Portfolio Compression for outstanding IRS (MIBOR Benchmark) trades carried out on 15th February 2024

On 15th February 2024, CCIL successfully carried out the 33rd cycle of the Portfolio Compression exercise in the Interest Rate Swaps market for MIBOR Benchmark, aimed at reducing the overall notional outstandings and the number of outstanding contracts by identifying economically redundant trades for early termination. 26 large foreign, private and nationalized sector Banks and Primary Dealers participated in this exercise. Of the 27,033 trades between 26 members which were found to be eligible for being considered for compression, 23,485 trades were identified for early termination achieving a compression rate of 86.88%. 23,139 trades were terminated fully while 346 trades were partially terminated. The reduction in market-wide Notional Outstanding of Rs. 7,66,035.28 crores was achieved through this portfolio compression exercise. The compression exercise included both trades cleared by CCIL and non-cleared trades.