RBI/2007-2008/122
IDMD/11.08.15/809/ 2007-08 August
23, 2007 To
All Scheduled
Commercial Banks (excluding RRBs and LABs) and Primary Dealers Dear
Sir, Reporting
Platform for OTC Interest Rate Derivatives Reserve
Bank’s Annual
Policy Statement 2007-08 vide para 128 highlighted that it is necessary to
have a mechanism for transparent capture and dissemination of trade information
as well as an efficient post trade processing infrastructure for transactions
in OTC interest rate derivatives, to address the attendant risks. It was announced
in this context that, to begin with, CCIL would start a trade reporting platform
for Rupee Interest Rate Swaps. 2.
CCIL has developed a reporting platform in this regard which would capture the
transactions in OTC interest rate derivatives (Interest Rate Swaps and Forward
Rate Agreements (IRS/FRA)). The platform would be operationalised by August 30,
2007. 3.
All banks and Primary Dealers are required to report all their IRS/FRA trades
on the reporting platform within 30 minutes from the deal time. 4.
Client trades are not to be reported. 5.
Banks and PDs may also ensure that details of all the outstanding IRS/FRA contracts
(excluding the client trades) are migrated to the reporting platform, by September
15, 2007. 6.
Detailed operational guidelines in this regard would be made available by CCIL. Yours
faithfully (G.
Mahalingam)
Chief General Manager |