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CCIL Reporting Platform for OTC Interest Rate Derivatives

Current · Source: Reserve Bank of India · RBI/2007-2008/122 · issued 23 Aug 2007 · ~1 min read

Quick answerRBI mandates all scheduled commercial banks and primary dealers to report OTC interest rate derivative trades (IRS/FRA) on CCIL's new platform within 30 minutes of deal time, effective August 30, 2007. Client trades are excluded.

The rule, in the simplest words

Banks and primary dealers (special companies that buy and sell government bonds) must report every trade of IRS (a deal to swap interest rates) and FRA (a deal to fix a future interest rate) on CCIL's (a central bank-run system) new platform within 30 minutes of making the deal.
Do NOT report trades done for customers (client trades) – only report trades the bank does for itself.
By September 15, 2007, move all old IRS and FRA deals (except client trades) onto the new platform so they are all recorded there.
Work with CCIL to get step-by-step instructions and connect your bank's computer systems to their platform.

How it plays out — a real example

A treasury officer in Indore, Priya, just closed an IRS trade with another bank at 10:15 AM. She immediately logs into CCIL's new reporting platform and enters the trade details by 10:45 AM, because the rule says she must report within 30 minutes. She also checks her bank's list of old IRS deals and makes sure all of them (except client trades) are migrated to the platform before September 15, 2007.

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

❓ Common questions

Regulatory timeline

Stated effective date effective August 30, 2007
Decoded by BankPulse 2026-06-19 15:28 IST

Built from our lineage records — each fact carries its provenance; missing history simply is not shown (never guessed).

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.

📜 Read the original circular — full text as issued by RBI

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

Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2007-2008/122 · issued 23 Aug 2007. The plain-English explanation above is BankPulse’s own independent summary.

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Who does what — compliance checklist

💻 IT / Systems

Coordinate with CCIL for operational guidelines and system integration.
Ensure internal systems capture trade timestamps accurately for compliance.

📜 Compliance

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.

Grouped from the action items above — a single circular may involve more than one team.

Worked example & action-note template

Example: if you are a Compliance officer at a bank this circular applies to (All scheduled commercial banks (excluding RRBs and LABs), Primary dealers), your first concrete step on “CCIL Reporting Platform for OTC Interest Rate Derivatives” is: “Report all IRS/FRA trades on CCIL's platform within 30 minutes of deal time.” (RBI issued this 23 Aug 2007).

Circular: RBI/2007-2008/122 -- CCIL Reporting Platform for OTC Interest Rate Derivatives
Issued: 23 Aug 2007
Action required: Report all IRS/FRA trades on CCIL's platform within 30 minutes of deal time.
Action required: Migrate details of all outstanding IRS/FRA contracts (excluding client trades) to the platform by September 15, 2007.
Action required: Coordinate with CCIL for operational guidelines and system integration.
Action required: Ensure internal systems capture trade timestamps accurately for compliance.
Owner: ____________ Target date: ____________
Board/committee approval needed? Y / N
Evidence filed in compliance register on: ____________

Built only from this circular’s own published fields — not legal advice; always confirm against the official RBI source.

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BankPulse Compliance Evidence Pack — generated 05 Aug 2026 · status cross-checked against RBI’s official withdrawal register (refreshed weekly).
Official RBI source: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=3780&Mode=0 — Plain-English summary by BankPulse (bankpulse.ai), reviewed by our expert reviewer, CA Amit Jain. Independent platform, not affiliated with the Reserve Bank of India; is our own plain-English paraphrase, not RBI’s original wording.