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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

Combined CPI
Combined CPI inflation witnessed controlled pressures from the food basket coming in at 3.69% for Aug-18 compared to 4.17% for the previous month. Consequently, core inflation decelerated to 5.87% compared to 6.28% previously
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Industrial production July-18
Industrial production for the month of July-18 stood at 6.6% slightly lower than revised estimate of June-18 at 6.8%(previously 7.0%). Nonetheless, sequential momentum noted expansion in Electricity (1.4%) while Manufacturing and Mining sectors contracted by 0.5% and 8.8% respectively
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Wholesale Price
Wholesale Price Index came in at 4.53% as against 5.09% in the July mainly due to a moderate rise in prices of primary articles as well as a favourable statistical base. At the same time, June WPI print was revised downwards to 5.68% from 5.77% previously.
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Surpassing market expectations
Surpassing market expectations, India’s Real GDP for Q1 FY19 stood at 8.2%, better than 7.7% growth seen in the previous quarter. Correspondingly, Nominal GDP surged to 13.8% in Q1 FY19 on back of strong growth in private consumption and investment. India’s Real GVA growth for Q1FY19 stood at 8.0% compared to 7.6% in the previous quarter.
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