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  • Rbi Circular On Standardization of Irs Contracts

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    Kirubakaran Kaliaperumal
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    RBI issued new guidelines for standardizing interest rate swap (IRS) contracts in India to improve their tradability and facilitate centralized clearing and settlement in the future. Key elements like the minimum notional principal amount, contract tenors, trading hours, and settlement calculations will be standardized for IRS contracts by FIMMDA in consultation with market participants. The standardization requirements will initially be mandatory for INR MIBOR-OIS contracts from April 1, 2013 onwards, excluding client trades, with the goal of eventually standardizing all IRS contracts except client trades.

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    Interest rate swaps trading regulation by rbi

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    Rbi Circular on Standardization of Irs Contracts

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    RBI issued new guidelines for standardizing interest rate swap (IRS) contracts in India to improve their tradability and facilitate centralized clearing and settlement in the future. Key elements like the minimum notional principal amount, contract tenors, trading hours, and settlement calculations will be standardized for IRS contracts by FIMMDA in consultation with market participants. The standardization requirements will initially be mandatory for INR MIBOR-OIS contracts from April 1, 2013 onwards, excluding client trades, with the goal of eventually standardizing all IRS contracts except client trades.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    11 views1 page

    Rbi Circular On Standardization of Irs Contracts

    Uploaded by

    Kirubakaran Kaliaperumal
    RBI issued new guidelines for standardizing interest rate swap (IRS) contracts in India to improve their tradability and facilitate centralized clearing and settlement in the future. Key elements like the minimum notional principal amount, contract tenors, trading hours, and settlement calculations will be standardized for IRS contracts by FIMMDA in consultation with market participants. The standardization requirements will initially be mandatory for INR MIBOR-OIS contracts from April 1, 2013 onwards, excluding client trades, with the goal of eventually standardizing all IRS contracts except client trades.

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    RBI/2012-13/396

    IDMD.PCD.2191/14.03.01/2012-13 January 28, 2013



    All Market Participants
    Madam/Sir,
    Standardisation of Interest Rate Swap (IRS) Contracts
    A reference is invited to RBI circular Ref.No.MPD.BC.187/07.01.279/1999-2000 dated July
    7, 1999.
    2. To improve tradability and facilitate centralized clearing and settlement of IRS
    contracts in future, it has been decided to standardise IRS contracts.
    3. The standardisation of IRS contracts shall be achieved in terms of minimum notional
    principal amount, tenors, trading hours, settlement calculations etc. which will be prescribed
    by FIMMDA in consultation with the market participants. To begin with, standardisation shall
    be mandatory for INR Mumbai Inter Bank Offer Rate (MIBOR)- Overnight Index Swap (OIS)
    contracts. The standardisation requirement shall be mandatory for all IRS contracts other
    than client trades.
    4. All new INR MIBOR-OIS contracts executed from April 1, 2013 onwards shall be
    standardised.



    (K.K Vohra)
    Chief General Manager

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