What are the essential services offered by CCIL in Derivatives Segment?

a) Trade Processing Services
Validation: Deals reported by members are subjected to technical and business validation checks. Deals which pass through the validation checks successfully will be accepted for matching else the deals will be rejected which will be communicated to the concerned members with the rejection reason in the form of report.

Matching: Upon successful validation checks the deals reported from the parties to the trade are taken up for matching based on pre defined parameters. The resultant trade will be assigned a Trade Id.

Amendment: Modifications to the existing deal can be carried out in terms of an amendment. The amendment would be required to make reference to the original deal. If the underlying is a matched trade, then both members to the contract are required to send the amendment.

Cancellation: Deals both new as well as subsequent amendments reported by members can be cancelled by members and such cancellation is accepted upon submission of cancel request by both members to the trade.

Early Termination (Reversals): Both members may also resort to early termination of deals by reporting reversals. Such reversals would be reported either with or without consideration.

b) Settlement Services
The Final Settlement Obligations is made available to all members at EOD of the previous business day. This report would be the basis for settlement.

•  On the day of the settlement, the settlement file is sent to RBI for settlement through RTGS. The amounts payable are debited from the member accounts through RTGS in the morning at around 11.00 a.m.
•  If the members account is sufficiently funded and the pay-ins are successfully debited, the payouts are released immediately through RTGS.
•  Currently, the settlement at RBI is on "All or None" basis and hence in case of insufficient       funds in the account of any member(s) the entire file is rejected by RBI.