CCIL-cleared forex forwards volumes double after mandate

European banks start clearing in India despite no EU equivalency ruling


Following the June 2 mandate of dollar/rupee forwards at the Clearing Corporation of India (CCIL), cleared volumes have doubled and will rise further when trade compression is introduced, says the firm's chief risk officer.

Domestic banks in India have been voluntarily clearing foreign exchange forwards since December 2009, but the mandate to clear all tenors below 13 months has seen the whole market move to clearing forex forwards. This includes European banks, which are participating before

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