We have already achieved significant success in the trade reporting and settlement of these OTC interest rate products. We are therefore, significantly ahead on these parameters compared to most of the developed markets. 56. While there has been a significant buildup of outstanding notional principal 10 the market participation is much skewed.
As per the latest CCIL data, the foreign banks dominated the MIBOR swap market with an average share of 81.96% as against the share of the private banks at 11.76%, Primary Dealers at 5.79% and public sector banks at 0.49% during October’09.