CCIL launches forex forwards clearing
The Clearing Corporation of India (CCIL) has launched clearing and settlement for foreign exchange forwards trades from trade date, in response to concerns about counterparty credit and settlement risks inherent in the product.
The industry utility launched the service on December 1. The outstanding notional of the forex forwards market in India stands at about $450 billion, according to the clearer. CCIL said the service offers market participants risk mitigation, exposure reduction and capital
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