All the Authorised Dealers in Indian Foreign Exchange market which are active members of Forex Clearing and Settlement System of CCIL are eligible to become members of FX-CLEAR Dealing System.
Clearcorp uses INFINET, a closed user group network as a communication backbone to establish connectivity with the member banks for FX-CLEAR Dealing System.
A member using FX-CLEAR gets the following benefits apart from leveraging CCIL’s institutional structure and standing:-
Guarantee of all the trades executed on the Order Matching Mode of the platform from the point of trade, with CCIL as counterparty.
Cost efficient dealing system: A minimal charge of Rs.20 per USD million is levied for the Interbank trades concluded on the FX-CLEAR platform. Trading on FX-CLEAR would greatly reduce the cost incurred by banks by way of brokerage fees.
STP for all Order matching trades: All the trades concluded on the order matching mode of FX-CLEAR are guaranteed for settlement by the Clearing Corporation from the point of trade, where in these trades are automatically sent to the Settlement segment of Clearing Corporation.
Qualitative features like Mini Market Watch, Market by Price, are available in the system which shows market depth and enables the dealers to trade multiple orders in one go.
FX-CLEAR Dealing System offers two modes of dealing viz. Order Matching Mode and Negotiation (Chat) Mode. The Order matching mode of FX-CLEAR allows trading in Spot, Swap and Outright Forward instruments in the USD/INR currency pair. The platform also provides trading in the FBIL USD/INR Reference Rate. The Negotiation mode allows CASH, TOM, SPOT, Outright Forwards, Deposits and SWAP deals in USD/INR currency pair.
The order matching mode of FX-CLEAR platform provides a neutral, anonymous and order driven dealing platform for the market participants. It works on the principle of ‘price discovery’. In this mode, orders (Bid and Offer) with valid inputs will be accepted for dealing and the system will match these with the counter-orders available in the order book, based on price and time priority. The order matching mode offers trading in USD/INR SPOT, C-SPOT, R-SPOT, SWAP and FORWARD instruments.
• SPOT instrument allows the Members to trade in value SPOT in the USD/INR currency pair in market lot or multiples of market lot size. • C-SPOT instrument allows Member to trade in the USD/INR currency pair in odd amount. • R-SPOT instrument allows Member to trade in the FBIL USD/INR reference rate at par, or by quoting a spread (premium or discount) on the USD/INR Reference Rate. • SWAP & FORWARDS allow members to trade in, 3 up to Spot instruments viz., Cash/Tom, Cash/Spot and Tom/Spot instruments, 12 month-end (forward) instruments i.e. Spot over Month 1 end to Month 12 end, Rolling Month Swaps (Spot over 1M, 2M, 3M, 6M, 9M,12M), Quarter end- Quarter start (four quarters), one LD/LD instrument (Month 1 end over Month 2 end) and two ORF instruments (Month 1 end and Month 2 end).
All trades concluded on this mode are guaranteed for settlement by Clearing Corporation from the point of trade, wherein these trades are automatically sent to Clearing Corporation. Accordingly, Clearing Corporation (CCIL) is the counterparty for these Trades. Further, Members need to suppress reporting these deals to the Clearing Corporation to avoid duplication. A Trade Cancellation facility has also been provided on the platform to act as a safeguard from the dealers from erroneous trades getting concluded on the Order Matching mode on the platform.
The Negotiation mode facilitates the dealer to chat with other member’s dealers for the purpose of arriving at a negotiated deal in the forex market in USD/INR currency pair, deals negotiated will be captured as confirmed trades once acknowledged by both the parties. However, STP facility would not be available for these trades and hence need to be reported manually to the Clearing Corporation for settlement.
Negotiation Mode of FX-CLEAR allows a dealer to enter into CASH, TOM, SPOT, Outright Forwards, Deposits and SWAP deals in USD/INR currency pair.
The following reports are generated in FX-CLEAR:-
Deal Ticket Report:
Order Matching Deal Ticket: The deal ticket for Order Matching Trades gets generated for every trade and can be automatically printed. An option to print Duplicate deal tickets is also available. Negotiation Deal Ticket: The Deal Ticket for Negotiation Trades gets generated for every trade and can be automatically printed. An option to print Duplicate Deal tickets from the Deal Log Report is also available.
Member Trade Report (Previous Trades): This report summarizes all deals done by the dealer during the current business day in Order Matching Mode of FX-CLEAR.
Activity Log Report: The Activity Log Report gives the details of all the activities performed with respeco the orders placed/modified/cancelled and traded by the dealer.
Deal Log Report: This report summarizes all conversations done by dealer in Negotiation Mode of FX-CLEAR.
Trades Cancelled Report: This Report summarizes all USD/INR deals cancelled by the Member on the System through Trade Cancellation Facility.
Market Movement Report: This Report provides orders, trades and price related information for specified time intervals. This screen shows hourly information and is available in the Market Query Menu. The user can also take a printout of the market movement screen with the help of the Print button in the screen.
All above mentioned reports can be taken in multiple instances during the current business day.
FX-CLEAR Dealing System offers dealing in
Interbank SPOT,
Customer SPOT (C-Spot)
FBIL Reference Rate (R-SPOT)
Short tenor SWAP (Cash/Tom, Cash/Spot and Tom/Spot )
Long tenor swaps (Spot over 12 month-end Swaps)
Rolling Month Swaps (Spot over 1M, 2M, 3M, 6M, 9M,12M)
Quarter-end-over Quarter-Start swaps
LD/LD instrument (Month 1 end/Month 2 end)
Outright Forward instruments (Month 1 end and Month 2nd) In total, there are 31 instruments available at any point of time on the platform.
Trading on the Swap Instruments in FX-CLEAR would happen on the basis of premium/discount quoted in paise. E.g. 52 paise or 123 paise.
LD/LD indicates Last Date over Last Date or M1/M2 i.e. First Month-end over Second Month-end. LD/LD instrument has two legs for settlement, and both the legs are for month end dates. Trading on this instrument will be on the basis of premium/discount quoted in paisa. The settlement dates for both the legs of the LD/LD instrument will be the last business date of the current month and the next month.
An ORF i.e. Outright Forward instrument has only one leg of settlement for the month end date. Trading on ORF instruments will be on the basis of the Outright Forward rate. For first month ORF & second month ORF instruments, the settlement will happen on the last business day of the first month and second month respectively.
The dealer has the facility to modify or cancel his/her outstanding orders which have not been matched by the system in FX-CLEAR.
Yes. A Trade Cancellation facility has been provided on FX-CLEAR Dealing System to act as a safeguard for the dealers from erroneous trades getting concluded on the system. The trade cancellation is allowed on the system within the stipulated time as specified by Clearcorp. However, for Cash instruments on FX-CLEAR platform, the trade cancellation is allowed on the system within the stipulated time as specified by Clearcorp or the Cash Session, whichever is earlier.
Market by Price: - Market By Price displays the ten Best outstanding Bids and Best outstanding Offers available for trading, at different prices with the cumulative quantity of one or more orders available at the same price.
The following queries are available to dealers in Order Matching Mode:
Outstanding Orders: This query screen provides details of all the Orders placed by the dealer, Outstanding in the market.
Previous Trades: This query screen provides details of all the trades done by the Dealer on Order Matching mode for the current business day.
Activity Log: This query screen gives the details of all the activities performed with respect to the orders placed/modified/cancelled and traded by the dealer.
Order Status: The Order Status screen provides the current status of the orders placed by the dealer.
CCIL provides STP (Straight Through Processing) facility for all the trades done on FX-CLEAR (Order Matching mode) since these trades are guaranteed for settlement by Clearing Corporation from the point of trade and would automatically flow to the Settlement System of Clearing Corporation. The member need not report these trades separately for settlement to Clearing Corporation.
As and when a trade is executed by the dealer on the Order Matching Mode of FX-CLEAR and/or a deal is confirmed on the Negotiation Mode of FX-CLEAR a .csv file containing the details of the trade/deal is generated and saved in a designated folder which is configured in the FX-Clear utility of the Member Server (DAP).
Member can integrate these .csv files with their Deal Reporting / Back-Office software for automation of deal/trade flow. In case of Members availing the Drop copy feature, the trade messages will be sent to Member in FIX format.
View System Requirements document.
The details of the FX-CLEAR contact points at Clearcorp are made available in the Contact Us option provided on the main menu on FX-CLEAR platform. It provides the dealer with the contact information of the FX-CLEAR & CCIL-IT Helpdesk team. The Contact information includes the telephone numbers and official e-mail ids of the respective teams as detailed below:
3. Member can also raise a request in E-Support for deactivation of a user.
In case of any queries regarding the above, please call us on 022-61546312-18.
User is locked indicates that user has already made maximum number of unsuccessful attempts to login to the platform.
Member can use the following options to unlock a user on the FX-Clear platform. 1. User can, on his own, unlock the FX-Clear User ID using the option available on the login screen. 2. Member users with ‘User Management Rights’ can unlock a user on the platform. 3. Member can send a mail to fxclearmails@ccilindia.co.in requesting for unlocking user. 4. Member can also raise a request in E-Support for the same.
In case of any queries regarding the above, please call us on 022-61546312-18.
User is auto locked indicates that the user has not logged into the platform for a period of last 30 days.
Member can use the following options to unlock a user on the FX-Clear platform. 1. User can, on his own, unlock the user using the option available on login screen. 2. Member users with ‘User Management Rights’ can unlock user on the platform. 3. Member can send a mail to fxclearmails@ccilindia.co.in requesting for unlocking user. 4. Member can also raise a request in E-Support for the same.
In case of any queries regarding the above, please call us on 022-61546312-18.
Member can use the following options to reset a user on the FX-Clear platform.
1. User can, on his own, reset the password for FX-Clear User ID using option available on login screen. 2. Bank Users with user management rights can perform this activity for its own Bank users. 3. User can send a mail requesting for User password reset to fxclearmails@ccilindia.co.in. 4. User can also raise a request in E-Support for the same.
In case of any queries regarding the above, please call us on 022-61546312-18.
Yes. You can user the Trade Cancellation facility on FX-CLEAR Platform. You need to initiate the trade cancellation within the stipulated time as specified by Clearcorp or within the session close time, whichever is earlier.
To cancel a trade on FX-CLEAR – Select “Cancel Trade” option available on right click on the deal in the Self trades static screen. Presently, the Trade cancellation initiation time is 30 seconds from trade timestamp and Trade cancellation request response time is 60 seconds from the request time. This is subject to change as and when required, by Clearcorp.
Yes. You can set a Price Band using the Dealer Parameter screen to safeguard against wrong hits on FX-Clear Platform. In case an order breaches the Price Band (set in % terms and taken from the LTP), the order will be rejected by the system. Please note that the price band is set at Member level and would be applicable for all users of the member.
Yes. You can set a Price Alert for your own user using the Dealer Parameter screen to safeguard against wrong hits on FX-Clear Platform. In case an order breaches the Price Alert (set in paise terms and taken from the LTP), an alert is provided to the user. User may either modify or continue placing the order. Please note that price alert is set at user level and would be applicable for a particular user.