CCIL hosts Trade Repository Services for OTC Rate, Credit and Forex Derivatives.

Rate Derivatives: Under RBI's guidance, CCIL started its Trade Repository services with capture of data on Rupee denominated Interest rate Swaps in August 2007. Banks and Primary Dealers acting as market makers are required to report trade data. CCIL has expanded the scope of operations to cover post trade processing of trades reported to it, including settlement of cash flows and currently also offers Portfolio Compression services for IRS trades. From Dec 2013, Market Makers also report transactions concluded with their clients. Effective Mar 2019, all Interbank and Client Transactions undertaken in Interest Rate Option and Swaption are required to be reported.

Credit Derivatives: In December 2011, RBI allowed market participants to trade in Credit Default Swaps (CDS), and made it mandatory for the market makers to report transaction data to CCIL. Services offered by the CDS TR include Trade capture, matching and confirmations, succession event processing and data dissemination on the CCIL website.

Forex Derivatives: Reporting of OTC foreign currency transactions was initiated in July 2012 and spread over 4 phases ending in December 2013. The first phase covered reporting of inter-bank OTC USD-INR forwards, FX swaps and FCY/INR options in July 2012, the second phase covering all FCY/INR and FCY/FCY Forwards and Swaps and FCY/FCY Options was operationalized in November 2012. Phase 3 covering client level transactions was implemented by April 2013 and the final phase implemented by December 2013 involved the mandatory reporting of all inter-bank and client level Cross Currency swaps and FCY Interest Rates Swaps/FRA transactions. 

All Authorised Dealers- Category I are required to report trade data to CCIL’s Trade Repository for transactions undertaken amongst themselves. Reporting OTC derivatives data to a TR enables authorities to have fair and open access of information concerning an OTC derivatives contract shortly after it is entered into, as well as information concerning any changes to the contract throughout its existence. In addition, given their centralized role, TRs are in a position to provide information on OTC derivatives markets that could serve to:

  • Enhance the transparency of information to relevant authorities and the public
  • Making available data and positions to Regulators in timely manner
  • Assist in the detection and prevention of market abuse
  • Mitigation of Systemic Risk
  • Promote financial stability

CCIL also hosts Trade Repository Services for primary and secondary market transactions in Commercial Papers (CPs), Certificate of Deposits (CDs) and repo transactions in corporate bonds/CPs/CDs.

CCIL TR F-TRAC Platform is an Internet based Trade Reporting System for reporting of (i) Secondary Market Trades in Certificate(s) of Deposit; Commercial Paper(s); (ii) Market Repo/Reverse Repo transactions in Corporate Bonds / Certificates of Deposit / Commercial Papers / NCDs of original maturity of less than one year and (iii) Primary Market Issuances Details of Commercial Paper by the respective IPA. Currently, F-TRAC facilitates straight through processing (STP) linkages with the Clearing Corporations of the Stock Exchanges for settlement for all Secondary Market trades reported on the F-TRAC System. F-TRAC also facilitates online display of settlement status for Secondary Market Deals based on information provided by the respective Clearing Houses.