Introduction

The Research Department in CCIL aims to support research activities of market participants and academicians by leveraging the informational content available with CCIL due to its pivotal role in the settlement operations in the Indian fixed income and forex market. The key activities of the research department can be broadly summarized as dissemination of data on the web-site and through infovendors, publication of daily, weekly and monthly research reports, conducting research projects, dissemination of indices, computation and release of key benchmark rates and market liquidity indicators. The Department, fulfilling CCIL’s mandate as the Calculation Agent for FBIL’s Overnight MIBOR, Term MIBOR and FC-Rupee Options Volatility Matrix Rates computes these Benchmark Rates and uploads the same on the website.

Research at CCIL endeavors to track, analyze and study the various underlying concepts and theories governing the Indian financial market. Considering CCIL's key role in this market, and in order to understand and improve market awareness, we undertake research on yield curve analytics, member behaviour, market movement and trends, macroeconomic trends etc.

The statistics relating to the trading and settlement operations in the government securities, forex, money and derivatives market both on daily and historical basis is disseminated on CCIL's website and to major infovendors. Other releases include various indices like Bond, CASBI, Tenor, SDL and T-Bill catering to various investor classes and benchmark rates like CCBID/CCBOR tracking the CBLO market and the CCIL Spot Reference Rate, which are released on a daily basis. The Department also releases a monthly comparison tracking the liquidity of the government bond market based on parameters defined by the Reserve Bank of India like Bid-Ask spread, impact cost, turnover ratio, trading efficiency, average no. of trades etc.

Various publications are released periodically to cater to the requirements of the market participants. The 'Market Analytics' report is released on a daily and quarterly basis tracking the movement in the various segments of the financial markets. A weekly 'Market Update' is published with analytics and data of the various operational activities of CCIL. A monthly newsletter 'Rakshitra' is published containing research articles, operational data analysis, macroeconomic analysis etc. Brief updates on macro-economic indicators as 'Macro-economic updates' and a comprehensive report on Indian economy called 'Monthly Review of Economy' are also published on the website.