STCI Primary Dealer Ltd.

Products

Skip Navigation Links.
 

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

In its Second
In its Second Bi-monthly Monetary Policy, RBI raised the Repo rate by 25 basis points to 6.25%. Consequently, reserve repo rate stands at 6.00% while marginal standing facility (MSF) rate stands at 6.50%.
--------------------------------------------------
Inflation projections
Inflation projections for 2018-19 were revised to 4.8-4.9% in H1 FY19 (4.7-5.1% previously) and 4.7% in H2 FY19 (4.4% previous). Growth projection for FY19 was maintained at 7.4%.
--------------------------------------------------
India Index
India’s Index of Industrial Production (IIP) expanded to 4.9% in April as against growth of 4.4% in the previous month. Nonetheless, broad based sequential downtrend was witnessed in Mining at -21.1%, Manufacturing at -11.2% and Electricity at -1.9%
--------------------------------------------------
India Consumer
India’s Consumer Price-based inflation rose to 4-month high of 4.87% in May compared to 4.58% a month prior. Core CPI accelerated to 6.18% in May from 5.92% a month ago.
--------------------------------------------------
Wholesale inflation
Wholesale inflation accelerated to a 14-month high of 4.43% in May compared to 3.18% in the previous month. While the May print was partly affected by unfavorable base effect, inflationary pressures from fuel and manufactured products also gained pace.
--------------------------------------------------