About us

Introduction

The Clearing Corporation of India Limited (CCIL) has successfully traversed a diverse range of paths and assumed multiple roles throughout its two-decade journey in the financial markets. Along the way, CCIL has been at the forefront of introducing groundbreaking innovations within the Indian financial market ecosystem. CCIL began its transformative journey in April 2001 with the objective of offering reliable clearing and settlement services in the Money and Government Securities markets. The scope of CCP settlement has been progressively broadened to encompass the foreign exchange and over-the-counter (OTC) derivatives markets. 

The provision of guaranteed clearing and settlement has brought about notable enhancements in market efficiency, transparency, liquidity, and risk management/measurement practices within these markets. Additionally, it has also led to reduced settlement and operational risk, as well as cost savings on settlement costs, among others. In 2014, CCIL was recognized as a Qualified Central Counterparty (QCCP) by the regulator, Reserve Bank of India (RBI).

In addition to guaranteed settlement, CCIL offers a comprehensive range of settlement services to cater to market requirements. It provides non-guaranteed settlement services for Rupee interest rate derivatives and facilitates cross-currency transactions through the CLS Bank. In addition to this, CCIL through the “SARVAM” platform provides Valuation, Margining, Collateral Management and Margin Maintenance, Risk Analytics services for Non-Centrally Cleared Derivatives (NCCDs). CCIL also provides periodic Portfolio Compression services for non- cleared Rupee Interest rate Swaps and cleared Forex forward derivative transactions

CCIL has demonstrated its exceptional capability to surpass conventional limitations by actively exploring diverse avenues to enhance market safety and efficiency. Supported by regulatory foresight, it initiated the first repository for OTC derivative market in 2007 in India, much before their necessity was brought forth by the Global Financial Crisis (GFC). CCIL now operates the Trade Repository for Interest Rate, Credit and Foreign Exchange derivatives, in addition to that for the money market instruments like Certificate of Deposit (CD) and Commercial Paper (CP). 

CCIL has successfully adapted to the changing dynamics of the financial industry, enabling the organization to effectively fulfill diverse roles within the financial market. Through its fully owned subsidiary, Clearcorp Dealing Systems Limited (Clearcorp), CCIL has introduced various platforms for electronic execution of deals in various market segments. These platforms have been designed to facilitate efficient and seamless deal execution across different market segments. Currently Clearcorp operates seven trading platforms in the Government Securities, Money Markets, Foreign Exchange and Interest Rate Derivative markets.   

CCIL through its subsidiary Legal Entity Identifiers India Limited (LEIL) is the Local Operating Unit (LOU) for issuing globally compatible Legal Entity Identifiers (LEIs) in the Indian financial market. In a further reinforcement of its objective to make the facilitate transparency and efficiency in financial markets, CCIL acts as a Calculation Agent for some of the important Benchmarks used by the market under the aegis of the Benchmark Administrator, Financial Benchmarks India Limited (FBIL).

In 2015, CCIL successfully obtained the ISO/IEC 27001, demonstrating its commitment to safeguarding its valuable information assets. CCIL effectively shares valuable insights and comprehensive data regarding its operations and the dynamic financial markets through its periodic publications and data reports for use by regulators, participants, members and other entities working in these markets.

CCIL has continuously evolved over the years with the shifting paradigms of the financial arena to take on various roles in the financial market. Through its fully owned subsidiary, Clearcorp Dealing Systems Limited (CDSL), CCIL has introduced various platforms for electronic execution of deals in various market segment. Further, CDSL has developed, implemented and manages the NDS-OM - the RBI owned anonymous electronic trading system for dealing in G-Secs and also for reporting of OTC deals as well as the NDS-CALL platform which facilitates electronic dealing in the Call, Notice & Term Money market.  

CCIL is also the Trade Repository for all OTC transactions in the Forex, Interest Rate and Credit derivative transactions. Portfolio Compression is also undertaken semi-annually for non- cleared Rupee Interest rate Swaps and cleared Forex forward derivative transactions. CCIL through its subsidiary Legal Entity Identifiers India Limited is the Local Operating Unit (LOU) for issuing globally compatible Legal Entity Identifiers (LEIs) in the Indian financial market. Currently, CCIL is the Calculation Agent for some of the important Benchmarks used by the market under the aegis of the Benchmark Administrator, Financial Benchmarks India Limited (FBIL).

CCIL has received the ISO/IEC 27001 certification for securing its information assets. CCIL through its publications and website updations disseminates information and statistics pertaining to CCIL’s operations and the financial markets.