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Swaps

 
An Interest Rate Swap (IRS) is a financial contract between two parties exchanging or swapping a stream of interest payments for a `notional principal’ amount on multiple occasions during a specified period. Such contracts generally involve exchange of a `fixed to floating’ or `floating to floating’ rates of interest. Accordingly, on each payment date - that occurs during the swap period - cash payments based on fixed/ floating and floating rates, are made by the parties to one another.
 
In India interest rate swaps are commonly traded on 2 benchmarks viz MIBOR and MIFOR. Scheduled commercial banks (excluding Regional Rural Banks), primary dealers (PDs) and all-India financial institutions (FIs) are free to undertake IRS as a product for their own balance sheet management or for market making. CCIL has, with effect from 28th March, 2014 commenced CCP clearing for IRS trades referenced to the MIBOR and MIOIS benchmark.
 
On 3rd August, 2015 CCIL launched an anonymous electronic trading platform for Interest Rate Swaps (IRS) referenced to Overnight MIBOR benchmark known as ASTROID (Anonymous System for Trading in Rupee OTC Interest Rate Derivatives). The system is available for trading from 9.00 am to 5.00 pm from Monday to Friday. The minimum lot size is Rs 5 Crs with a tick size of 0.0025%.
 
 
 

Latest News

The CPI
The Consumer Price Index (Combined) inflation for April 2022 printed at 7.79% as compared to the revised reading of 6.95% in the previous month.
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Headline WPI inflation
Headline WPI inflation for April 2022 printed at 15.08%, marginally higher than 14.55% in March 2022.
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IIP growth
IIP growth for March 2022 printed at 1.85%, marginally higher than the reading of 1.46% in February 2022, on a year-on-year basis
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Real gross domestic product
Real gross domestic product for Q3FY22 noted a growth of 5.4% on a year on year basis, aided by a moderate pickup in activity across segments. Also, GDP expanded by 6.4% on a quarter on quarter basis and by 6.2% from Q3FY20 levels
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The MPC
The MPC unanimously decided to hike the policy Repo rate by 40 bps in an off-cycle meeting held on May 02 and May 04, 2022. Consequently, key policy rates stand as follows: Standing Deposit Facility rate at 4.15%, Repo rate at 4.40% and Marginal Standing Facility and Bank rate at 4.65%.
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