CDS Trade Reporting Mandate via CCIL CORE from Dec 1
No longer current — replaced by Credit Default Swaps (CDS) for Corporate Bonds - Revised Guidelines
Source: Reserve Bank of India · RBI/2011-12/286 · issued 30 Nov 2011 · ~1 min read
Quick answerFrom December 1, 2011, all market makers must report credit default swap trades in corporate bonds to CCIL's CORE platform within 30 minutes of the deal. This replaces the earlier general reporting requirement with a specific repository.
What changed
RBI mandated that all CDS trades in corporate bonds be reported to the CCIL trade repository (CORE) instead of just any reporting platform. The 30-minute reporting window remains unchanged from the earlier May 2011 guidelines.
What it means for you
Banks and other market makers must ensure their trade capture systems are integrated with CCIL's CORE platform for real-time or near-real-time reporting. Non-compliance could attract regulatory scrutiny, and the move aims to improve transparency and risk monitoring in the CDS market.
Historical instruction — do not use for current compliance. This is what was required at the time; it no longer reflects current RBI requirements. If no replacement rule is linked above, that only means none is recorded on our register yet — it does not prove no later applicable rule exists. Confirm on the official RBI source below.
What banks were required to do at the time
Integrate your trade reporting systems with CCIL's CORE platform before December 1, 2011.
Ensure all CDS trades in corporate bonds are reported within 30 minutes of execution.
Train trading and operations teams on the new reporting workflow and timelines.
Review and update internal compliance checklists to align with the CCIL-specific mandate.
Who it affects
All market makers in corporate bond CDS, Banks and primary dealers active in CDS trading, Operations and compliance teams handling trade reporting
❓ Common questions
Regulatory timeline
Decoded by BankPulse2026-06-18 22:42 IST
Superseded by — Credit Default Swaps (CDS) for Corporate Bonds - Revised Guidelines
Status change: superseded03 Aug 2026, 04:00 IST
Built from our lineage records — each fact carries its provenance; missing history simply is not shown (never guessed).
What is the new reporting requirement for CDS trades?
From December 1, 2011, all market makers must report their CDS trades in corporate bonds to the CCIL trade repository (CORE) within 30 minutes of the trade.
Does this replace the earlier May 2011 guidelines?
Yes, this circular supersedes the earlier reporting requirement and specifies CCIL's CORE as the mandatory platform, while keeping the 30-minute reporting timeline.
What happens if we fail to report within 30 minutes?
The circular does not specify penalties, but timely reporting is a regulatory requirement. Non-compliance may invite supervisory action or affect your market maker status.
📜 This document’s life story (1 recorded event, each backed by RBI’s own words)
📜 Read the original circular — full text as issued by RBI
RBI/2011-12/286
IDMD.PCD.2302/14.03.04/2011-12
November 30, 2011
To All Market Participants
Credit Default Swaps (CDS) for Corporate Bonds-Reporting Platform
A reference is invited to our circular IDMD.PCD.No. 5053 /14.03.04/2010-11 dated May 23, 2011 enclosing the Guidelines on Credit Default Swaps (CDS) for Corporate Bonds wherein it was indicated that Market-makers shall report their CDS trades with both users and other market-makers on the reporting platform of CDS trade repository within 30 minutes from the deal time.
2. It is advised that all market makers shall report their CDS trades in corporate bonds within 30 minutes of the trade to the Clearing Corporation of India Limited (CCIL) trade repository CCIL Online Reporting Engine (CORE) beginning December 1, 2011.
Yours faithfully,
(K K Vohra)
Chief General Manager
Related Press Release/Notifications
Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2011-12/286 · issued 30 Nov 2011. The plain-English explanation above is BankPulse’s own independent summary.
Discuss this circular with fellow bankers — reply, upvote what helps, report what doesn’t belong. Be professional; no client data. Views are the commenter’s own, not BankPulse’s.
BankPulse Compliance Evidence Pack — generated 03 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=6853&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.
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