Indian banks sign up for FX forwards central clearing
MUMBAI – ICICI, Axis Bank and Oriental Bank of Commerce are set to go live on the Clearing Corporation of India’s (CCIL) central clearing facility for forex forwards by month-end, bringing the total number of users to 12, CCIL tells FX Week.
In so doing, the banks receive the industry utility’s guarantee of settlement for forex forwards trades with a remaining maturity of 13 months and capital relief, with exposure to central counterparties (CCPs) valued at zero by the central bank (FX Week
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