BIS central bankers’ speeches  1  The landscape for OTC derivatives in India The primary OTC derivatives in India: Interest rate derivatives – Interest rate swaps (IRS) and forward rate agreements (FRA); FX derivatives- FX forward, options and swaps.
The IRS and FRA were introduced in July 1999 to help banks and PDs to better manage their interest rate risk in the wake of deregulated interest rate regime. Swaps having explicit/implicit option features such as caps/ floors/ collars are not permitted. Currently, there are four benchmarks used in Rupee IRS, viz. MIBOR, MIFOR, INBMK, MIOIS. The trading is mainly confined to MIBOR benchmark.