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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

Consumer Price Index (Combined)
• Consumer Price Index (Combined) inflation for October 2022 printed at 6.8%, as compared to 7.4% in the previous month.
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Headline WPI inflation for
• Headline WPI inflation for October 2022 printed at 8.4%, lower than 10.7% in September 2022.
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IIP growth for September
• IIP growth for September 2022 printed at 3.1%, higher than the revised reading of 0.7% in August 2022, on a year-on-year basis.
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In the fifth Monetary
In the fifth Monetary Policy for FY23, the MPC decided to hike the policy Repo rate by 50 basis points with a 5-1 vote count. Consequently, key policy rates stand as follows: Repo rate at 5.90%, Standing Deposit Facility rate at 5.65%, and Marginal Standing Facility and Bank rate at 6.15%.
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Real gross domestic
Real gross domestic product for Q1FY23 noted a growth of 13.5% on a year-on-year basis, aided by a pickup in activity across segments. Further, GDP contracted by 9.6% on a quarter- on-quarter basis and grew by 3.8% from Q1FY20 levels.
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