Clarification needed on CCP close-out netting in India

Current netting statutes only apply to clearing members and not the CCP itself


The granting of qualified central counterparty (QCCP) clearing status by the Reserve Bank of India (RBI) to the Clearing Corporation of India (CCIL) is positive, but further clarification on close-out netting in the event of a CCP default is needed, say local market participants.

On January 1, the central bank granted CCIL QCCP status after assessment that the CCP was compliant with principles for financial market infrastructures drawn up by the Committee on Payment and Settlement Systems and

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