Table 1 IRS Trade Summary ₹ in billion)  Source: CCIL’s Rakshitra, July 2015. 10. Another issue with the IRS market is the activity being concentrated at few tenor points, mostly upto 5 year (Chart 1). In view of long term funding requirements for infrastructure sector, there is a need to develop long term IRS. FIMMDA or the Financial Benchmarks India Pvt.
We will keep our eyes on developments in U.S. and European financial  BIS Review 142/2007  3  markets, but it currently seems unlikely that this particular problem will pose any significant threat to the stability of Japan's financial system. Based on the assessment I have just made, let me now turn to current issues relating to risk management by market participants.