The Clearing Corporation of India Ltd. (CCIL) on November 07, 2023, issued a notification regarding the Clearing Member (CM) Structure in the Forex Forward Segment.
The Regulations of the Forex Forward segment have been amended with effect from November 27, 2023.
Members are advised that Notification No. CCIL/FX-FF/20/70 dated December 30, 2020 stands revised as below-
CCIL currently offers CCP clearing services for foreign exchange forward contracts in the Forex Forward Segment (FFS). Forward trades with residual maturity up to 13 months are cleared in this segment.
These trades along with Spot trades are settled as part of CCIL’s USD/INR segment once the forward position enters the spot window. Presently, all members are admitted as direct members to CCIL’s Forex Forward segment. One of the key recommendations of the Task Force set up by RBI on Offshore Rupee Markets (July 2019) is to “establish a central clearing and settlement mechanism for non-resident transactions in the onshore market to facilitate non-residents to hedge their foreign exchange exposure onshore”.
[Notification No. CCIL/FX-FF/23/57]
