settles the trades from TREPS, in terms of its Securities Segment Regulations.

FX-CLEAR , a Forex Dealing System, was launched by Clearcorp on August 7, 2003. FX-CLEAR offers both Order Matching and Negotiation Modes for dealing. The platform covers inter-bank Spot, swap and other transactions in USD/INR currency pair. The USD-INR deals constitute about 85% of the total FOREX transactions in India in terms of value. The platform offers guaranteed settlement from the point of trade for all the trades concluded on the Order Matching Mode of the platform, wherein these trades are automatically sent to Clearing Corporation. Accordingly, Clearing Corporation (CCIL) is the Counterparty for these Trades.

FX-Retail, which was launched by Clearcorp for dealing in August 2019, offers facility to book forex contracts in USD/INR currency pair for the Customers of banks. The FX-Retail platform provides for an order driven dealing in the USD/INR currency pair for the Customers where they can directly access the platform through the Internet and place buy/sell orders as per their requirement. The Forward booking allows the customers to book contracts upto a period of 13 months which includes Forward standard tenors (start of month, mid-month and month end) and Broken dates. The FX-CLEAR Inter-bank Spot rates are also available on the platform for view purpose. The aggregation feature of the platform facilitates matching of Customer orders placed at the same price to be aggregated to Interbank lot size and tried for matching in the Interbank market.

FX-SWAP, a Forex Swap Dealing System, which was launched by Clearcorp on May 31, 2010 offers an Order matching system for Forex Swaps. The platform offers swap instruments extending up to 12 months along-with three upto spot instruments viz Cash/Tom, Cash/Spot, Tom/Spot, a LD/LD instrument (Month 1 end over Month 2 end) and two ORF instruments (Month 1 end and Month 2 end). FX-SWAP platform was launched with a unique feature of guarantee from the point of trades for the Forward Legs of the transactions concluded on the platform. The platform extends the benefits of guaranteed settlement from the point of trade to all the legs of the trades concluded on the platform, including Cash, Tom, Spot and Forwards, wherein these trades are automatically sent to Clearing Corporation. Accordingly, Clearing Corporation (CCIL) is the Counterparty for these Trades.

Clearcorp Repo Order Matching System (CROMS) is an STP enabled anonymous Order Matching Platform launched by Clearcorp Dealing Systems (India) Ltd on 27th January 2009 for facilitating dealing in Market Repos in all kinds of Government Securities. It enables dealing in two kinds of Repos – (1) Basket and (2) Special Repos. Building on the internationally popular Standard Repo Model, Basket Repos enables dealing in baskets wherein repoable securities have been classified based on instrument type, liquidity and outstanding tenor and clustered together. While borrowers can raise funds through a Basket Repo against any of security forming part of the concerned basket, the lender is assured that it would receive only any of the securities forming part of the concerned basket. Details of security allocated are known to both counterparties post trade. As for Special Repos, which is the conventional repo, both borrower and lender are aware of the underlying security against which deal is sought to be concluded. CROMS provides better transparency, repo rate discovery and operational efficiency and has thus become the preferred avenue for market repo dealing as about 70% of all market repo action against Government Securities is concluded on the Platform consistently.

ASTROID:
Clearcorp hosts a dealing platform for Rupee derivative called “ASTROID”. ASTROID is an anonymous Order Matching Platform for Rupee OTC Interest Rate Derivatives. ASTROID has been operational since 3rd August, 2015. Trades referenced to MIBOR OIS benchmark with Rolling Maturities ranging from 1 month to 10 years. Orders placed on ASTROID are matched on the basis of Rate-Time priority. The Best Buy/Sell or Bid/Offer order matches with the Best Sell/Buy or Offer/Bid order. The best Buy/Bid order is the one with the highest rate and the best Sell/Offer order is the one with the lowest rate. Risk measures like risk reduction, accumulation of orders are also provided on the platform. The trades dealt on the ASTROID are eligible for CCIL’s Central Clearing and Settlement services in accordance with Bye-laws, Rules and Regulations of Rupee Derivatives Guaranteed Settlement Segment Institutional entities such as Mutual Funds, Insurance Companies , Housing Finance Companies and Pension Funds are also eligible to participate on ASTROID subject to approval from their sectoral regulator: (As per RBI Notification dated 5th May 2016 (RBI/2015-16/392 FMRD.DIRD.No.9/14.03.01/2015-16).

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