What changed
RBI had earlier allowed repo trades in corporate bonds to be reported to clearing corporations (NSCCL/ICCL) until the FIMMDA platform was ready. With FIMMDA now confirming readiness, all participants must shift reporting to the FIMMDA Corporate Bond Reporting Platform from August 2, 2010. The 15-minute reporting timeline remains unchanged.
What it means for you
Banks and market participants must ensure their systems and processes are aligned to report repo trades on the FIMMDA platform instead of exchange clearing houses. This centralizes reporting and likely improves transparency and data consistency. No other terms from the January 2010 circular are affected.
What you must do
- Update internal systems to route repo trade reports to the FIMMDA Corporate Bond Reporting Platform from August 2, 2010.
- Train trading and operations teams on the new reporting workflow and ensure compliance with the 15-minute reporting window.
- Verify connectivity and access to the FIMMDA platform before the deadline to avoid reporting delays.
- Review the January 2010 circular for unchanged terms and ensure all other conditions are still met.
Who it affects
All market participants dealing in repo trades of corporate debt securities, Banks and primary dealers, Clearing corporations (NSCCL and ICCL) – no longer the reporting destination
What is the deadline for reporting repo trades on the FIMMDA platform?
All repo trades in corporate bonds must be reported within 15 minutes of the trade on the FIMMDA platform, starting August 2, 2010.
Does this change affect any other terms of the January 2010 circular?
No. All other terms and conditions of the January 8, 2010 circular remain unchanged.