The Clearing Corporation of India Ltd. (CCIL) on March 11, 2025, issued the Notification of the following under Service for Analysis of Risk, Valuation and Margining Solution (SARVAM).
The following has been stated namely: -
• Reporting of OTC Derivative Trades: OTC derivative trades reported in CCIL Trade Repository (CCILTR) that are matched by 9:00 p.m. are included for Portfolio Margining and margin calculations (Initial and Variation Margin) on the same day.
• Trade Reporting Format: Trade reports will be available in 'excel' and '.csv' formats, accessible to authorized members. These reports will include valuation and margin values, with any discrepancies to be reported to CCIL by the members.
• Market Data Sources: Market data for rates, FX, and volatilities will be sourced from Financial Benchmarks India Pvt. Ltd. (FBIL) and other vendors once daily, typically around 5:00 PM, 7:00 PM, and 8:00 PM, subject to changes in data availability.
• Collateral Management for Non-Members: Members handling collateral for non-members will capture and report collateral details by 1:00 PM on the day the collateral is received, with margin calls generated the following day.
• Cut-Off Time and Margin Shortfall: Collateral allocation occurs on T+1 day. If a margin shortfall occurs, members are notified to top up the shortfall within 60 minutes, and disputes between members and their counterparties must be resolved bilaterally.
The above notifications shall be effective from April 01, 2025.
[Notification No. CCIL/DRV/0325/15]
