RBI/2011-12/616
FMD.MSRG.No.69/02.05.002/2011-12
June 22, 2012
All Category I Authorised Dealer Banks and Primary Dealers
Madam/Sir,
Reporting Platform for OTC Foreign Exchange and Interest Rate Derivatives
Reserve Bank, vide its circular No.FMD.MSRG.No.67/02.05.002/2011-12 dated March 9, 2012, had advised that all inter-bank OTC foreign exchange derivatives transactions should be reported on a platform to be developed by the CCIL. The CCIL has since completed development of the platform for reporting of USD-INR forwards, FX swaps and FCY-INR options. It has been decided that the platform should be operationalised with effect from July 9, 2012. The salient features of the reporting requirement are as under.
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AD category-I banks are required to report all their inter-bank OTC USD-INR forwards, FX swaps and FCY-INR options in hourly batches within 30 minutes from completion of the hour. For example, the first hourly batch will cover trades undertaken between 9 a.m. and 10 a.m. which shall have to be reported on the CCILs platform by 10.30 a.m.
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Trades with banks own overseas branches need not be reported.
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Details of all the outstanding inter-bank OTC USD-INR forwards, FX swaps and FCY-INR options as on the date of commencement of the reporting, i.e, July 9, 2012 are required to be reported to CCIL by July 31, 2012.
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AD category-I banks may complete the pre-commencement formalities including membership of the reporting platform well in time.
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Detailed operational guidelines in this regard would be made available by CCIL.
Reporting of other inter-bank OTC foreign exchange derivatives and all/selective trades in OTC foreign exchange and interest rate derivatives between the AD categoryI banks/market makers (banks/PDs) and their clients on CCILs reporting platform will be introduced in a phase-wise manner to be advised in due course.
Yours sincerely
(G. Mahalingam)
Chief General Manager
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