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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

As per our estimates
As per our estimates, CPI for the month of October stood at 3.58% as opposed to 3.28% in September mainly on account of a significant rise in Food and Fuel prices. Core CPI in the current reading saw some moderation, standing at 4.55% compared to 4.61% last month.
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Standing 100 bps
Standing 100 bps higher, WPI came in at 3.59% in October compared to 2.60% in the previous month.
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Industrial production
Industrial production as measured by IIP grew at 3.8% in Oct-17, moderating from 4.5% growth observed in Sep-17, largely led by a surprising momentum in the Mining sector.
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