What changed
RBI enabled reporting of OTC transactions in securitized debt instruments on the FIMMDA reporting platform. All regulated entities must now report secondary market OTC trades in these instruments within 15 minutes of execution, starting September 2, 2013.
What it means for you
This move aims to enhance transparency and develop the securitized debt market. Banks and lenders must ensure timely trade reporting to avoid compliance gaps, as the 15-minute window is tight and requires system readiness.
What you must do
- Integrate your trade capture systems with FIMMDA's reporting platform to enable real-time data submission.
- Train trading and operations teams on the 15-minute reporting timeline for OTC securitized debt trades.
- Set up internal alerts or checks to ensure all secondary market trades are reported within the mandated window.
- Review and update your compliance policies to align with this reporting requirement effective September 2, 2013.
Who it affects
All RBI-regulated entities trading in securitized debt instruments, Treasury and trading desks handling OTC transactions, Compliance and operations teams managing trade reporting
What is the reporting timeline for OTC trades in securitized debt instruments?
All secondary market OTC trades must be reported on FIMMDA's platform within 15 minutes of the trade execution, effective from September 2, 2013.
Which platform should be used for reporting these trades?
The reporting must be done on the Fixed Income Money Market and Derivatives Association of India (FIMMDA) reporting platform.
Who is required to comply with this circular?
All entities regulated by the Reserve Bank of India that engage in OTC transactions in securitized debt instruments must comply.