What changed
CCIL launched a trade reporting platform for OTC interest rate derivatives (IRS and FRA) as announced in the Annual Policy Statement 2007-08. All banks and primary dealers must report their trades within 30 minutes and migrate outstanding contracts by September 15, 2007.
What it means for you
This move enhances transparency and post-trade processing for OTC interest rate derivatives, reducing systemic risk. Banks and PDs need to integrate their systems with CCIL's platform and ensure timely reporting to avoid compliance gaps.
What you must do
- Report all IRS/FRA trades on CCIL's platform within 30 minutes of deal time.
- Migrate details of all outstanding IRS/FRA contracts (excluding client trades) to the platform by September 15, 2007.
- Coordinate with CCIL for operational guidelines and system integration.
- Ensure internal systems capture trade timestamps accurately for compliance.
Who it affects
All scheduled commercial banks (excluding RRBs and LABs), Primary dealers
What types of trades must be reported on the CCIL platform?
All OTC interest rate derivative trades, specifically Interest Rate Swaps (IRS) and Forward Rate Agreements (FRA), must be reported. Client trades are excluded from reporting.
What is the deadline for reporting trades and migrating outstanding contracts?
Trades must be reported within 30 minutes of deal time. Outstanding contracts (excluding client trades) must be migrated to the platform by September 15, 2007.
Who is responsible for providing operational guidelines?
CCIL will issue detailed operational guidelines for the reporting platform. Banks and PDs should coordinate with CCIL for implementation.