India poised to mandate rupee interest rate swap clearing

Market anticipates an impending regulatory mandate for rupee rates clearing to follow last year's introduction of one for forex forwards


India became one of the first states globally to mandate foreign exchange forward clearing last year and it is likely to follow by expanding clearing to interest rate products in the next few months, according to Siddhartha Roy, chief risk officer at Clearing Corporation of India Limited (CCIL).

The ruling from the Reserve Bank of India could come as early as March when CCIL launches an electronic affirmation platform for interest rate swap products.

"Our expectation is that a mandate for IRS

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