India's CCIL steps in as counterparty
MUMBAI - Indian FX settlement service Clearing Corporation of India (CCIL), plans to act as a central counterparty for interest rate swaps and forwards to mitigate default risks, according to a Reuters report.
Speaking to the news agency, Syed Shahabuddin, CCIL's managing director, said a proposal for the services is awaiting approval from the Reserve Bank of India. Shahabuddin said CCIL would act as a counterparty for all rate swaps trades and assume the risk against payments defaults.
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