Data dissemination for the benefit of Market Players and Regulators
Reporting OTC derivatives data to a TR enables authorities to have fair and open access of information concerning an OTC derivatives contract shortly after it is entered into, as well as information concerning any changes to the contract throughout its existence. In addition, given their centralized role, TRs are in a position to provide information on OTC derivatives markets that could serve to:
Enhance the transparency of information to relevant authorities and the public
Making available data and positions to Regulators in timely manner
Assist in the detection and prevention of market abuse
Mitigation of Systemic Risk
Promote financial stability
CCIL has been designated as a Trade Repository by RBI to develop and provide a platform to market participants to report OTC derivatives deals executed in India.
The entities eligible for reporting trades are as per the relevant directives issued by RBI. Currently, the following categories of entities are eligible to report OTC derivatives trade to CCIL TR.
a) Fx-Forwards and Swaps, Fx-Options, Currency Swaps (Interbank & Clients): All Category – I Authorised Dealer Banks. b) Interest Rate Swaps (Interbank & Clients)-All Scheduled Commercial Banks (excluding RRBs and LABs) and Primary Dealers. c) Credit Default Swaps - Trades to be reported by Market Makers viz. Commercial Banks, stand- alone Primary Dealers (PDs), Non-Banking Financial Companies (NBFCs) having sound financials and good track record in providing credit facilities and any other institution specifically permitted by The Reserve Bank of India. Clients would require to affirm the trades.
CCIL TR provides a multi-asset class reporting solution for OTC derivatives transactions (both Inter-Bank and Clients) in the following instruments which are mandated for reporting. i. Rupee Credit Default Swaps ii. Fx-Forwards and Swaps iii. Fx-Currency Options iv. Fx-Currency Swaps v. Foreign Currency Interest Rate Swap and Forward Rate Agreement vi. Rupee Interest Rate Swaps vii. Rupee Forward Rate Agreements viii. Interest Rate Options ix. Swaptions x. FX-Exotic Options xi. Bond FRA
All the eligible entities desirous of taking membership are required to send an electronic request to CCIL through its website www.ccilindia.com , under link Home > Membership > CCIL Membership for completion of membership related formalities.
Member can submit trades using following options. CCIL Online Reporting Engine (CORE): A web based platform offered by CCIL-TR to members which facilitates reporting of OTC deals either through Front end deal entry screen or bulk upload of transactions in CSV & Excel formats.
File Routing System (FRS): Members can report trades in note pad file to be transmitted through FRS application provided by CCIL which also facilitates STP (straight through processing) from members’ back-office systems.
Yes. CCIL-TR provides User Manuals containing all the relevant information with respect to reporting modalities of all OTC trades in various asset classes and the User Manual can be accessed over CORE platform.
The counterparty’s eligibility to report data is as follows: a. Trades between domestic banks: Both the counterparties to the trade are obligated to report the data and the trade is matched by CCIL TR systems. b. Trades between domestic banks and overseas banks / domestic clients: Only the domestic banks are obligated to report the trades. The counterparty who is an overseas bank / domestic client need not report the deal. The repository will carry the details of the trade reported by the reporting member. Members are therefore requested to take utmost care when one sided trade (Client/Overseas) is reported to CCIL-TR. However, in case of client transactions in CDS, the clients are required to affirm the correctness of the trade details reported by domestic banks through CORE platform.
Yes, CCIL-TR accepts reporting of events such as Amend / Cancel / Partial Reversal / Reversal / Utilization / Special Cancellation depending on the instrument reported to the Trade Repository.
Information about the trade status will be provided to members either in the form of reports (available at end-of-day) on CCIL Report Browser and/or through the web based CORE Reporting platform on real time basis. The CCIL Report Browser and CORE systems are hosted by CCIL and can be accessed by the members using designated User Ids assigned by CCIL.
The basic reports which are made available to members at end-of-day on CCIL report browser are as follows.
Matched status Report
Rejected Trades Report
Outstanding Trades Report
Unmatched and Alleged Report (when both the counterparties are located in India)
The member can access the CORE platform to get the information of status of deals on a real time basis. The information is available in two screens which are as follows.
Deal Status Screen- The member can get information of all the transaction level details of the deals submitted and processed by CCIL-TR system. The status of deals can be either matched, unmatched, alleged* or rejected.
*Alleged - The User (member accessing CORE systems) accessing the CORE Deal query screen can see the counterparty’s deal which is lying unmatched in CCIL–TR system either because the
User has still not reported the deal ;OR
Both the parties to the contract have reported the deals but the same are lying unmatched owing to mismatch in the deal information.
Trade Blotter Screen- The transaction level detail of the outstanding trades is available from Trade Blotter Screen.
CCIL-TR follows the cut-off times as notified by RBI. Reporting Members are requested to refer the Trade Reporting Notifications issued by RBI for all the reporting Phases (I, II, III, and IV). It is the responsibility of the reporting members to ensure compliance. However, trades reported after such cut-off times will not be rejected at CCIL-TR.
The CCIL-TR is generally available for seven days a week (from 8.00 am to 8.00 pm) for trade reporting by the members except during certain outage windows for system maintenance and software deployment. Data submitted during the down time shall be stored and processed once the system is available.
In case of any query related to reporting of deals or accessing CORE platform, members can call on the dedicated lines (Phone No: 546474-79) or can also send email at irs@ccilindia.co.in.
Operational FAQs
Please call on 022-66639424 / 022-61546471/74/75/78/79 or send us an email at irs@ccilindia.co.in stating the error message shown and the User ID.
Please send us an email at irs@ccilindia.co.in in the attached format for granting access rights. Please ensure that the email id of Head-Treasury Back Office/Head of Department (HOD) and the email id of the relevant person (whose Id needs to be created) are marked in such mails.
Please refer to NDDC guidelines document provided by us. In case for further help, please call on 022-61546471/74/75/78/79 or send us an email at irs@ccilindia.co.in.
Please refer to the reporting guidelines provided by us. In case for further help, please send us an email at irs@ccilindia.co.in.
Please send us an email at irs@ccilindia.co.in. Further, you can also refer to the User Manual in CORE for the relevant segment.
Please refer to the Stamp Duty operational guidelines provided by us. In case for further help, please send us an email at irs@ccilindia.co.in.
Please send us an email at irs@ccilindia.co.in stating the user ID and marking a copy to Head-Treasury Back Office/Head of Department (HOD) of your bank.
Please refer to the User manual of the relevant reporting segment from CORE. The detail field wise explanation and validations are available in the User Manual over CORE platform.
Please send us an email at irs@ccilindia.co.in. Further, you can also refer to the User Manual in CORE for the relevant segment.
Please call on 61546473/74/75/77/78/79 or please send us an email at irs@ccilindia.co.in