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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-OCTOBER
The Consumer Price Index (Combined) inflation for October 2021 printed higher at 4.5% as compared to the reading of 4.4% in the previous month.
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Headline WPI inflation for October 2021
Headline WPI inflation for October 2021 printed at 12.5%, significantly higher than 10.7% recorded in September 2021
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IIP growth for October 2021
IP growth for September 2021 printed at 3.1% as against the reading of 12% in August 2021, on a year on year basis.
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Real gross domestic product for Q1FY22
Real gross domestic product for Q1FY22 noted a growth of 20.1% on a year on year basis, largely due to favorable base as GDP contracted by a massive 24.4% in Q1FY21. However, GDP contracted by 16.9% on a quarter on quarter basis and by 9.2% from Q1FY20 levels.
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Third bi-monthly monetary policy for FY22
In the third bi-monthly monetary policy for FY22, the RBI Monetary Policy Committee unanimously decided to maintain status quo on policy rates. MPC continued with the state-based forward guidance. All members, except Prof. Jayanth R. Varma, voted to continue with the accommodative stance as long as necessary to revive growth on a durable basis and continue to mitigate the impact of COVID-19 on the economy, while ensuring that inflation remains within the target going forward.
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