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.
Putting in place an institutional mechanism and systems that can facilitate continuous dialogue and co-ordination between those in charge of monetary policy, debt management, foreign exchange management, regulation and supervision of banking entities, supervision of non-banking entities, securities markets regulation and the like is a sine-qua-non. Within each of these segments it is crucial to be in sync.