All OTC trades to be reported to clearing body: RBI

Tags: News
All over-the-counter transactions by banks in currency swaps and interest rate derivatives will have to be reported to the Clearing Corporation of India Ltd (CCIL) effective December 30, the Reserve Bank of India (RBI) said on Wednesday.

The RBI had advised banks in March 2012 to report all or some of the trades in the OTC segment to the CCIL, subject to a mutually agreed confidentiality protocol.

All outstanding interbank transactions in currency swaps and foreign currency fixed rate agreements, and outstanding transactions with clients in rupee fixed rate agreements as at December 30, will have to be reported to CCIL by January 31, 2014, the Reserve Bank of India said in a notification.

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