CCIL guarantee delayed
MUMBAI - The Clearing Corporation of India's (CCIL) initiative to guarantee currency forwards trades has been delayed while the industry body awaits clarification from the Reserve Bank of India.
The CCIL plans to act as a central counterparty for interest rate swaps and forwards to help mitigate default risk in the Indian market (FX Week, February 2). The new system was expected to be in place by the end of March, but details on how capital will be calculated have yet to be finalised.
Indirani
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