Platforms

CCIL, under Rupee Derivatives Dealing Segment of its subsidiary, Clearcorp Dealing Systems (India) Limited (Clearcorp), launched a dealing platform (hereinafter called ASTROID- Anonymous System for Trading in Rupee OTC Interest Rate Derivatives) for Rupee Derivative Trades referenced to the MIBOR (O/N) benchmark on August 3, 2015. The trades dealt on the ASTROID are eligible for CCIL’s clearing and settlement services in accordance with Bye-laws, Rules and Regulations of Rupee Derivatives Guaranteed Settlement Segment.

Membership:

• All the scheduled commercial Banks (excluding Local Area Banks & Regional Rural Banks), Standalone Primary Dealers, Mutual Funds, Insurance companies, Pension Funds, All India Financial Institutions (AIFIs), who are members of the Rupee Derivatives Guaranteed Settlement Segment of CCIL and have the approval from their respective sectoral regulators, are eligible to obtain membership and trade on the platform, subject to completion of documentation formalities.


• Retail Entities- like Corporates, FPIs (Foreign Portfolio Investors)/ FIIs (Foreign Institutional Investors), which are eligible to participate in Rupee Interest Rate Derivatives can join as Constituents via Clearing Member Model offered by Clearcorp.


• The trading activities on ASTROID trading platform are governed by Bye-laws, Rules and Regulations of Clearcorp and Regulations of Rupee Derivatives Dealing Segment.

SCREENS AVAILABLE ON ASTROID:

Two different screens are available on the Homepage of ASTROID platform:
(a) Normal Market Watch
(b) Spread Market Watch

NORMAL MARKET WATCH:

The ‘Normal Market Watch’ screen consists of details of all the 12 Standard instruments available for trading, and allows the users to place Normal Bid/ Offer orders for those 12 instruments.

SPREAD MARKET WATCH:

Swap spread trades (Swap spread is the swap rate differential between the two maturities of a Swap curve) are trades where the two swaps are executed simultaneously in the market, but in opposite direction, in order to take a forward view on the slope of the swap curve (steepening/flattening). To enable Spread Trading, a separate screen namely ‘Spread Market Watch’ is made available on the homepage of ASTROID platform.

The ‘Spread Market Watch’ screen consists of details of Spread instruments available for trading. The Spread Trading can happen between two Intentional Spread orders or between Intentional and Inferred spread orders:

(i) Intentional Spread Orders: Intentional Spread Orders are Bid/ Offer Spread orders placed by Member users in Spread Market Watch.

(ii) Inferred Spread Orders: Inferred Spread Orders are Spread Orders created from best Orders (as per rate-time priority) of Normal Market Watch Window using two Standard Instruments corresponding to the instruments permitted in the Spread Market Watch Window, the notionals of which are in PV01 neutral ratio. Based on their PV01 neutral ratios, these Normal Market orders are inferred into a Spread Order by the system and placed automatically in the Spread Market Watch screen, without any user intervention.