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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

Indias Q2FY18
India’s Q2FY18 GDP rose to 6.3% compared to 5.7% a quarter ago and 7.5% in the year ago period. GVA growth stood at 6.1% compared to 5.6% in Q1FY18
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Fiscal deficit
Fiscal deficit for the Apr-Oct period stood at Rs 5.25 tn which is 96.1% of the budgeted fiscal deficit compared to 79.3% for the corresponding period in the previous year
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In its Fifth
In its Fifth Bi-monthly Monetary Policy, RBI maintained ‘status quo’, leaving key policy rates unchanged.
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Inflation projection
Inflation projection for H2 FY18 was revised marginally upwards to 4.3%-4.7% from 4.2%-4.6% previously.
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Standing 130
Standing 130 bps higher, CPI for the month of November came in at 4.88% as compared to 3.58% in October mainly led by an unabated surge in vegetable and fuel prices. Core CPI also saw an uptick standing at 4.86% in Nov vis-à-vis 4.55% in Oct.
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November WPI
November WPI stood at 3.93% up from 3.59% observed a month ago mainly led by inflationary pressures in primary articles.
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Industrial
Industrial production as measured by IIP saw some moderation standing at 2.2% in Oct as compared to 4.2% in Sep. Strong growth impulses emanating from the mining sector aided, despite the sequential contraction observed in both manufacturing and electricity sectors.
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