Accordingly, the Reserve Bank has recently issued comprehensive guidelines in respect of interest rate derivatives, incorporating the broad regulatory framework for undertaking derivative transactions. In respect of OTC derivative transactions, it has become necessary to have a mechanism for transparent capture and dissemination of trade information as well as an efficient posttrade processing infrastructure to address some of the attendant risks.
To begin with, the CCIL is being advised to start a trade reporting platform for Rupee Interest Rate Swaps (IRS). This reporting module would be functional by August 31, 2007 and will thereafter be available to all market participants. An anonymous order driven system for trading in Interest Rate Derivatives (IRDs) was introduced on exchanges in 2003.