CCIL has commenced non-guaranteed settlement of OTC trades in IRS/FRA in November 2008, covering over 75 per cent of the market turnover. CCIL also offers certain post-trade processing services like resetting interest rates and providing settlement values to the reporting members. Guaranteed settlement of these trades is expected soon. CCIL also acts as central counterparty for spot and forex forward trades.
Both measures – interest rate policy measures and liquidity-providing measures – have helped ease tensions in the interbank lending market and have been instrumental in meeting the challenge of safeguarding the stability of the financial system.