Role of CCIL in Developing FX and FX-Derivative Market in ...

1. Introduction

2. Changing Dynamics of Trading in Foreign

Exchange Market in India

Foreign exchange market is considered the largest

market in the world where exchange of currencies

happen. Currency conversion for investment and

trade is made possible through this market,

bringing the global economies closer. In India, an

impetus to trading in the foreign exchange market

came in 1978 when RBI allowed banks to undertake

intra-day trading in foreign exchange. In the last

four decades, from pegged exchange rate to fully

floated one and from allowing banks to undertake

only cover operations to trading in various

derivative products, Indian foreign exchange

market has come a long way. The vast size of daily

foreign exchange trading, combined with the

global interdependencies of the forex market and

payment systems involves risks stemming from

settlement of forex trades on gross basis. Major

risks that the counterparties assume in the course

of settlement are the Herstatt risk which is due to

settlement of forex transactions spanning different

time zones and the other risk due to different

payment systems. The idea to establish a “clearing

house” was mooted to bridge the gap between the

rapid expansion of currency and derivatives

markets and the requirement of market

infrastructure to create a stable financial

environment in the country. Thus, based on the

recommendations of the Sodhani Committee

(June 1995), the Clearing Corporation of India

(CCIL) was established in 2001. It was entrusted

with the responsibility to act as a Central Counter

Party and undertake clearing and settlement of

trades to lower the risks associated with the OTC-

nature of the markets.

In this article, we look at the evolution of the

foreign exchange market in India over the past four

decades, the role CCIL plays in the development of

foreign exchange and currency derivative markets

and the confidence it has built among market

players as well as regulators resulting in well-

organized FX market in India.

In the Indian forex markets, it was from 1978 that

the RBI allowed banks to undertake intra-day

trading in foreign exchange with the maintenance

of “square” or “near square” position at the close of

each business day. However, it was only after the

1990s that the market witnessed a complete

turnaround in the way it operated.

Prior to 1978, the forex market was highly regulated

where banks could undertake only cover

operations. The market was practically defunct for

other activities. However, in 1978, following the

need to broaden the horizon for banks to trade in a

Role of CCIL in Developing FX and FX-Derivative Market in India

N Aparna Raja1

1N Aparna Raja is Deputy Manager, Economic Research & Surveillance, CCIL.

The author acknowledges the guidance and support from (Managing Director),

(Senior Vice President, Forex, CCIL) (Senior Vice President, Economic Research &

Surveillance, Membership and HRD, CCIL), (Chief Risk Officer, CCIL),

(Senior Vice President, Derivatives, CCIL), (Vice President, Economic Research and

Surveillance, CCIL) and (Sr. Manager, Forex Settlement, CCIL).

Mr. R. Sridharan Mr.Kamal

Singhania , Dr. Golaka C. Nath

Mr. Kausick Saha Mr. Arun Kumar

Pandey Dr. Vardhana Pawaskar

Ms. Namrata Kamath

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borderless market which had become highly

volatile after the floatation of major currencies,

RBI allowed banks to undertake intra-day trading

but maintain square or near square position at the

end of the day. This encouraged trading in the

foreign exchange market with banks quoting two

way prices against the rupee and cross currencies.

Despite this, Indian forex market, till 1990s

remained highly regulated with lower trading

volume, high transaction cost and restrictions on

entry for market players.

The economic reforms initiated by the

Government paved the way for the market

determined exchange rate regime which caused a

shift in overall structure of the market. Following

the recommendations of the Report of the High

Level Committee on Balance of Payments, chaired

by Dr. C. Rangarajan, the initially pegged rupee,

was partially floated in March 1992 and fully in

March 1993. An Expert Group - the Sodhani

Committee (chaired by Shri O. P. Sodhani), came

up with far reaching recommendations providing

the much needed impetus to develop, deepen and

widen the forex market. Implementation of most of

its recommendations led banks to fix their trading

limits. They were allowed to borrow and invest

funds in the overseas markets up to specified limits.

The corporates could also use a variety of

instruments like interest rate and currency swaps,

FRAs etc. as required for their business purposes.

There was no direct retail participation in these

markets. Retail participants would go to their

banks to meet any foreign exchange requirements.

There were stringent regulations on the amount of

remittance of funds outside India.

Post the 1991 economic reforms, the Indian forex

market evolved further. Reforms were aimed at

developing the institutional framework by

dismantling controls and increasing instrument

effectiveness and transparency for conducting

foreign exchange business. The spot market within

the over-the-counter (OTC) segment of the forex

market was most active. Banks in India could deal

in foreign exchange only if they were authorized by

RBI under the Foreign Exchange Management Act,

2000 (FEMA 2000). For corporates, the Internal

Technical Group on Foreign Exchange Markets

(2005) made recommendations regarding use of

forex market for hedging of exposure. For

individuals, the window, namely Liberalized

Remittance Scheme (LRS) was opened up in 2004

to remit money across the border for any permitted

current or capital account transaction or a

combination of both, without seeking prior

approval from the RBI. The LRS limit has been

revised from time to time in stages consistent with

prevailing macro and micro economic conditions.

The limit has been raised from USD 25,000

(February 04, 2004) to USD 2,00,000 on September

26, 2007 and further to USD 2,50,000 on May 26,

2015. A change in institutional arrangement was

mooted with a larger vision to have a broad

platform for all Fx requirements of individual

participants.

The forex market, back then was either bilaterally

traded or broker driven where trades used to take

place on chat mode. Forex trades were settled

bilaterally on a gross basis. Under the conventional

method of settlement, all authorized dealers used

to enter into arrangements with banks individually

in the countries of the currencies they dealt in. The

cross border payments were settled through these

correspondent banking arrangements. These

a r rangement s were pr imar i l y b i l a t e r a l

arrangements. In correspondent banking

arrangements, a bank enters into an agreement with

another bank across the border to receive and/or

pay moneys in its local currency on behalf of the

other bank. Each transaction was settled

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individually i.e. on a gross basis. The

correspondent banking arrangements stood on the

legal principle of contractual obligations. There

were no 'multilateral clearing and settlement

systems' for such cross border payments anywhere

in the world. The “Herstatt Bank” experience

require special mention, where non-overlapping

working hours of inter-bank fund transfer systems

due to time-zone differences caused a string of

cascading defaults. Herstatt Bank was a privately

owned German Bank, founded in 1955, eventually

becoming a significant participant in the foreign

exchange market. However, wrong bets led to

accumulation of liabilities more than its income

and capital. On 26 June 1974, the bank's license was

withdrawn by German regulators at the end of the

banking day (4:30pm local time), making difficult

to settle a contract by the Bank after having

received the payment from the counterparty. The

experience put forth major settlement risk, later

termed as “Herstatt Risk” in the forex market.

Fore ign exchange marke t , thus , f aced

complications arising out of the presence of two

currencies, two legal jurisdictions, time zone

differences, popularly known as the “Herstatt

Risk”and two central banking/monetary

authorities. This was also because of the fact that

currencies could not be delivered for final

settlement except in their own countries. Thus,

both the parties to the trade were uncertain about

the existence, time of credit-debits due to time-zone

difference and final reconciliation which were

sources of risk to final cash position each day.

While banks attempted to up-grade their

operational capabilities to settle their forex

payments, it largely exposed each trading bank to

the risk that it could pay over the funds it owes on

the trade but not receive the funds due from the

counterparty. The vast size of foreign exchange

trading combined with the global inter-

dependency of the forex markets and payment

systems, participants raised significant concerns

regarding the risk stemming for settling these

trades. The concerns included the effects on the

safety and soundness of banks, the adequacy of

market liquidity, market efficiency and overall

financial stability.

The principal alternative settlement method was to

use bilateral netting. Banks entered into legally

binding agreements for bilateral net settlement.

This permitted banks to offset trades against each

other so that only the net amount in each currency

is paid or received by each institution.

Nevertheless, the settlement arrangements held

considerable risk.

Thus, the Forex trading and settlement process in

India had:

• Huge credit risk due to time zone differences

and gross Settlement leading to Liquidity

Risk, Settlement Risk etc

The idea of establishing a Clearing House for

foreign exchange in India was mooted in 1994.

With increased global interdependencies through

forex market, steady increase in trading volume and

risks emanating from the very structure of the

• High counterparty risks

• Shallow & illiquid market

• Huge intraday liquidity requirement due to

gross settlement

• Gridlock situations resulting in near

settlement failures

• Manual processing resulting in delays and

errors

• Absence of information dissemination

resulting in lack of transparency

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market (transactions amongst countries with

different time horizons, varied payment systems

and settlement on gross basis, thereby, increasing

the risk of default); the need was felt to develop

centralized clearing and settlement

system for the financial sector. As

suggested by the Sodhani Committee,

RBI took the initiative to set up the

Clearing Corporation of India Ltd

(CCIL) in 2001 to mitigate risks from

the Indian financial markets.

The Indian forex market comprises of

various participants like individuals,

corporates, banks having foreign

exchange exposures; nevertheless, for all practical

purposes they are dependent on Authorized

Dealers (ADs) and brokers. The market primarily

comprised of two segments, namely;

a) The spot market - currencies being traded at the

prevailing rate with settlement date falling two

business days ahead. This provision allows parties

to the transaction to send instructions to debit and

credit the appropriate bank accounts at home and

abroad. Cash (settling today) and Tom trades

(settlement date falling one business days ahead of

the trade date) also form part of the spot market.

b) The derivative market - instruments traded in

this market like forwards, swaps and options are of

varying maturities and enable market players to

hedge against underlying exposures and manage

the overall risk profile.

In India, derivative markets are a relatively recent

phenomenon as formal introduction of a variety of

foreign exchange derivative instruments began

since the mid-1990s. Since then, the market has

observed exponential growth in terms of number of

contracts traded and the volume traded in the

market. Cross-currency derivatives with the rupee

as one leg were introduced with some restrictions in

April 1997, while, rupee-foreign exchange options

were allowed in July 2003. (Refer Chart 1).

Since embarking on financial sector reforms in

1991, markets in India have grown tremendously in

terms of the variety of instruments getting traded,

rising trading volume, increase in risk appetite of

market participants as well as preparedness to

embrace new technologies. These developments

and resulting market inter-dependencies have in-

turn posed serious threat to the economy, where a

default by a member to honour the trading

contract in one market could have cascading effect

on other segments leading to collapse of the entire

financial system.

To mitigate counter-party and settlement related

risks, an institutional infrastructure, namely the

Clearing Corporation of India Limited(CCIL) was

established in 2001 under the Indian Companies

Act. Over the years, CCIL has come to occupy a

significant position in the country's payment

system. With a zero failure rate, CCIL has gained

the reputation of being one of the safest

institutional frameworks for the clearing and

settlement of trades in government securities,

3. Structure of Indian Forex Market

4. CCIL - An Institutional Infrastructure for

the Forex Market

Chart 1: FX Derivatives in India

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forex, and money markets. Efforts put in by CCIL

were recongnised by reputed international

organizations as well. As per the detailed

assessment reports (DARs) of the 2017

the IMF

and the World Bank assessed CCIL for CCP system

and Trade Repository (TR) systems' benchmarking

against the applicable principles of financial

market infrastructure concluded that the CCIL

systems have a high degree of observance of the

principles.

In November 2002, CCIL commenced guaranteed

settlement of Forex transactions comprising inter-

bank Spot (guaranteed from the trade date) and FX

Forward (guaranteed from when it used to enter the

spot window) USD/INR deals. Further, since 2009,

the FX Forward trades with residual maturity upto

13 months were guaranteed from the trade date.

From 2002 till date, with its continuous endeavor

to cater to market needs, CCIL along with its

wholly owned subsidiary, Clearcorp Dealing

Systems (India) Ltd (2003) has come up with new

systems and has emerged as one of the trusted

organizations amongst market participants and

regulators. As a Trade Repository (TR) for OTC

derivative instruments, CCIL enables regulators to

have access to information about market exposure

to various instruments and entity level exposures.

Chart 2 describes the advantages extended by the

CCIL as a provider of forex trading platform to its

members and benefits members get if trades are

settled through CCIL.

CCIL undertakes settlement of inter-bank

USD/INR deals (Cash, Tom, Spot and Forwards)

on a guaranteed basis. It also offers CLS clearing of

cross currency deals on Payment v/s Payment basis.

FX trading platforms like FX-Clear and FX-Swap

enable members to trade freely against

counterparties without setting limits. The benefits

offered by CCIL through its efficient infrastructure

have helped foreign exchange market to deepen and

flourish.

India

Financial Sector Assessment Programme,

5. Role of CCIL in Developing Forex Market

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5.1 Settlement

5.1.1 UDS-INR Settlement

CCIL began to settle USD/INR Spot and Forward

(from the spot date) trades from November2002 .

Subsequently, cash and tom trades were also

included for guaranteed settlement from February

2004.The forex operations required a prior

approval from both the Reserve Bank of India and

the Federal Reserve Bank of New York. CCIL has,

thus, been accorded with an 'Authorized Person'

License under FEMA 1999 by the RBI to conduct

operations pertaining to clearing and settlement of

foreign exchange deals. Banks, authorized by the

RBI to deal in this market settle their FX

obligations through CCIL which acts as a CCP to

every accepted trade and guarantees the settlement

through the process of multi-lateral netting and

novation.

Till March 2015, though CCIL managed forex

settlement through setting position limit for

members and collecting margins from them, it was

still exposed to settlement risk following

settlement of INR lag of trade prior to the USD. So,

from April 2015, CCIL adopted Payment v/s

Payment (PVP) model (Principle 12 of the

Principles for Financial Market Infrastructure

(PFMI) as set out by CPMI-IOSCO) for settlement;

wherein, within the stipulated time window of five

hours (2:30 p.m. to 7:30 p.m. IST) the settlement is

effected and payments of obligations in a currency

are effected to a member only if and after it meets

its payment obligations in the other currency. The

elimination of credit risk has enabled CCIL to do

away with the process of Loss Allocation.

Market participants are benefitting in many ways

by choosing to settle their forex trades through

CCIL. These include guaranteed settlement on the

settlement date, lower funds requirement on

account of multilateral netting, reduced

operational cost and higher operational efficiency

as well as elimination of credit/counterparty risks.

Advantages provided by forex settlement through

CCIL and confidence bestowed by our members

has resulted in total number of trades, as well as

average gross daily settlement volume clocking

2

2FX forwards settlement from trade date onwards was allowed since December 2009

12

significant growth between 2003-04 and 2018-19

with average daily settlement volume increasing

from $2.16 billion to $29.25 billion.

The netting factor which indicates the net payout

settled after novation by CCIL has been on the rise

since 2002-03 and reached its peak in 2018-19

showing better liquidity management.

CLS is an international clearing and settlement

system for cross-border foreign exchange

transactions. The System is operated by CLS Bank

International and enables foreign exchange

transactions involving the CLS eligible currencies

5.1.2 Continuous Linked Settlement

(CLS)

Source: Rakshitra, CCIL

Table 1: Forex Settlement at CCIL (growth in %, Vol in USD Billion)

Settlement Period Trades Gross Volume Avg. Volume Y-o-Y Growth

2010-11 1150037 4191.04 17.46 34

2011-12 1283178 4642.57 20.19 16

2012-13 1396138 4830.93 20.82 3

2013-14 1512215 4743.32 20.36 -2

2014-15 1731706 5297.79 23.24 14

2015-16 1885129 5489.29 23.46 1

2016-17 1926106 6274.98 27.05 15

2017-18 2174774 6494.45 27.75 3

2018-19 2375821 6814.43 29.25 5

Chart 4: Netting Factor for USD/INR Settlement (%)

81.86

83.28

89.51

90.17

90.33

92.37

94.42

94.07

94.94

95.37

95.39

94.62

94.71

95.43

95.30

95.88

95.90

80.00

82.00

84.00

86.00

88.00

90.00

92.00

94.00

96.00

98.00

2002

-03

2003

-04

2004

-05

2005

-06

2006

-07

2007

-08

2008

-09

2009

-10

2010

-11

2011

-12

2012

-13

2013

-14

2014

-15

2015

-16

2016

-17

2017

-18

2018

-19

Source: Rakshitra, CCIL.

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to be settled through the CLS System on a payment-

versus-payment basis between 7 and 12 CET,

eliminating the settlement risk in these

transactions. Under CLS, there is a separation of

the settlement of instructions from the resultant

payment flows to lower participants' funding

requirements. Thus, transactions are settled on a

gross basis while funding is on a netted basis.

By offering its members to pay and receive

currencies within the operating timelines of the

respective currencies subjected to limits availability

and options to avail required limits against free

collateral in SGF account of Securities Segment,

CCIL provides much needed flexibility and

efficiency to its members.

Trades settled through CLS has witnessed marked

improvement since its inception and especially so

in the past couple of years. Netting factor too has

remained close to 90% all through this years.

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5.2 Trading

There are various institutions in India providing

trading platforms for inter-bank currency deals.

Refinitive (previously known as Thomson Reuters)

provides this facility through its platforms FXall

and FXT, Barclays Bank has Bbarx platform,

Deutsche Bank extends FX trading through

Autobahn, to name a few.

Along with providing clearing and settlement

services for the inter-bank currency deals, CCIL

through its subsidiary Clearcorp, launched an

anonymous Dealing platform - FX-Clear- on

August 7, 2003 to facilitate trading in the Cash,

Tom and Spot segments of the market. Dealing on

this platform can be done either based on Order-

Matching (inter-bank USD/INR spot trades) or

through Negotiation Mode (transaction in Cash,

Table 2: Settlement Through CLS (growth in %, Vol in USD Billion)

Settlement Period Trades Gross Volume Net VolumeY-o-Y Growth inGross volume

2010-11 394315 469.87 60.61

2011-12 441933 647.15 76.88 38

2012-13 570308 724.12 55.30 12

2013-14 594816 629.83 54.87 -13

2014-15 571559 592.45 51.98 -6

2015-16 682758 585.34 61.34 -1

2016-17 707297 635.49 65.89 9

2017-18 874952 846.45 94.99 33

2018-19 905686 836.49 82.46 -1


Chart 6: Netting Factor for CLS (%)

87

88

92

91

91

90

90

89

90

84 85 86 87 88 89 90 91 92 93

2010-11

2011-12

2012-13

2013-14

2014-15

2015-16

2016-17

2017-18

2018-19


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Tom and Forwards).FX-Clear launched its new

version on April 06, 2015, wherein, it offered

guaranteed settlement for all trades concluded on

the Anonymous Order Matching Mode of the

platform from the point of trade. Prior to this,

trades were concluded based on bilateral limits set

by each member.

Trading on the said platform, over the years, has

steadily improved since inception. The share of

trading on the Fx-Clear platform viz-a-viz spot

trading in the entire forex market has been on the

rise since 2010-11 which picked up pace between

2015-16 and 2017-18.

Effective from February 2017, the platform was

enabled to support Application Programming

Interface (API) based trading - a set of subroutine

definitions, protocols, and tools for building

software and can be used to build application to

support automated trading. This facility has

enabled a Member to connect to the FX-Clear

dealing system through its API channel via front

end software. Members can now place and trade

Orders through this front-end trading software to

deal on Fx-Clear Dealing System.

The FX-Clear platform also offers a facility to

enable polling of BID/ASK ATM VOLs, 25D RR

and 25D STR rates from selected submitters for the

computation of the FBIL FC Rupee Options

Volatility Matrix Rates.

Table 3: Trading On FX-Clear Platform (Spot) (growth in %, Vol in USD Billions)

Annual Daily AveragePeriod

Trades Volume Y-o-Y Growth Trades Volume Y-o-Y Growth

2010-11 111023 58.58 448 0.24

2011-12 124664 65.20 11 522 0.27 15

2012-13 171398 87.69 34 708 0.36 33

2013-14 223396 113.58 30 919 0.47 29

2014-15 335515 188.42 66 1416 0.80 70

2015-16 453563 246.90 31 1882 1.02 29

2016-17 557267 316.58 28 2312 1.31 28

2017-18 664286 441.20 39 2756 1.83 39

2018-19 544497 354.28 -20 2250 1.46 -20


Table 4: Category-wise Share in Total Trading Volume On FX-Clear Platform (Spot)

Dec-15 Dec-16 Dec-17 Dec-18

CO-OPERATIVE BANKS 1.65 1.69 0.93 1.96

FOREIGN BANKS 5.94 6.53 17.02 26.42

PRIVATE SECTOR BANKS 28.07 21.60 21.57 25.38

PUBLIC SECTOR BANKS 64.34 70.18 60.48 46.23

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6. Foreign exchange trading platform for retail

participants

key features

7. Foreign Currency Derivative Products and

CCIL

7.1 FX-SWAPDealing System

In its Statement on Developmental and Regulatory

Policies (October 04, 2017), the RBI spoke on

having a mechanism for the “retail users” to have

an access to market determined rates in a

transparent and fair manner. It proposed to

provide customers with an inter-bank electronic

trading platform wherein orders from clients and

AD Banks are matched anonymously and

automatically to bring in competition and better

pricing for customers. Currently, many retail

customers with a need to transact in the forex

market are required to contact an AD Bank over the

phone.

Since CCIL operates inter-bank USD/INR spot

trades through its FX-Clear platform, it was

entrusted with the task of developing an electronic

spot trading platform for retail customers

modelled on their existing interbank spot trading

platform.

The of the platform as per the

discussion paper on foreign exchange trading

platform for retail participants would be:

• Development of an internet -based

application on the current FX-Clear

platform;

As per Foreign Exchange Dealers' Association of

India (FEDAI) circular dated May 20, 2019, CCIL

would be going live with customer registration for

trading on the retail FX platform on July 01, 2019

and trading on the said platform would begin from

August 05, 2019.

The gradual liberalization of Indian economy since

early nineties resulted in substantial inflow of

foreign capital into India. Opening up of the

country's capital account and dismantling of trade

barriers integrated India with the world economy,

providing the economic rationale for the

introduction of FX derivatives.

The forex derivative products that are available in

the Indian financial markets can be sectored into

three broad segments viz. forwards, options, swaps.

CCIL, to deepen this market, has come up with

many developments over the years like CCP

clearing of Forex forward trades, introduction of

dealing system for Fx swap deals - eventually

providing benefits of guaranteed settlement from

the point of trade, portfolio compression for

cleared forward trades and Trade Repository

services.

An order matching dealing platform for swap deals,

FX-SWAP, was launched by Clearcorp on May 31,

2010. It offers swap instruments extending up to 12

months along-with three upto spot instruments viz

• Separation of retail market from the

interbank market; only AD banks have access

to both interbank and retail markets while the

retail customers can access only the retail

market for dealing ;

• Access for retail market through AD banks;

• Direct execution of trade by customers by

anonymous order matching on price-time

priority, up to limit set by AD banks by

placing bid/offer quotes;

• The interbank deal (between the customer's

bank and the counterparty bank) to get

settled as per the current CCIL settlement

process while the customer deal to be settled

bilaterally between the bank and the

customer.

Cash/Tom, Cash/Spot, Tom/Spot, a LD/LD

instrument (Month 1 end over Month 2 end) and

two Outright Forward (ORF) instruments (Month

1 end and Month 2 end). FX-SWAP platform which

was launched with a unique feature of guarantee

from the point of trades for the Forward Legs of the

transactions concluded on the platform, extended

this benefit to all the legs of the trades concluded

on the platform including Cash, Tom, Spot and

Forwardsw.e.f. April 06, 2015. The system provides

Straight Through Processing (STP) facility i.e.

trades automatically flowing for the settlement to

CCIL.

Currency forwards are an over-the-counter hedging

instrument used by entities having forex exposure

to guard their returns against currency fluctuation.

With huge bilateral exposure, participants used to

run high default risk. With the CCIL guarantee,

banks benefited through lesser provision towards

capital adequacy, efficient mitigation of risk and

optimum use of capital.

CCIL commenced CCP clearing of Forex Forward

trades with guarantee from trade date on December

01, 2009.Here, all matched forward trades with a

residual maturity up to 13 months are eligible for

guaranteed settlement under Forex Forward

segment. Prior to this arrangement, the inter bank

forward transactions used to get settled though

CCIL only when they enter the spot window. In

June 2014, FEDAI mandated that all inter-bank

Forward transactions have to be settled through

CCIL.

7.2 Forex Forwards

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8. Portfolio Compression

9. Trade Repository

Conclusion

An important innovation in OTC derivative

markets that has been introduced is portfolio

compression services. Since the only way to exit a

position in an OTC derivative is to enter into a

cross-trade, the gross notional outstanding

multiplies manifold as a result. This, in turn, leads

to higher capital charges and reduction in the

availability of counter-party limits for undertaking

other business transactions. The portfolio

compression exercise is aimed at reducing the

overall notional outstanding and the number of

outstanding contracts by identifying economically

redundant trades for early termination. CCIL

initiated the portfolio compression cycle for

cleared forward USD/INR trades in March 2015.

Through its 8th cycle of portfolio compression for

cleared forward USD/INR trades on September 11,

2018 where seven large banks participated led to a

decline in market-wide outstanding of over USD

10.28 billion.

CCIL, which launched the Trade Repository service

for Rupee IRS and FRA on August 30, 2007,

extended this facility to OTC Foreign Exchange

Derivatives on July 9, 2012 in phases to bring in

greater transparency through data dissemination

and publication. Trade repositories (TR) maintain

a centralised electronic database of OTC

derivatives transaction data, providing a ringside

view of market concentration, which helps in risk

reduction and operational efficiency. The TR

would help market regulator in effective

monitoring of systemic risk by giving clarity on

trade positions, prices and transaction volumes.

The foreign exchange market in India has witnessed

a complete transformation, the way it operates

currently. With the liberalization in policies and

introduction of numerous instruments, the market

has evolved tremendously over the years.

The Financial Stability Board (FSB), an

international organization that monitors and

makes recommendations about the global

financial system, has placed India in the league of

countries that are “compliant or largely compliant”

on implementation of priority reforms. Its progress

report on OTC Derivative market reforms shows

Chart 8: Forex Forwards - Volume Analysis ($ Billion)

0

200

400

600

800

1000

1200

1400

1600

1800

2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19

Outstanding Volume Accepted Volume


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ARtICLE

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Ind ia hav ing in p lace comprehens ive

standards/requirements related to Trade

Repository.

CCIL has been pivotal in instilling a sense of

security and trust amongst market players and the

regulator through its well-defined settlement

procedures, evolving trading platforms catering to

market needs from time to time aptly backed by

efficient risk management processes.

In the foreign exchange market, CCIL began its

operation by the settlement of inter-bank

USD/INR interbank deals, expanded its horizon

by offering customized CLS service to its member

banks for cross currency deals. It came up with

trading platforms like FX-Clear and FX-SWAP to

enable market players to trade without setting

limits against the bilateral parties or selecting

preferred counterparties. It has provided equal

opportunity to all the participants by providing

price information to all members, creating level-

playing field. CCIL also guarantees settlement for

all matched forward trades having residual

maturity up to 13 months.

Portfolio compression for cleared forward

USD/INR trades by CCIL has helped participating

banks to get rid-off economically redundant trades

reducing the notional outstanding. Initiation of

Trade Repository for the interest rate, forex and

credit derivatives markets in India is enhancing

transparency in the market through data

dissemination and publication of data in monthly

magazine “Rakshitra”. Being a centralized

database, it enables the market to have a granular

view of product-wiseinformation, thus, achieving

operational efficiency. Data is also disseminated

on the CCIL website which is made available to the

public at large.

Based on the announcement during the Monetary

Policy Review meet of October 2017, CCIL has

developed a facility for retail users to have an easy

access to market determined rates for their forex

requirements on its FX-Clear platform.

CCIL, for all these years, has remained true to its

“to be a pivotal Financial Market

Infrastructure”, “of promoting a stable,

safe and efficient financial market through best of

risk management practices, research and

collaborative thinking” and its “to

follow highest ethical standards and to serve the

market via innovations”. It has gained the trust of

market participants and has helped various

markets to evolve over time; with a confidence to

do so in future as well.

i) Report on Currency and Finance - 2007.

ii)Report of the Expert Group on Foreign

Exchange Markets in India (Chairman: O.P.

Sodhani), June 1995.

iii) Report of the Advisory Group on Payment and

Settlement System (Part III) - July 2001.

iv) India's Experiment with a New Settlement

System for its Domestic Foreign Exchange Market

by Mr. Siddhartha Roy; Rakshitra - February 2006.

v) Discussion paper on foreign exchange trading

platform for retail participants; Prepared by

Financial Markets Regulation Department (RBI) -

2017.

vi)Implementation and Effects of theG20

Financial Regulatory Reforms; Fourth Annual

Report; Financial Stability Board -November 2018.

vii) OTC Derivatives Market Reforms; Thirteenth

Progress Report on Implementation; Financial

Stability Board - November 2018.

VISION

MISSION

VALUES

References:

20

TABLE 4: STATE DEVELOPMENT LOANS (SDLS) - OUTSTANDING ANALYSIS

outstanding

government debt

68

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No. of Bonds Outstanding (` Crore)Sr.No.

State/UnionTerritory

No. %Share Value %Share

Wtd. Avg.Coupon

(%)

Wtd. Avg.Maturity

(yrs.)

1 Andhra Pradesh 199 6.31 207000.79 7.35 8.36 6.59

2 Arunachal Pradesh 24 0.76 3218.55 0.11 8.13 7.39

3 Assam 50 1.59 30554.76 1.08 8.01 6.66

4 Bihar 79 2.50 87131.76 3.09 8.26 6.53

5 Chattisgarh 56 1.78 40320.12 1.43 8.09 5.68

6 Goa 81 2.57 11210.00 0.40 8.26 6.40

7 Gujarat 152 4.82 184623.20 6.56 8.26 5.96

8 Haryana 140 4.44 142937.33 5.08 8.28 7.00

9 Himachal Pradesh 113 3.58 27172.60 0.96 8.15 5.89

10 Jammu & Kashmir 95 3.01 35045.11 1.24 8.31 6.37

11 Jharkhand 67 2.12 42146.60 1.50 8.27 7.15

12 Karnataka 94 2.98 157889.80 5.61 8.19 6.39

13 Kerala 133 4.22 135219.00 4.80 8.30 6.75

14 Madhya Pradesh 80 2.54 108177.00 3.84 8.20 6.26

15 Maharashtra 135 4.28 262428.95 9.32 8.09 5.77

16 Manipur 42 1.33 4926.92 0.17 8.24 6.08

17 Meghlaya 72 2.28 6087.04 0.22 8.18 6.57

18 Mizoram 33 1.05 2349.69 0.08 8.30 5.00

19 Nagaland 55 1.74 7044.77 0.25 8.28 6.04

20 Odisha 41 1.30 29030.82 1.03 7.80 6.95

21 Puducherry 40 1.27 5530.01 0.20 8.32 5.88

22 Punjab 211 6.69 127575.96 4.53 8.29 5.91

23 Rajastan 229 7.26 199048.90 7.07 8.29 6.04

24 Sikkim 31 0.98 4414.01 0.16 8.11 7.33

25 Tamil Nadu 289 9.16 281056.85 9.98 8.17 6.35

26 Telangana 100 3.17 108173.93 3.84 7.99 13.73

27 Tripura 36 1.14 6524.83 0.23 8.22 6.52

28 Uttar Pradesh 235 7.45 283830.95 10.08 8.22 6.33

29 Uttaranchal 80 2.54 31851.52 1.13 8.20 6.86

30 West Bengal 162 5.14 243812.03 8.66 8.32 7.05

3154 100.00 2816333.79 100.00 8.20 6.65

Jun

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TABLE :5 OUTSTANDING - GOVERNMENT SECURITIES, TREASURY BILLS AND STATE DEVELOPMENT LOANSAmount Crore`

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outstanding

government debt

MonthGovernment

SecuritiesSpecial

SecuritiesFloating

Rate BondsTreasuryBills#

State DevelopmentLoans*

UDAYBonds

Total

Apr-06 931868.00 50903.69 46350.00 67072.91 239804.87 1335999.46

May-06 940819.00 50903.69 46350.00 76150.24 240104.87 1354327.79

Jun-06 955689.00 50903.69 46350.00 76537.87 240763.49 1370244.04

Jul-06 963689.00 50903.69 46350.00 84100.94 240763.49 1385807.12

Aug-06 970380.00 56152.47 46350.00 92801.37 242221.82 1407905.65

Sep-06 979380.00 56152.47 46350.00 95251.47 243271.82 1420405.75

Oct-06 988354.00 66152.47 46350.00 93358.52 243271.82 1437486.80

Nov-06 1002354.00 71152.47 44350.00 99852.39 243473.15 1461182.00

Dec-06 1011354.00 76413.26 44350.00 96859.85 245904.37 1474881.48

Jan-07 1020354.00 71564.48 44350.00 102420.08 247867.61 1486556.16

Feb-07 1028354.00 90999.14 44350.00 108913.26 247472.70 1520089.10

Mar-07 1058997.00 87256.88 44350.00 115473.69 251072.27 1557149.85

Apr-07 1071297.00 87256.88 44350.00 119965.64 254078.59 1576948.11

May-07 1077797.00 87256.88 44350.00 126189.40 250533.80 1586127.08

Jun-07 1102797.00 87256.88 44350.00 145981.76 252283.80 1632669.44

Jul-07 1128797.00 87256.88 44350.00 151565.34 255849.38 1667818.61

Aug-07 1169627.00 90937.41 44350.00 156379.61 253433.89 1714727.92

Sep-07 1191897.00 90237.41 44350.00 147411.54 256918.33 1730814.28

Oct-07 1236540.00 90237.41 44350.00 159450.17 259992.07 1790569.65

Nov-07 1256919.00 90237.41 44350.00 146252.36 262886.53 1800645.30

Dec-07 1263919.00 90238.20 44350.00 126327.36 268186.53 1793021.09

Jan-08 1273966.00 98369.64 44350.00 126951.13 276361.79 1819998.56

Feb-08 1288612.00 100655.10 44350.00 123605.11 289973.52 1847195.72

Mar-08 1288085.00 119948.03 44350.00 136139.95 302724.48 1891247.46

Apr-08 1319085.00 119948.03 44350.00 139593.07 310302.66 1933278.75

May-08 1320109.00 119948.03 44350.00 147979.97 307821.10 1940208.09

Jun-08 1332724.00 119948.03 44350.00 132825.20 311085.20 1940932.42

Jul-08 1347067.00 119948.03 44350.00 133659.95 313385.20 1958410.17

Aug-08 1348567.00 119948.03 44350.00 134160.86 313885.20 1960911.08

Sep-08 1361057.00 119948.03 44350.00 135751.52 315762.92 1976869.47

Oct-08 1371057.00 119649.56 44350.00 141434.52 318774.92 1995266.01

Nov-08 1371690.00 141649.56 44350.00 149632.01 319041.09 2026362.66

Dec-08 1374093.00 177649.56 44350.00 145070.40 327486.09 2068649.05

Jan-09 1403513.00 183649.56 44350.00 146566.95 338191.45 2116270.96

Feb-09 1421512.96 205591.56 44350.00 146762.02 356629.49 2174846.03

Mar-09 1468512.67 202220.17 44350.00 150273.80 369290.70 2234647.33

Apr-09 1478125.85 202220.17 44350.00 163472.50 414068.98 2302237.50

May-09 1526423.69 202220.17 44350.00 148275.25 414563.33 2335832.44

Jun-09 1564423.69 202220.17 44350.00 146874.80 421563.33 2379431.98

Jul-09 1615423.69 202220.17 44350.00 141338.92 427513.33 2430846.11

Aug-09 1651423.69 202220.17 44350.00 138854.64 437472.91 2474321.41

69

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TABLE :5 OUTSTANDING - GOVERNMENT SECURITIES, TREASURY BILLS AND STATE DEVELOPMENT LOANS

Amount Crore`

outstanding

government debt

MonthGovernment

SecuritiesSpecial

SecuritiesFloating



UDAYBonds

Total

Sep-09 1697423.69 212526.50 44350.00 141887.94 452223.35 2548411.48

Oct-09 1727423.69 212526.50 44350.00 134980.94 465742.01 2585023.14

Nov-09 1756423.69 212526.50 44350.00 134014.74 476964.28 2624279.21

Dec-09 1783423.69 212526.50 43350.00 134764.74 489096.47 2663161.40

Jan-10 1779887.91 211826.50 46350.00 134753.74 496442.94 2669261.09

Feb-10 1787887.91 208607.03 46350.00 134660.14 509676.73 2687181.82

Mar-10 1787887.91 208214.03 46350.00 137466.34 517405.62 2697323.90

Apr-10 1833887.91 208214.03 49350.00 136489.04 521551.88 2749492.86

May-10 1859011.69 208214.03 49350.00 144488.54 529259.38 2790323.64

Jun-10 1892238.66 208214.03 49350.00 131988.54 534974.23 2816765.47

Jul-10 1900110.16 208214.03 49350.00 116883.22 540925.06 2815482.48

Aug-10 1949367.38 208214.03 49350.00 122828.95 547425.91 2877186.27

Sep-10 1994117.38 208214.03 49350.00 123295.65 554535.06 2929512.12

Oct-10 2024969.09 208214.03 49350.00 127892.94 565736.86 2976162.92

Nov-10 2057964.09 208214.03 49350.00 117768.94 573111.86 3006408.92

Dec-10 2080492.84 208214.03 49350.00 125268.94 579026.86 3042352.67

Jan-11 2104647.19 208214.03 49350.00 126923.25 585834.62 3074969.09

Feb-11 2107564.66 208214.03 49350.00 127687.35 597643.35 3090459.39

Mar-11 2107564.66 209051.05 49350.00 141326.90 605803.69 3113096.30

Apr-11 2142091.74 209051.05 49350.00 169973.45 614026.69 3184492.93

May-11 2178091.74 209051.05 49350.00 201219.95 617839.16 3255551.90

Jun-11 2214091.74 209051.05 49350.00 221862.40 626839.16 3321194.35

Jul-11 2240091.74 202656.76 49350.00 245126.77 635951.08 3373176.35

Aug-11 2282230.38 202656.76 43350.00 258813.67 647703.99 3434754.79

Sep-11 2304230.38 202656.76 43350.00 221271.87 658253.99 3429762.99

Oct-11 2343983.47 202656.76 43350.00 224245.69 669335.66 3483571.58

Nov-11 2377983.47 202656.76 46350.00 230366.87 680524.30 3537881.40

Dec-11 2428983.47 202656.76 48350.00 212864.67 693052.62 3585907.52

Jan-12 2483983.47 202656.76 48350.00 232689.60 709031.96 3676711.78

Feb-12 2532978.47 202656.76 48350.00 271336.87 723972.96 3779295.05

Mar-12 2544978.47 205656.76 48350.00 267019.92 742411.75 3808416.90

Apr-12 2583978.47 205656.76 48350.00 302223.35 746077.40 3886285.98

May-12 2613978.47 205656.76 48350.00 308155.15 757649.21 3933789.59

Jun-12 2668404.34 205656.76 48350.00 328967.43 765210.46 4016588.98

Jul-12 2719362.53 205656.76 48350.00 333413.61 780870.46 4087653.35

Aug-12 2794362.53 205656.76 48350.00 325173.76 791136.56 4164679.60

Sep-12 2829362.53 199893.91 48350.00 329499.27 808196.56 4215302.26

Oct-12 2868362.53 199893.91 48350.00 320097.07 828003.91 4264707.42

Nov-12 2933362.53 199893.91 43350.00 314675.75 842018.24 4333300.43

Dec-12 2969362.53 199893.91 43350.00 315530.69 852097.55 4380234.67

Jan-13 2981362.53 199893.91 43350.00 331630.52 868306.68 4424543.64

70

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Amount Crore`

CC

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outstanding

government debt

MonthGovernment

SecuritiesSpecial

SecuritiesFloating



UDAYBonds

Total

Feb-13 3017362.53 199823.91 43350.00 311164.52 874104.53 4445805.48

Mar-13 3017362.53 206717.59 43350.00 299764.15 889068.62 4456262.89

Apr-13 3062362.52 206717.59 43350.00 316620.40 897231.62 4526282.11

May-13 3121611.19 206717.59 43350.00 319429.14 900318.79 4591426.71

Jun-13 3167611.19 206717.59 45350.00 328052.31 904967.16 4652698.24

Jul-13 3227611.19 206717.59 45350.00 361888.95 908057.54 4749625.26

Aug-13 3291627.29 206717.59 45350.00 420017.27 919077.00 4882789.14

Sep-13 3283627.29 206717.59 43350.00 400722.16 933469.55 4867886.59

Oct-13 3328627.29 206717.59 44350.00 356220.45 954502.92 4890418.25

Nov-13 3404627.29 206717.59 45350.00 348625.62 969237.80 4974558.30

Dec-13 3449627.28 206717.59 45850.00 358896.37 998590.40 5059681.64

Jan-14 3493627.28 206717.59 45850.00 343238.70 1020094.04 5109527.61

Feb-14 3483764.39 206717.59 45850.00 343036.55 1038785.87 5118154.40

Mar-14 3468236.43 206717.59 45850.00 339134.30 1057035.87 5116974.19

Apr-14 3495485.22 206717.59 45850.00 364793.80 1063844.10 5176690.70

May-14 3543123.39 206717.59 40850.00 373360.45 1074358.48 5238409.91

Jun-14 3596123.39 206717.59 40850.00 386995.57 1084968.48 5315655.03

Jul-14 3654123.39 206717.59 40850.00 413356.74 1101018.48 5416066.20

Aug-14 3714123.39 206717.59 40850.00 401959.40 1113063.82 5476714.20

Sep-14 3731318.45 206717.59 40850.00 391262.56 1130968.82 5501117.41

Oct-14 3766966.52 206717.59 40850.00 386682.36 1154068.82 5555285.28

Nov-14 3783927.61 206717.59 40850.00 407548.31 1171929.89 5610973.39

Dec-14 3828927.61 206717.59 40850.00 397446.97 1191799.31 5665741.48

Jan-15 3897927.61 206717.59 40850.00 386132.22 1226927.11 5758554.52

Feb-15 3919664.49 206717.59 40850.00 373485.28 1251117.41 5791834.77

Mar-15 3918503.66 203217.59 40850.00 363703.53 1273077.79 5799352.56

Apr-15 3982503.66 203217.59 40850.00 380142.11 1289517.79 5896231.14

May-15 4027605.12 203217.59 40850.00 385665.71 1307332.04 5964670.45

Jun-15 4026428.24 203217.59 40850.00 412876.47 1320986.39 6004358.69

Jul-15 4099428.24 203217.59 34850.00 414403.06 1343186.39 6095085.28

Aug-15 4148223.94 203217.59 28850.00 405357.66 1353987.87 6139637.06

Sep-15 4144575.20 203217.59 28850.00 417949.47 1371627.31 6166219.57

Oct-15 4212137.41 203217.59 28850.00 394818.15 1391236.57 6230259.72

Nov-15 4257137.41 203217.59 28850.00 406545.15 1423961.57 6319711.72

Dec-15 4287137.42 203217.59 28850.00 425648.25 1451235.75 6396089.01

Jan-16 4357137.41 203217.59 28850.00 408600.78 1485222.78 6483028.56

Feb-16 4338958.43 203217.59 25648.72 377224.03 1520468.58 6465517.35

Mar-16 4339909.95 203217.59 23502.06 364692.43 1540427.95 98959.98 6570709.95

Apr-16 4356295.52 203217.59 23502.06 382408.30 1554207.95 98959.98 6618591.39

May-16 4416295.52 203217.59 17502.06 404511.25 1567147.97 98959.98 6707634.36

Jun-16 4470295.52 203217.59 17502.06 431323.55 1589322.97 147652.95 6859314.63

71

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9


outstanding

government debt

*Does not include Power Bonds # Includes MSS Issuances

72

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Amount Crore`

MonthGovernment

SecuritiesSpecial

SecuritiesFloating Rate

BondsTreasuryBills#

StateDevelopment Loans*

UDAYBonds

Total

Jul-16 4517165.67 203217.59 17502.06 429712.51 1609489.64 148427.95 6925515.41

Aug-16 4538072.41 203217.59 17502.06 436151.03 1634689.64 148427.95 6978060.66

Sep-16 4594072.41 203217.59 17502.06 420958.65 1662264.64 149764.33 7047779.66

Oct-16 4620611.66 203217.59 17502.06 417123.78 1698938.31 158537.88 7115931.27

Nov-16 4659922.19 203217.59 23502.06 425281.52 1743233.55 158537.88 7213694.78

Dec-16 4711922.19 203217.59 27502.06 1029229.11 1775588.52 159417.89 7906877.35

Jan-17 4663708.07 198703.59 59232.10 768363.76 1809179.86 159417.89 7658605.26

Feb-17 4662788.20 198703.59 61232.10 532616.31 1849042.56 182833.01 7487215.76

Mar-17 4652880.39 198703.59 61232.10 334802.10 1881996.21 208055.94 7337670.32

Apr-17 4673113.06 198703.59 67232.10 433303.87 1896359.21 208055.94 7476767.77

May-17 4727113.06 198703.59 73232.10 559578.76 1916234.21 208055.94 7682917.66

Jun-17 4774003.08 198703.59 86467.09 616316.10 1939548.62 208055.94 7823094.42

Jul-17 4781383.00 198703.59 89467.09 620714.21 1968621.96 208055.94 7866945.79

Aug-17 4805066.92 198703.59 95467.09 574967.11 2003624.53 208055.94 7885885.18

Sep-17 4862066.92 198703.59 101467.09 576060.50 2041785.44 208055.94 7988139.48

Oct-17 4903066.92 198703.59 104467.09 559317.11 2059292.90 208055.94 8032903.55

Nov-17 4941649.85 198703.59 113467.09 525211.60 2095410.61 208055.94 8082498.68

Dec-17 4972649.85 198703.59 116467.09 516297.42 2126087.14 208055.94 8138261.03

Jan-18 5004099.31 198703.59 122467.09 511273.24 2161890.99 208055.94 8206490.15

Feb-18 5012099.31 198703.59 125467.09 505334.37 2194186.03 208055.94 8243846.32

Mar-18 4998920.25 198703.59 125467.09 385282.78 2226427.14 203905.77 8138706.61

Apr-18 4969482.06 198703.59 131467.09 421792.95 2255507.24 203905.76 8180858.69

May-18 5010482.06 198703.59 138467.09 452676.54 2277123.14 203905.76 8281358.19

Jun-18 5052482.06 198703.59 144467.09 530102.07 2294802.95 201593.83 8422151.59

Jul-18 5094482.06 198703.59 150467.09 594180.99 2322125.99 201593.83 8561553.55

Aug-18 5144482.06 198703.59 157467.09 535671.63 2345664.99 201593.83 8583583.19

Sep-18 5160352.06 198703.59 164467.09 541103.64 2366390.94 201593.83 8632611.16

Oct-18 5201461.89 198703.59 167467.09 547231.62 2405405.69 201593.83 8721863.72

Nov-18 5232844.57 198703.59 170467.09 556565.49 2436144.34 201593.83 8796318.92

Dec-18 5269016.85 198703.59 170467.09 534071.91 2469335.46 201593.83 8843188.73

Jan-19 5303252.46

5310189.44

5370189.44

5433204.14

5508216.45

198703.59

198703.59

198703.59

198703.59

198703.59

174467.09

177467.09

177467.09

182467.09

192467.09

511270.33

510673.33

420882.05

449100.08

510609.20

2511968.57

2565192.36

2581708.08

2603963.78

2619063.78

201593.83

201419.96

197270.02

197270.02

197270.02

8901255.87

8963645.77

8946220.26

9064708.70

9226330.12

Feb-19

Mar-19

Apr-19

May-19

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TABLE 6 : ANALYSIS OF OUTSTANDING BONDS Percent

*Includes FRBs and Special Securities

outstanding

government debt

73

Market Share in Outstanding Change Annualized ChangePeriod

G-Sec* T-Bill SDLs G-Sec* T-Bill SDLs G-Sec* T-Bill SDLs

2005-06 76.73 5.34 17.93 - - - 14.18 6.34 10.00

2006-07 76.32 7.46 16.22 16.00 62.86 5.50 15.13 32.82 7.63

2007-08 76.57 7.27 16.16 21.37 17.90 20.57 17.23 27.50 11.90

2008-09 76.66 6.75 16.59 18.97 10.38 21.99 17.67 22.89 14.40

2009-10 75.64 5.11 19.25 19.19 -8.52 40.11 17.98 15.73 19.21

2010-11 75.88 4.56 19.56 15.57 2.81 17.08 17.57 13.44 18.85

2011-12 73.38 7.04 19.58 18.43 88.94 22.55 17.69 22.12 19.38

2012-13 73.18 6.76 20.05 16.58 12.26 19.75 17.72 21.03 19.61

2013-14 72.64 6.66 20.70 13.97 13.13 18.52 17.29 20.11 19.49

2014-15 71.88 6.28 21.84 11.87 7.24 19.63 16.68 18.74 19.54

2015-16 69.61 5.56 24.83 9.71 0.27 27.98 16.02 16.90 20.37

2016-17 66.95 4.56 28.48 7.58 -8.20 27.49 15.28 14.54 21.02

2017-18 65.40 4.73 29.86 8.35 15.08 16.28 14.74 14.60 20.66

2018-19 64.23 4.70 31.06 7.95 9.24 14.35 14.24 14.20 20.19

2019-20 (May 2019) 63.94 5.53 30.52 10.32 12.80 13.51 14.27 15.61 20.05

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TABLE 7: INDEX COMPOSITION

CCIL Indices

CCIL Indices

74

No. Liquid Index Broad Index CASBI Index SDL Index

1 7.17% G.S. 2028 7.17% G.S. 2028 8.12% G.S. 2020 8.39% Uttar Pradesh SDL 2029

2 7.26% G.S. 2029 7.26% G.S. 2029 7.00% G.S. 2021 8.34% Punjab SDL 2029

3 7.37% G.S. 2023 7.37% G.S. 2023 7.80% G.S. 2021 8.06% Karnataka SDL 2029

4 7.32% G.S. 2024 7.32% G.S. 2024 8.35% G.S. 2022 8.17% Gujarat SDL 2029

5 7.95% G.S. 2032 7.95% G.S. 2032 6.84% G.S. 2022 8.37% Madhya Pradesh SDL 2028

6 8.40% G.S. 2024 7.37% G.S. 2023 8.16% Tamil Nadu SDL 2029

7 8.24% G.S. 2027 7.32% G.S. 2024 8.26% Maharashtra SDL 2029

8 8.35% G.S. 2022 7.72% G.S. 2025 8.1% West Bengal SDL 2029

9 7.59% G.S. 2026 7.59% G.S. 2026 8.43% Jharkhand SDL 2029

10 6.84% G.S. 2022 7.27% G.S. 2026 8.19% Uttarakhand SDL 2029

11 9.15% G.S. 2024 8.24% G.S. 2027 8.39% Bihar SDL 2029

12 7.40% G.S. 2035 7.17% G.S. 2028 8.16% Kerala SDL 2029

13 7.80% G.S. 2021 7.26% G.S. 2029 8.15% Rajasthan SDL 2029

14 8.15% G.S. 2022 7.59% G.S. 2029 8.43% Himachal Pradesh SDL 2029

15 7.72% G.S. 2025 7.61% G.S. 2030

16 7.27% G.S. 2026 6.68% G.S. 2031

17 7.16% G.S. 2023 7.95% G.S. 2032

18 8.13% G.S. 2022 6.57% G.S. 2033

19 8.20% G.S. 2022 7.50% G.S. 2034

20 8.12% G.S. 2020 7.40% G.S. 2035

21 8.33% G.S. 2036

22 6.83% G.S. 2039

23 8.30% G.S. 2040

24 8.83% G.S. 2041

25 8.30% G.S. 2042

26 9.23% G.S. 2043

27 8.17% G.S. 2044

28 8.13% G.S. 2045

29 7.06% G.S. 2046

30 6.62% G.S. 2051

31 7.72% G.S. 2055

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TABLE 8: INDEX PERFORMANCE ANALYSIS Percent

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Notes:

Example:

1. Annualized return for bond index, casbi index ,tenor index and T-Bill are calculated from 31-March-2004.2. Annualized return for SDL index is calculated from 31-March-2007.

For the month of Oct-2018Bond Index Yearly Return(%)= ((2680.04-2598.27)/2598.27)*100= 3.14%Bond Index Annualized TRI Return(%)=(2680.04/1016.01)^(1/14.58)-1 =6.877%

2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 (Mar-19) 2019-20 (May-19)

Indices YearlyReturn

(%)

AnnualizedReturn

(%)

YearlyReturn

(%)

AnnualizedReturn

(%)

YearlyReturn

(%)

AnnualizedReturn

(%)

YearlyReturn

(%)

AnnualizedReturn

(%)

YearlyReturn

(%)

AnnualizedReturn

(%)

YearlyReturn

(%)

AnnualizedReturn

(%)

YearlyReturn

(%)

AnnualizedReturn

(%)

YearlyReturn

(%)

AnnualizedReturn

(%)

YearlyReturn

(%)

AnnualizedReturn

(%)

YearlyReturn

(%)

AnnualizedReturn

(%)

TRI 5.9700 5.4167 5.3764 5.4117 12.5434 6.1813 1.8420 5.7391 17.9715 6.7967 7.5897 6.8625 11.0304 7.1775 4.3998 6.9767 9.1187 7.1180 12.3640 7.1774Bond IndexBroad PRI -1.7544 -2.5920 -2.4471 -2.5739 3.9053 -1.8744 -6.1462 -2.3102 9.4740 -1.2935 -0.2737 -1.2089 3.2763 -0.8709 -3.0063 -1.0250 1.1734 -0.8801 4.2622 -0.8213

TRI 6.1285 5.0326 5.4325 5.0825 10.4908 5.6701 0.1164 5.1011 17.1786 6.1456 7.4502 6.2537 12.5535 6.7255 3.0525 6.4589 8.2976 6.5803 13.1987 6.7132Bond IndexLiquid PRI -1.6508 -2.5660 -2.8086 -2.5963 3.4935 -1.9378 -7.8284 -2.5434 8.1415 -1.6173 -0.6877 -1.5402 4.7291 -1.0715 -3.9979 -1.2835 0.6431 -1.1564 5.2965 -1.0285

TRI 5.7445 4.3465 4.5829 4.3760 12.6371 5.2631 2.0880 4.9412 18.0029 6.0663 7.2960 6.1683 11.6337 6.5790 4.5328 6.4315 8.5826 6.5734 14.1973 6.7307CASBI

PRI -6.0047 -3.5179 -2.0714 -3.3383 4.1990 -2.5285 -5.9231 -2.8734 9.4904 -1.8096 -0.1996 -1.6765 3.7745 -1.2675 -2.7222 -1.3721 0.7752 -1.2306 6.1374 -1.0804

TRI 3.7700 5.9621 5.3423 5.8844 9.7659 6.3088 5.7791 6.2557 11.0039 6.6789 9.1140 6.8797 9.4471 7.0750 5.5970 6.9688 9.0549 7.1064 11.0959 7.1204Tenor Index(upto 5 yrs) PRI -3.7924 -2.7244 -1.9219 -2.6244 1.5978 -2.1641 -2.2476 -2.1724 3.1155 -1.7031 1.1600 -1.4677 1.5884 -1.2359 -2.1442 -1.3010 0.9308 -1.1540 2.8870 -1.1366

TRI 5.6621 5.2754 5.0409 5.2460 11.8483 5.9599 2.0363 5.5609 15.9285 6.4638 8.6360 6.6431 11.5919 7.0159 4.1392 6.8078 9.3223 6.9734 12.9720 7.0519Tenor Index(5 -10 yrs) PRI -2.1813 -2.8522 -2.9799 -2.8682 3.4177 -2.1891 -5.9413 -2.5709 7.0973 -1.7293 0.3633 -1.5566 3.5733 -1.1712 -3.4212 -1.3336 1.1800 -1.1682 4.6631 -1.0905

TRI 6.8577 4.8293 4.7686 4.8217 13.0467 5.7052 0.6273 5.1861 18.9252 6.3666 7.6530 6.4732 11.3622 6.8415 3.9927 6.6355 8.1708 6.7610 13.7210 6.9062Tenor Index(10-15 yrs) PRI -1.3084 -2.7202 -3.4109 -2.8068 4.3128 -2.0404 -7.6428 -2.6156 10.3908 -1.4994 -0.2331 -1.3945 3.7173 -1.0104 -3.2681 -1.1734 0.3958 -1.0680 5.6603 -0.9111

TRI 7.8264 4.1836 4.7491 4.2541 13.1055 5.2024 -0.0401 4.6660 22.1676 6.1476 7.1293 6.2291 12.7853 6.7196 4.3787 6.5506 8.8868 6.7046 15.5000 6.9126Tenor Index(15-20 yrs) PRI -0.5746 -3.1885 -3.3698 -3.2112 4.3310 -2.4008 -8.1866 -2.9954 12.7647 -1.6587 -1.1418 -1.6157 4.8149 -1.1354 -3.1114 -1.2779 0.8002 -1.1409 7.1240 -0.9413

TRI 7.4008 4.1837 4.5261 4.2264 14.1608 5.2861 -0.7621 4.6651 22.6906 6.1880 6.3691 6.2031 13.0991 6.7183 4.8474 6.5835 7.8827 6.6694 15.2539 6.8712Tenor Index(20-30 yrs) PRI -1.0681 -3.7082 -3.9139 -3.7339 5.2615 -2.7736 -8.7343 -3.3868 13.9646 -1.9252 -1.2247 -1.8670 5.0834 -1.3491 -2.1580 -1.4071 0.4038 -1.2876 7.4915 -1.0935

LiquidityWeight

6.6233 7.8689 10.0279 8.1376 11.7266 8.5028 11.0666 8.7579 11.5784 9.0082 10.1342 9.1018 9.0972 9.1015 7.9534 9.0132 8.4903 8.9888 9.0094 8.9882T-BillIndex Equal

Weight5.8004 7.8894 9.5957 8.1019 12.2183 8.5167 10.8000 8.7440 12.0361 9.0367 10.5240 9.1602 9.6757 9.1998 7.9508 9.1031 8.8345 9.0941 9.6660 9.0988

TRI 7.2877 8.1779 3.1958 7.1626 12.5981 8.0499 2.5543 7.2472 18.9297 8.6423 8.5516 8.6322 11.4257 8.9084 6.3922 8.6772 6.5867 8.5016 11.0061 8.5453SDLIndex PRI -1.1795 -0.1247 -5.2726 -1.1761 3.5978 -0.3961 -6.1907 -1.2453 8.8717 -0.0340 0.3361 0.0071 3.4148 0.3428 -1.1482 0.2063 -1.6760 0.0481 2.5277 0.0948

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TABLE 9: SECURITIES & MONEY MARKET (PRIMARY): COMPARATIVE DATA

Primary Market Analysis

primary market

analysis

76

* Revised Budgeted Borrowing ( Cr)`

2019-20 2018-19 2018-19

(upto May 2019) (upto May 2018)

Dated Securities

GOI Borrowing

Total no of Issues (including reissues) 41 36 212

Gross Amount Borrowed Excluding MSS (F.V ` Crore) 153000.00 96000.00 571000.00

Weighted Average Maturity (years) 15.86 15.31 14.80

Weighted Average Yield (%) 7.35 7.69 7.78

Devolvements on PDs(F.V ` Crore) 1619.59 8018.72 14599.82

Private Placements on RBI (F.V ` Crore) - - -

Redemption (F.V ` Crore) 0.00 71438.19 148263.09

Net Borrowings(F.V ` Crore) 153000.00 24561.81 422736.91

Total Borrowing (F.V ` Crore) 153000.00 96000.00 571000.00

Budgeted Borrowing (F.V ` Crore) 710000.00 605539.36 571000.00

% Completed of Total Borrowing 21.55 15.85 100.00

Switch Auction

Amount of Source Security Accepted (F.V. ` Crore) 1850.00 -

Amount of Destination Security Issued (F.V. ` Crore) 1877.01 -

Net Switch (F.V. ` Crore) 27.01 -

Purchases Under OMO

Dated Securities Purchased under OMO 9 4 128

Amount of OMO Dated Securities Purchased (F.V. ` Crore) 25000.00 10000.00 298502.00

Sale Under OMO

Dated Securities Sold under OMO - - -

Amount of OMO Dated Securities Sold (F.V. ` Crore) - - -

Buybacks

Auctions (F.V. ` Crore) - - -

NDS-OM (F.V. ` Crore) - - -

SDL

Total no of Issues 57 52 467

Gross Amount Borrowed (F.V ` Crore) 51672.00 56608.10 478323.49

Weighted Average Coupon (%) 8.11 7.98 8.31

Cash Management Bill

Amount (F.V ` Crore) - - 190000.00

Weighted Average Cut-off (%) - - 6.59

91 Day Treasury Bills

Amount (F.V ` Crore) 141730.00 130988.35 660165.24

Weighted Average Cut -off (%) 6.36 6.24 6.63

182 Day Treasury Bills

Amount (F.V ` Crore) 64500.00 44455.04 258019.06

Weighted Average Cut -off (%) 6.40 6.47 6.87

364 Day Treasury Bill

Amount (F.V ` Crore) 37246.66 37450.78 208896.77

Weighted Average Cut-off (%) 6.43 6.68 7.06

Benchmark Rates

Bank Rate(% p.a)(Effective Date) 6.25 (04-04-19) 6.25 (02-08-17) 6.50 (07-02-19)

CRR Rate (% p.a.)(Effective Date) 4.00 (09-02-13) 4.00 (09-02-13) 4.00 (09-02-13)

Reverse Repo Rate(%)(Effective Date) 5.75 (04-04-19) 5.75 (02-08-17) 6.00 (07-02-19)

Repo Rate (%) (Effective Date) 6.00 (04-04-19) 6.00 (02-08-17) 6.25 (07-02-19)

Call Money Range(%) 5.87 - 6.26 5.38 - 5.97 5.81 - 8.49

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TABLE 10: LIQUIDITY ANALYSIS Amount Crore`

primary market

analysis

77

Financial Year

Government Securities* Gross Borrowing Redemption Net Borrowing Outstanding Coupon Payment

2006-07 195028.99 53295.84 141733.15 1190603.88

2007-08 194049.85 47937.53 146112.33 1452383.03

2008-09 277000.00 57697.89 219302.11 1715082.84

2009-10 428306.33 100937.22 327369.11 2042451.94

2010-11 437000.00 114323.25 322676.75 2365965.71

2011-12 510000.00 83975.48 426024.52 2798985.23

2012-13 558000.00 90615.94 467384.06 3267430.12 231643.31

2013-14 563973.04 105598.84 458374.20 3720804.01 282190.43

2014-15 592000.00 148578.22 443421.78 4162571.24 351519.03

2015-16 585000.00 181892.67 403107.33 4566629.59 354153.61

2016-17 582000.00 233459.50 348540.50 4912816.07 386941.74

2017-18 588000.00 178809.09 409190.91 5323090.93 404626.20

2018-19 571000.00 148263.09 422736.91 5746360.12 438169.20

2019-20 (May 2019) 153000.00 0.00 153000.00 5899387.13 63706.98

* including Special Securities and FRBs

State Development Loans**

2006-07 20824.57 6550.85 14273.72 251072.27

2007-08 67778.59 11554.52 56224.07 302724.48

2008-09 118137.66 14371.33 103766.32 369290.70

2009-10 131121.69 16238.42 114883.27 517405.62

2010-11 104039.26 15641.19 88398.07 605803.69

2011-12 158632.30 21989.24 136643.06 742411.75

2012-13 177278.62 30621.75 146656.87 889068.62 46507.38

2013-14 200003.82 32036.56 167967.25 1057035.87 73200.33

2014-15 249418.51 33376.59 216041.92 1273077.79 91361.80

2015-16 401490.43 35180.29 366310.14 1639387.93 111656.63

2016-17 491075.27 39328.40 451746.87 2090052.15 151430.52

2017-18 419099.52 78818.77 340280.75 2430332.91 174929.44

2018-19 478323.49 129678.30 348645.19 2778978.09 207236.30

2019-20 (May 2019) 51672.00 14316.30 37355.70 2816333.79 31964.84

** excluding Power Bonds, including UDAY Bonds

Treasury Bills

2006-07 220035.70 174367.69 45668.00 115473.69

2007-08 314495.65 347650.93 -33155.28 136139.95

2008-09 360912.12 329084.95 31827.17 150273.80

2009-10 385875.14 399148.80 -13273.66 137466.34

2010-11 355765.09 343438.33 12326.76 141326.90

2011-12 723813.16 498620.14 225193.02 267019.92

2012-13 802830.39 770087.16 32743.23 299764.15

2013-14 961759.11 815192.96 146566.15 339134.30

2014-15 977125.85 950758.62 26367.23 363703.53

2015-16 1002888.32 993695.17 9193.15 364692.43

2016-17 981083.31 1010976.09 -29892.78 334802.10

2017-18 1119161.33 1168680.88 -49519.55 385282.78

2018-19 1317081.07 1281481.81 35599.26 420882.27

2019-20 (May 2019) 243476.66 157748.85 85727.81 510609.20

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Amount Crore`

StatisticsTABLE 11: CCIL SETTLEMENT DETAILS

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*Commenced operations from November 12, 2002, Cash and Tom settlement is with effect from February 5, 2004.

**Launched on November 5, 2018

Outright Repo (First + Second Leg) Forex* TREP**

SettlementPeriod Trades Value

Avg.Trades

Avg.Vol

Trades ValueAvg.

TradesAvg.Vol

TradesValue(USD

Million)

Avg.Trades

Avg.Vol

(USDMillion)

Trades ValueAvg.

TradesAvg.Vol

2002-03 191843 1076147 646 3623 23284 933509 78 3143 100232 136102 1101 1496 - - - -

2003-04 243585 1575133 820 5303 41886 1887266 142 6419 330517 501342 1425 2161 - - - -

2004-05 160682 1134222 550 3884 48726 3116185 167 10672 466327 899782 1976 3813 - - - -

2005-06 125509 864751 467 3215 51332 3386870 176 11599 489649 1179688 2084 5020 - - - -

2006-07 137100 1021536 562 4187 58009 5112560 199 17509 606808 1776981 2550 7466 - - - -

2007-08 188843 1653851 765 6696 53258 7893536 182 27033 757074 3133665 3181 13167 - - - -

2008-09 245964 2160233 1047 9192 48561 8187856 169 28529 837520 3758904 3657 16414 - - - -

2009-10 316956 2913890 1332 12243 57289 12142409 201 42605 883949 2988971 3843 12996 - - - -

2010-11 332540 2870952 1346 11623 54842 8207508 187 27917 1150037 4191037 4792 17463 - - - -

2011-12 412266 3488203 1732 14656 59573 7524816 205 25858 1283178 4642573 5579 20185 - - - -

2012-13 658055 6592032 2731 27353 83141 10804188 288 37385 1396138 4830933 6018 20823 - - - -

2013-14 820330 8956699 3390 37011 92795 14454046 317 49331 1512215 4743321 6490 20358 - - - -

2014-15 977948 10156162 4126 42853 109391 15735514 381 54828 1731706 5297790 7595 23236 - - - -

2015-16 883167 9728541 3665 40367 135623 17249279 490 62272 1885129 5489286 8056 23458 - - - -

2016-17 1342410 16874146 5570 70017 167888 23564763 622 87277 1926106 6274978 8302 27047 - - - -

2017-18 918737 11399881 3812 47302 198953 25636498 748 96378 2174774 6494454 9294 27754 - - - -

2018-19 806004 9355007 3331 38657 216207 27124989 804 100836 2375821 6814433 10197 29246 88670 14451590 821 133811

Apr-19 58435 791580 3246 43977 16149 1685734 850 88723 157497 665176 8750 36954 15506 2397559 816 126187

May-19 85941 1032918 3906 46951 22452 2416631 976 105071 187557 636813 8931 30324 18683 2994282 812 130186

2019-20 (UptoMay 2019)

144376 1824498 3609 45612 38601 4102364 919 97675 345054 1301989 8848 33384 34189 5391841 814 128377

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TABLE 12: CATEGORYWISE BUYING ACTIVITY Percent

Percent

* Call, Notice and Term Money segment.** Includes Small Finance and Payment Banks

TABLE 13: CATEGORYWISE SELLING ACTIVITY

* Call, Notice and Term Money segment.** Includes Small Finance and Payment Banks

statistics

79

Category OutrightReverse Repo

(FundsLending)

TREPLending@

UncollateralisedMoney Market

Lending*Forex

IRS-MIBOR

IRS-MIFOR

Co-operative Banks 3.60 0.54 1.12 32.89** 0.21 - -

Financial Institutions 0.41 1.13 2.84 - 0.00 - -

Foreign Banks 22.43 28.17 1.13 7.10 41.05 45.49 68.31

Insurance Companies 1.43 6.02 25.09 - - - -

Mutual Funds 6.05 26.17 52.68 - - - -

Others 5.02 0.34 10.23 - - - -

Primary Dealers 15.69 1.53 0.00 0.01 - 28.96 0.00

Private Sector Banks 27.78 23.60 3.53 36.70 28.32 23.77 31.22

Public Sector Banks 17.59 12.51 3.38 23.30 30.41 1.78 0.47

Total 100.00 100.00 100.00 100.00 100.00 100.00 100.00

Category OutrightRepo

(FundsBorrowing)

TREPBorrowing@

UncollateralisedMoney Market

Borrowing*Forex

IRS-MIBOR

IRS-MIFOR

Co-operative Banks 3.74 2.62 1.54 0.77** 0.21 - -

Financial Institutions 0.26 1.02 7.55 - 0.00 - -

Foreign Banks 20.36 31.49 10.40 12.42 41.91 51.03 52.83

Insurance Companies 1.15 0.00 0.07 - - - -

Mutual Funds 4.03 0.24 7.27 - - - -

Others 3.34 7.93 7.97 - - - -

Primary Dealers 17.92 46.02 8.50 25.25 - 18.33 0.00

Private Sector Banks 27.91 7.22 21.24 23.64 27.61 30.23 47.05

Public Sector Banks 21.30 3.46 35.48 37.91 30.27 0.41 0.12

Total 100.00 100.00 100.00 100.00 100.00 100.00 100.00Ju

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TABLE 14: COMPARABLE RATES Percent

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Money Market Rates (WAR) Benchmark Rates Auction Cut-offs Policy Rates

DateCall Repo TREP

FBIL-OvernightMIBOR(10:45A.M.)

FBIL-MROR(10:45A.M.)

FBIL-Term

MIBOR14 DAYS(11:45A.M.)

FBIL-Term

MIBOR1 Month(11:45A.M.)

FBIL-TermMIBOR 3Months(11:45A.M.)

10YBenchmark

(WAY)

91DTB

182DTB

364DTB

LAFRepo

LAFReverseRepo

2-May-19 6.0594 5.9588 5.8998 6.21 6.10 6.63 6.82 7.13 7.5091 - - - 5.75 6.00

3-May-19 6.0293 5.8985 5.8255 6.18 6.00 6.63 6.83 7.14 7.4880 - - - 5.75 6.00

4-May-19 5.4610 6.0000 5.5459 - - - - - - - - - 5.75 6.00

6-May-19 5.9438 5.9038 5.7715 6.09 5.97 6.60 6.80 7.13 7.4875 - - - 5.75 6.00

7-May-19 5.9442 5.8841 5.8111 6.05 5.92 6.56 6.78 7.12 7.4918 - - - 5.75 6.00

8-May-19 5.9587 5.8768 5.8432 6.05 5.89 6.53 6.76 7.12 7.4717 6.4805 6.5014 6.4805 5.75 6.00

9-May-19 5.9837 5.9963 5.9699 6.05 5.97 6.55 6.76 7.13 7.4765 - - - 5.75 6.00

10-May-19 5.9464 6.0180 5.9623 6.07 6.04 6.55 6.76 7.16 7.5025 - - - 5.75 6.00

13-May-19 5.9186 5.9664 5.8907 6.05 5.99 6.56 6.75 7.16 7.4940 - - - 5.75 6.00

14-May-19 5.9070 5.8976 5.8417 6.05 5.89 6.53 6.73 7.15 7.4459 - - - 5.75 6.00

15-May-19 5.9512 5.9186 5.8844 6.05 5.91 6.53 6.73 7.15 7.4623 6.3977 6.4587 6.3977 5.75 6.00

16-May-19 5.9551 5.9214 5.9136 6.05 5.91 6.53 6.72 7.14 7.4808 - - - 5.75 6.00

17-May-19 5.9890 5.9302 5.9477 6.05 5.92 6.54 6.70 7.13 7.4742 - - - 5.75 6.00

20-May-19 5.9585 5.9405 5.9612 6.05 5.95 6.54 6.69 7.12 7.2897 - - - 5.75 6.00

21-May-19 5.9411 5.9738 5.9768 6.05 5.96 6.53 6.70 7.12 7.3001 - - - 5.75 6.00

22-May-19 5.9360 5.9825 5.9600 6.05 5.99 6.54 6.69 7.11 7.2844 6.3563 6.3946 6.3563 5.75 6.00

23-May-19 5.9000 5.9736 5.9440 6.05 5.99 6.53 6.68 7.09 7.2216 - - - 5.75 6.00

24-May-19 5.8837 5.9399 5.9174 6.00 5.94 6.52 6.68 7.08 7.2195 - - - 5.75 6.00

27-May-19 5.9372 5.9656 5.9513 6.00 5.95 6.52 6.66 7.06 7.1829 - - - 5.75 6.00

28-May-19 5.8674 5.9718 5.9619 6.00 5.97 6.50 6.64 7.05 7.1472 - - - 5.75 6.00

29-May-19 5.8715 5.9724 5.9202 6.00 5.98 6.49 6.62 7.03 7.1268 6.1908 6.2665 6.1908 5.75 6.00

30-May-19 5.9231 5.9827 5.9794 6.00 6.00 6.47 6.62 7.01 7.1354 - - - 5.75 6.00

31-May-19 5.9191 5.9672 5.9430 6.00 6.00 6.45 6.59 6.98 7.0555 - - - 5.75 6.00

Average 5.9211 5.9496 5.8966 6.05 5.97 6.54 6.71 7.11 7.3522 6.3563 6.4053 6.3563 5.75 6.00

Max 6.0594 6.0180 5.9794 6.21 6.10 6.63 6.83 7.16 7.5091 6.4805 6.5014 6.4805 5.75 6.00

Min 5.4610 5.8768 5.5459 6.00 5.89 6.45 6.59 6.98 7.0555 6.1908 6.2665 6.1908 5.75 6.00

SD 0.1099 0.0393 0.0962 0.05 0.05 0.04 0.07 0.05 0.1555 0.1218 0.1024 0.1218

June 2019

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TABLE 15 : PROPRIETARY / CONSTITUENT SETTLEMENT ANALYSIS

GOVERNMENT SECURITIES MARKETSETTLEMENT ANALYSIS

Number of Participants: 277

Percent

statistics

81

Outright Repo

Proprietary Constituent Proprietary ConstituentSettlement

Period

Trades Value Trades Value Trades Value Trades Value

2002-03 80.54 87.54 19.46 12.46 99.58 99.81 0.42 0.19

2003-04 75.82 85.03 24.18 14.97 88.11 89.96 11.89 10.04

2004-05 75.96 81.95 24.04 18.05 81.83 86.21 18.17 13.79

2005-06 78.55 85.37 21.45 14.63 70.00 82.77 30.00 17.23

2006-07 87.78 90.06 12.22 9.94 70.67 85.01 29.33 14.99

2007-08 90.26 90.55 9.74 9.45 70.74 83.79 29.26 16.21

2008-09 89.48 88.32 10.52 11.68 72.60 87.98 27.40 12.02

2009-10 90.16 90.56 9.84 9.44 81.01 94.03 18.99 5.97

2010-11 89.23 89.92 10.77 10.08 80.58 89.37 19.42 10.63

2011-12 90.81 88.35 9.19 11.65 81.39 88.46 18.61 11.54

2012-13 89.69 87.05 10.31 12.95 90.89 92.91 9.11 7.09

2013-14 88.78 85.20 11.22 14.80 91.90 93.43 8.10 6.57

2014-15 89.88 88.50 10.12 11.50 94.15 93.04 5.85 6.96

2015-16 89.10 88.95 10.90 11.05 95.84 94.73 4.16 5.27

2016-17 87.56 87.62 12.44 12.38 95.46 94.19 4.54 5.81

2017-18 86.31 85.71 13.69 14.29 96.63 94.91 3.37 5.09

2018-19 85.71 84.28 14.29 15.72 96.13 93.30 3.87 6.70

Apr-19 85.47 84.02 14.53 15.98 95.95 91.39 4.05 8.61

May-19 85.00 84.92 15.00 15.08 96.16 92.47 3.84 7.53

2019-20 (UptoMay 2019)

85.19 84.53 14.81 15.47 96.07 92.02 3.93 7.98

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TABLE 16: DEAL SIZE ANALYSIS Percent

statistics

82

< 5 Cr 5 Cr > 5 Cr <=10 Cr >10 Cr<=20 Cr > 20 Cr

Settlement Period % tototaltrades

% tototalvalue

% tototaltrades

% tototalvalue

% tototaltrades

% tototalvalue

% tototaltrades

% tototalvalue

% tototaltrades

% tototalvalue

2002-03 10.22 1.64 75.71 67.68 10.88 19.23 2.30 6.80 0.89 4.65

2003-04 12.23 1.72 68.92 53.29 11.98 18.40 2.54 6.51 4.33 20.09

2004-05 14.24 1.75 67.12 47.55 9.72 13.59 2.98 7.02 5.93 30.09

2005-06 15.26 1.78 67.75 49.17 8.05 11.49 2.68 6.36 6.26 31.20

2006-07 8.30 0.93 71.38 47.90 12.50 16.67 2.59 5.76 5.23 28.75

2007-08 5.30 0.51 60.70 34.66 23.17 26.40 3.47 6.62 7.36 31.81

2008-09 5.69 0.56 64.57 36.76 20.60 23.40 2.89 5.52 6.26 33.76

2009-10 5.35 0.54 65.32 35.53 18.16 19.71 3.31 6.03 7.86 38.20

2010-11 6.34 0.69 64.62 37.42 18.04 20.84 3.90 7.58 7.10 33.46

2011-12 5.32 0.57 66.66 39.39 17.19 20.27 3.91 7.74 6.92 32.03

2012-13 4.21 0.45 60.06 29.98 21.30 21.23 5.09 8.66 9.33 39.68

2013-14 3.85 0.40 58.80 26.93 20.49 18.74 5.97 9.29 10.89 44.65

2014-15 2.78 0.33 61.13 29.43 21.40 20.58 5.42 8.89 9.27 40.77

2015-16 3.48 0.43 60.18 27.32 20.28 18.37 5.55 8.56 10.51 45.32

2016-17 3.43 0.42 52.33 20.81 23.71 18.83 6.66 9.07 13.87 50.86

2017-18 3.52 0.42 56.59 22.80 20.39 16.39 6.89 9.45 12.62 50.94

2018-19 3.57 0.44 59.89 25.80 18.60 15.97 6.48 9.50 11.47 48.28

Apr-19 2.47 0.26 56.35 20.80 19.70 14.52 6.95 8.73 14.52 55.69

May-19 3.58 0.45 56.92 23.68 20.15 16.74 6.64 9.42 12.70 49.72

2019-20 (UptoMay 2019)

3.13 0.36 56.69 22.43 19.97 15.77 6.77 9.12 13.44 52.31

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TABLE 17: T+2 TRADING SUMMARY* Amount Crore`

*As confirmed on trade date

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TABLE 18: T+2 TRADES - HISTORICAL TRADING SUMMARY*

Amount Crore`

*As confirmed on trade date

statistics

83

Date Trades Face Value

2-May-19 8 53

3-May-19 2 20

6-May-19 11 145

7-May-19 7 175

8-May-19 8 557

9-May-19 7 669

10-May-19 2 57

13-May-19 1 20

14-May-19 3 9

15-May-19 - -

16-May-19 2 80

17-May-19 5 110

20-May-19 5 76

21-May-19 1 1

22-May-19 8 182

23-May-19 1 12

24-May-19 15 1100

27-May-19 9 688

28-May-19 3 420

29-May-19 7 593

30-May-19 11 778

31-May-19 14 688

Total 130 6434

Month Trades Face Value

2015-16 2139 124016

2016-17 3054 212821

2017-18 2513 151185

2018-19 1430 83713

Apr-19 105 4831

May-19 130 6434

2019-20 (Upto May 2019) 235 11264

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TABLE 19: INSTRUMENT WISE BREAKUP OF OUTRIGHT TRADES Amount Crore`

Cen. Govt. Dated Securities Treasury Bills State Development LoansSettlement

PeriodValue

Avg.Value

%Share

ValueAvg.Value

%Share

ValueAvg.Value

%Share

2002-03 1032185 3475 95.91 37443 126 3.48 6519 22 0.61

2003-04 1458665 4911 92.61 102299 344 6.49 14169 48 0.90

2004-05 862820 2955 76.07 246703 845 21.75 24700 85 2.18

2005-06 657213 2443 76.00 189839 706 21.95 17700 66 2.05

2006-07 883248 4723 86.46 126956 679 12.43 11332 61 1.11

2007-08 1467704 5942 88.74 171914 696 10.39 14234 58 0.86

2008-09 1955412 8321 90.52 170436 725 7.89 34385 146 1.59

2009-10 2480850 10424 85.14 363283 1526 12.47 69757 293 2.39

2010-11 2552181 10333 88.90 275095 1114 9.58 43677 177 1.52

2011-12 3099108 13021 88.85 345237 1451 9.90 43859 184 1.26

2012-13 5920929 24568 89.82 552943 2294 8.39 118159 490 1.79

2013-14 7968661 32928 88.97 833191 3443 9.30 154847 640 1.73

2014-15 9149608 38606 90.09 823470 3475 8.11 183083 773 1.80

2015-16 8557672 35509 87.96 854390 3545 8.78 316479 1313 3.25

2016-17 15198472 63064 90.07 1073461 4454 6.36 602213 2499 3.57

2017-18 9830117 40789 86.23 1006055 4175 8.83 563709 2339 4.94

2018-19 7907618 32676 84.53 938339 3877 10.03 509050 2104 5.44

Apr-19 668038 37113 84.39 73809 4101 9.32 49733 2763 6.28

May-19 876143 39825 84.82 88022 4001 8.52 68752 3125 6.66

2019-20 (Upto May 2019) 1544181 38605 84.64 161832 4046 8.87 118485 2962 6.49

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TABLE 20: TENOR WISE ACTIVITY - CENTRAL GOVERNMENT DATED SECURITIES Percent

Year 2002-03 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09 2009-10 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 May-19 2019-20

2003 0.40 0.06 - - - - - - - - - - - - - - - - -

2004 1.82 1.31 0.04 - - - - - - - - - - - - - - - -

2005 0.44 0.79 2.40 0.09 - - - - - - - - - - - - - - -

2006 0.32 0.49 2.01 2.04 0.20 - - - - - - - - - - - - - -

2007 0.50 0.51 1.34 2.35 1.55 0.06 - - - - - - - - - - - - -

2008 3.58 2.73 2.04 2.06 1.44 0.31 0.00 - - - - - - - - - - - -

2009 2.81 3.18 5.43 2.64 2.83 11.43 4.27 0.43 - - - - - - - - - - -

2010 5.14 4.20 10.39 12.56 2.91 6.29 3.50 3.38 0.59 - - - - - - - - - -

2011 15.85 7.48 6.88 4.70 14.48 1.17 1.99 3.21 1.14 0.15 - - - - - - - - -

2012 21.42 12.04 4.66 8.19 4.27 0.56 1.04 2.94 2.38 0.82 0.05 - - - - - - - -

2013 9.21 7.53 2.13 6.48 0.59 2.99 1.92 1.57 1.29 0.12 0.08 0.05 - - - - - - -

2014 0.44 5.51 6.04 12.79 6.12 1.49 6.75 10.24 0.82 0.12 0.07 0.34 0.05 - - - - - -

2015 7.89 5.70 25.34 1.38 1.56 3.50 1.78 5.38 8.21 0.43 0.35 0.57 0.62 0.38 - - - - -

2016 2.98 0.88 2.07 0.26 32.66 1.00 1.63 13.70 5.12 0.80 0.13 0.20 0.19 0.63 0.18 - - - -

2017 17.65 25.82 16.64 22.60 17.69 47.01 5.84 1.05 6.76 1.05 4.57 4.86 0.24 0.79 0.84 0.05 - - -

2018 0.51 6.96 3.73 1.38 0.14 0.08 42.75 0.15 0.04 6.55 1.56 1.48 0.11 0.83 0.74 0.40 0.11 - -

2019 0.99 3.94 2.24 0.18 0.09 0.03 2.44 24.90 0.10 0.01 0.02 3.82 2.02 1.65 1.58 0.81 1.58 1.32 1.18

2020 0.06 3.75 1.73 0.10 0.10 0.01 0.02 19.27 32.76 1.56 7.77 6.38 10.43 12.47 6.23 2.93 3.12 2.35 3.22

2021 2.24 0.46 0.17 14.21 3.64 0.57 3.71 4.92 0.03 53.20 8.26 0.60 0.11 0.66 1.66 1.12 1.19 0.91 1.21

2022 2.77 2.66 1.44 1.13 0.52 5.82 1.56 1.43 35.55 13.87 25.16 12.91 2.73 1.49 1.22 4.07 6.37 2.02 2.61

2023 - 2.38 1.33 0.10 0.07 0.67 2.27 0.53 0.08 0.07 0.01 26.74 26.46 8.71 7.44 3.21 4.73 4.10 5.12

2024 - - - - 0.01 0.69 1.08 1.24 0.19 17.58 12.68 0.99 23.76 19.12 2.83 2.49 1.34 10.53 9.05

2025 - - - - - 0.16 1.30 0.30 0.05 0.01 10.78 13.02 0.16 20.27 3.87 2.44 0.33 0.60 0.75

2026 2.22 0.22 0.08 0.08 0.00 0.22 0.74 0.80 0.38 0.14 21.30 15.87 2.29 7.33 34.72 9.29 3.88 2.79 2.24

2027 - - - - 0.04 0.67 2.97 2.35 2.95 1.31 0.86 7.98 6.25 1.12 0.51 29.72 2.47 1.35 1.25

2028 - 1.14 0.98 0.09 0.06 0.03 0.04 0.01 0.01 0.00 0.00 0.00 21.17 4.46 0.43 4.87 63.15 29.81 36.49

2029 - - - - - - - - - 0.00 0.00 0.00 0.00 2.97 13.50 20.05 1.87 37.70 30.57

2030 - - - - - - - - - 0.95 3.88 2.06 1.14 13.39 21.61 2.76 0.40 0.62 0.53

2031 - - - - - - - - - 0.00 0.00 0.00 0.00 0.00 0.00 12.39 6.63 0.61 0.74

2032 0.74 0.29 0.30 0.35 0.27 2.46 7.71 0.62 0.72 0.27 0.31 0.91 0.43 0.57 0.21 0.41 0.71 1.81 2.11

2033 - - - - - - - - - 0.00 0.00 0.00 0.18 0.71 0.26 0.85 0.33 1.43 0.93

2034 - - 0.59 1.69 4.18 0.02 0.75 0.86 0.03 0.00 0.01 0.01 0.01 0.40 0.57 0.74 0.31 0.47 0.32

2035 - - - 2.55 0.08 0.01 0.26 0.26 0.01 0.00 0.00 0.10 0.02 0.03 0.12 0.11 0.63 0.40 0.49

2036 - - - - 4.50 12.75 3.07 0.10 0.04 0.00 0.45 0.03 0.05 0.06 0.09 0.07 0.05 0.02 0.03

2037 - - - - - - - - - 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

2038 - - - - - - - - - 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

2039 - - - - - - 0.63 0.38 0.00 0.00 0.00 0.00 0.00 0.00 0.05 0.03 0.01 0.07 0.05

2040 - - - - - - - - 0.75 0.62 0.11 0.03 0.19 0.18 0.07 0.10 0.04 0.09 0.11

2041 - - - - - - - - - 0.36 1.34 0.58 0.14 0.11 0.07 0.06 0.07 0.35 0.24

2042 - - - - - - - - - - 0.25 0.41 0.45 0.23 0.11 0.10 0.06 0.14 0.17

2043 - - - - - - - - - - - 0.05 0.61 0.23 0.13 0.04 0.04 0.04 0.02

2044 - - - - - - - - - - - - 0.19 0.69 0.39 0.35 0.07 0.09 0.07

2045 - - - - - - - - - - - - - 0.52 0.34 0.16 0.09 0.08 0.12

2046 - - - - - - - - - - - - - - 0.10 0.16 0.18 0.11 0.18

2047 - - - - - - - - - - - - - - - - 0.00 0.00 0.00

2048 - - - - - - - - - - - - - - - - 0.00 0.00 0.00

2049 - - - - - - - - - - - - - - - - 0.00 0.06 0.08

2050 - - - - - - - - - - - - - - - - 0.00 0.00 0.00

2051 - - - - - - - - - - - - - - 0.06 0.21 0.03 0.03 0.03

2052 - - - - - - - - - - - - - - - - 0.00 0.00 0.00

2053 - - - - - - - - - - - - - - - - 0.00 0.00 0.00

2054 - - - - - - - - - - - - - - - - 0.00 0.00 0.00

2055 - - - - - - - - - - - - - 0.02 0.07 0.02 0.19 0.03 0.06

2059 - - - - - - - - - - - - - - - - - 0.05 0.03

Total 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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TABLE 21: NETTING FACTOR: FUNDS

Netting Factor denotes the extent of actual reduction achieved through multi-lateral offsetting of individual member fund

obligations (arising out of every trade) to a single net fund obligation. This process has significantly reduced individual

funding requirements for every member and also achieved reduction in market liquidity risk.

Amount Crore`

NETTING FACTOR

Settlement Period Gross Net Netting Factor (%)

2002-03 2324017 653519 71.88

2003-04 4038385 979592 75.74

2004-05 4582506 1037355 77.36

2005-06 4460523 905062 79.71

2006-07 6275182 968185 84.57

2007-08 9646481 1596638 83.45

2008-09 10756665 1674892 84.43

2009-10 15502457 2642001 82.96

2010-11 11233653 2561298 77.20

2011-12 10996999 2191680 80.07

2012-13 17585265 3101477 82.36

2013-14 23207382 4256748 81.66

2014-15 26141572 4216733 83.87

2015-16 27433525 4352880 84.13

2016-17 42368619 6265051 85.21

2017-18 37795487 6679290 82.33

2018-19 36499037 6156934 83.13

Apr-19 2510548 377141 84.98

May-19 3511355 445338 87.32

2019-20 (Upto May 2019) 6021903 822479 86.34

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TABLE 22: NETTING FACTOR: SECURITIES Amount Crore`


2004-05 4250540 2462556 42.06

2005-06 4384775 2012523 54.10

2006-07 6123933 2418739 60.50

2007-08 9536455 3776777 60.40

2008-09 10365006 3750501 63.82

2009-10 15056277 6461619 57.08

2010-11 11078385 4883399 55.92

2011-12 11011992 4139464 62.41

2012-13 17395376 6568929 62.24

2013-14 23302555 9419626 59.58

2014-15 25891676 10026109 61.28

2015-16 26977725 10438154 61.31

2016-17 40603629 15078857 62.86

2017-18 37036379 15278527 58.75

2018-19 36479848 14837404 59.33

Apr-19 2478809 923378 62.75

May-19 3449549 1295519 62.44

2019-20 (Upto May 2019) 5928357 2218897 62.57

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TABLE 23: LIQUIDITY ANALYSIS FOR CENTRAL GOVERNMENT SECURITIES TRANSACTED DURING THE MONTH

88

Sr.No.

Security ISINMaturity

Date

Daystraded(in last

12months)

ValueTradedIn last

12 months(FV in

` Crore)

Percentsharein last

12monthsValue

No.of

Trades(May -2019)

Valuefor May- 2019(FV in

` Crore)

Percentshare in

(May2019)

Outstanding(FV in Rs.

Crore)

TurnoverRatio*

AverageDaily

TradingValue inlast 12months(FV in

` Crore)

AverageDaily

TradingValue inMay 2019

(FV in` Crore)

1 7.26% GS 2029 IN0020180454 14-Jan-29 91 605420 7.43 32341 328778 37.53 52865 622 6653 14944

2 7.17% GS 2028 IN0020170174 8-Jan-28 241 4933527 60.55 27426 260737 29.76 113148 230 20471 11852

3 7.32% GS 2024 IN0020180488 28-Jan-24 82 161125 1.98 6176 78585 8.97 38000 207 1965 3572

4 7.37% GS 2023 IN0020180025 16-Apr-23 228 357912 4.39 2179 32843 3.75 39988 82 1570 1493

5 7.27% GS 2026 IN0020190016 8-Apr-26 36 22448 0.28 1649 18994 2.17 15000 127 624 863

6 7.95% GS 2032 IN0020020106 28-Aug-32 181 78868 0.97 1393 14938 1.70 120000 12 436 679

7 7.57% GS 2033 IN0020190065 17-Jun-33 10 10745 0.13 1014 10745 1.23 5000 215 1075 1075

8 8.24% GS 2027 IN0020060078 15-Feb-27 187 45747 0.56 633 8069 0.92 111389 7 245 367

9 9.15% GS 2024 IN0020110048 14-Nov-24 155 21588 0.26 340 6492 0.74 92000 7 139 295

10 6.65% GS 2020 IN0020180017 9-Apr-20 237 108709 1.33 235 6467 0.74 43546 15 459 294

11 6.90% GS 2019 IN0020090042 13-Jul-19 224 45496 0.56 239 6121 0.70 42840 14 203 291

12 6.84% GS 2022 IN0020160050 19-Dec-22 238 329359 4.04 419 5186 0.59 99000 5 1384 273

13 8.40% GS 2024 IN0020140045 28-Jul-24 182 29291 0.36 244 5160 0.59 90000 6 161 258

14 8.13% GS 2022 IN0020070051 21-Sep-22 134 12937 0.16 172 4673 0.53 70495 7 97 246

15 6.35% GS 2020 IN0020020171 2-Jan-20 225 26785 0.33 237 4360 0.50 61000 7 119 198

16 7.00% GS 2021 IN0020180470 21-Jan-21 67 10720 0.13 267 4177 0.48 27000 15 160 199

17 7.80% GS 2020 IN0020100015 3-May-20 180 29445 0.36 99 3878 0.44 75000 5 164 204

18 7.40% GS 2035 IN0020050012 9-Sep-35 215 55069 0.68 710 3480 0.40 99245 4 256 158

19 7.50% GS 2034 IN0020040039 10-Aug-34 166 20333 0.25 428 3419 0.39 99101 3 122 171

20 8.12% GS 2020 IN0020120054 10-Dec-20 184 28866 0.35 116 3215 0.37 76000 4 157 161

21 8.83% GS 2041 IN0020110063 12-Dec-41 100 8486 0.10 102 3107 0.35 90000 3 85 222

22 7.72% GS 2025 IN0020150036 25-May-25 161 15845 0.19 155 3024 0.35 90032 3 98 216

23 6.05% GS 2019 IN0020030048 12-Jun-19 88 5106 0.06 72 2875 0.33 11000 26 58 221

24 6.68% GS 2031 IN0020170042 17-Sep-31 224 269913 3.31 238 2842 0.32 93252 3 1205 135

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TABLE 23: LIQUIDITY ANALYSIS FOR CENTRAL GOVERNMENT SECURITIES TRANSACTED DURING THE MONTH (Contd.)

Sr.No.


Date

Daystraded(in last

12months)

ValueTradedIn last

12 months(FV in

` Crore)

Percentsharein last

12monthsValue

No.of

Trades(May -2019)


` Crore)

Percentshare in

(May2019)


Crore)

TurnoverRatio*

AverageDaily


` Crore)

AverageDaily


(FV in` Crore)

25 7.88% GS 2030 IN0020150028 19-Mar-30 176 10262 0.13 175 2749 0.31 89000 3 58 153

26 FRB 2031 IN0020180041 7-Dec-31 19 12369 0.15 37 2525 0.29 61000 4 651 1263

27 7.28% GS 2019 IN0020130038 3-Jun-19 197 21247 0.26 74 2465 0.28 41188 6 108 154

28 7.80% GS 2021 IN0020110022 11-Apr-21 211 30874 0.38 78 2462 0.28 67493 4 146 137

29 8.20% GS 2022 IN0020060037 15-Feb-22 163 32367 0.40 93 2454 0.28 57632 4 199 164

30 8.20% GS 2025 IN0020120047 24-Sep-25 177 17409 0.21 162 2261 0.26 90000 3 98 126

31 7.35% GS 2024 IN0020090034 22-Jun-24 191 19388 0.24 155 2058 0.23 90168 2 102 121

32 6.79% GS 2027 IN0020170026 15-May-27 155 15676 0.19 114 1907 0.22 121000 2 101 112

33 8.35% GS 2022 IN0020020072 14-May-22 98 14293 0.18 42 1679 0.19 77000 2 146 140

34 8.15% GS 2022 IN0020120013 11-Jun-22 176 26431 0.32 75 1649 0.19 83000 2 150 127

35 8.27% GS 2020 IN0020140029 9-Jun-20 181 25749 0.32 52 1591 0.18 72000 2 142 94

36 7.59% GS 2026 IN0020150093 11-Jan-26 233 275870 3.39 93 1567 0.18 119000 1 1184 104

37 8.26% GS 2027 IN0020070036 2-Aug-27 145 6726 0.08 78 1522 0.17 73728 2 46 101

38 8.33% GS 2026 IN0020120039 9-Jul-26 72 6579 0.08 65 1470 0.17 90000 2 91 210

39 8.97% GS 2030 IN0020110055 5-Dec-30 110 10570 0.13 81 1418 0.16 90000 2 96 83

40 8.30% GS 2042 IN0020120062 31-Dec-42 75 7235 0.09 40 1211 0.14 104529 1 96 101

41 7.59% GS 2029 IN0020150069 20-Mar-29 122 7263 0.09 80 1147 0.13 96237 1 60 143

42 7.16% GS 2023 IN0020130012 20-May-23 221 35908 0.44 86 1137 0.13 77100 1 162 63

43 6.97% GS 2026 IN0020160035 6-Sep-26 113 5631 0.07 90 1111 0.13 91578 1 50 85

44 6.57% GS 2033 IN0020160100 5-Dec-33 150 15474 0.19 122 1093 0.12 66656 2 103 68

45 8.15% GS 2026 IN0020140060 24-Nov-26 107 9609 0.12 49 1085 0.12 86489 1 90 83

46 7.61% GS 2030 IN0020160019 9-May-30 148 9135 0.11 90 1055 0.12 85000 1 62 81

47 7.94% GS 2021 IN0020060318 24-May-21 210 19242 0.24 31 1016 0.12 49425 2 92 68

48 7.06% GS 2046 IN0020160068 10-Oct-46 164 16825 0.21 203 953 0.11 100000 1 103 53

June 2019


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Sr.No.


Date

Daystraded(in last

12months)

ValueTradedIn last

12 months(FV in

` Crore)

Percentsharein last

12monthsValue

No.of

Trades(May -2019)


` Crore)

Percentshare in

(May2019)


Crore)

TurnoverRatio*

AverageDaily


` Crore)

AverageDaily


(FV in` Crore)

49 8.19% GS 2020 IN0020110071 16-Jan-20 108 12388 0.15 52 950 0.11 74000 1 115 95

50 7.68% GS 2023 IN0020150010 15-Dec-23 154 18517 0.23 43 841 0.10 88132 1 120 76

51 8.17% GS 2044 IN0020140078 1-Dec-44 129 5975 0.07 50 796 0.09 97000 1 46 61

52 8.30% GS 2040 IN0020100031 2-Jul-40 90 4597 0.06 53 780 0.09 90000 1 51 87

53 6.17% GS 2023 IN0020030055 12-Jun-23 83 2692 0.03 43 764 0.09 14000 5 32 55

54 8.24% GS 2033 IN0020140052 10-Nov-33 137 12781 0.16 65 729 0.08 99275 1 93 56

55 8.13% GS 2045 IN0020150044 22-Jun-45 136 8969 0.11 39 686 0.08 98000 1 66 62

56 7.73% GS 2034 IN0020150051 19-Dec-34 164 6358 0.08 89 663 0.08 100000 1 39 41

57 8.2%GS15FEB2022P IN000222P019 15-Feb-22 4 1360 0.02 2 605 0.07 - - 340 303

58 8.28% GS 2032 IN0020060086 15-Feb-32 96 3395 0.04 23 584 0.07 90687 1 35 83

59 8.08% GS 2022 IN0020070028 2-Aug-22 158 15919 0.20 25 556 0.06 68969 1 101 56

60 7.72% GS 2049 IN0020190032 15-Jun-49 17 1196 0.01 28 550 0.06 16000 3 70 55

61 7.62% GS 2039 IN0020190024 15-Sep-39 13 707 0.01 51 527 0.06 11012 5 54 53

62 5.87% GS 2022 IN0020039031 28-Aug-22 18 705 0.01 14 490 0.06 11000 4 39 123

63 7.63% GS 2059 IN0020190057 17-Jun-59 8 396 0.00 17 396 0.05 12000 3 50 50

64 8.28% GS 2027 IN0020070069 21-Sep-27 139 9340 0.11 19 351 0.04 90001 0 67 59

65 6.79% GS 2029 IN0020160118 26-Dec-29 92 3133 0.04 49 351 0.04 118801 0 34 27

66 8.35%GS14MAY2022P IN000522P012 14-May-22 3 1360 0.02 2 340 0.04 - - 453 340

67 6.62% GS 2051 IN0020160092 28-Nov-51 56 986 0.01 38 305 0.03 55000 1 18 28

68 6.01% GS 2028 IN0020020247 25-Mar-28 49 472 0.01 41 246 0.03 15000 2 10 18

69 9.23% GS 2043 IN0020130079 23-Dec-43 68 2769 0.03 21 242 0.03 79472 0 41 35

70 7.72% GS 2055 IN0020150077 26-Oct-55 126 14502 0.18 17 239 0.03 100000 0 115 30

71 9.20% GS 2030 IN0020130053 30-Sep-30 65 1431 0.02 30 232 0.03 61885 0 22 15

72 8.83% GS 2023 IN0020130061 25-Nov-23 103 11517 0.14 6 219 0.02 83000 0 112 55

June 2019

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91

Sr.No.


Date

Daystraded(in last

12months)

ValueTradedIn last

12 months(FV in

` Crore)

Percentsharein last

12monthsValue

No.of

Trades(May -2019)


` Crore)

Percentshare in

(May2019)


Crore)

TurnoverRatio*

AverageDaily


` Crore)

AverageDaily


(FV in` Crore)

73 8.33% GS 2032 IN0020070077 21-Sep-32 23 1581 0.02 7 200 0.02 1522 13 69 100

74 8.33% GS 2036 IN0020060045 7-Jun-36 90 4232 0.05 14 194 0.02 86000 0 47 39

75 8.79% GS 2021 IN0020110030 8-Nov-21 167 17723 0.22 13 162 0.02 83000 0 106 23

76 8.32% GS 2032 IN0020070044 2-Aug-32 87 2211 0.03 7 154 0.02 89434 0 25 77

77 6.30% GS 2023 IN0020030014 9-Apr-23 57 2314 0.03 20 138 0.02 13000 1 41 13

78 7.95% FERT SB 2026 IN0020079037 18-Feb-26 17 173 0.00 9 117 0.01 3551 3 10 29

79 6.13% GS 2028 IN0020030022 4-Jun-28 48 260 0.00 35 111 0.01 11000 1 5 10

80 10.25% GS 2021 IN0020010040 30-May-21 34 627 0.01 9 108 0.01 26213 0 18 15

81 6.83% GS 2039 IN0020080050 19-Jan-39 26 430 0.01 28 108 0.01 13000 1 17 14

82 8.60% GS 2028 IN0020140011 2-Jun-28 126 6900 0.08 15 107 0.01 84000 0 55 15

83 7.69% GS 2043 IN0020190040 17-Jun-43 1 100 0.00 2 100 0.01 6000 2 100 100

84 6.90% OMC SB 2026 IN0020089069 4-Feb-26 32 1936 0.02 3 90 0.01 21942 0 61 45

85 GS26OCT2019C IN001019C032 26-Oct-19 7 123 0.00 2 82 0.01 - - 18 41

86 GS26APR2020C IN000420C033 26-Apr-20 6 82 0.00 3 41 0.00 - - 14 41

87 GS15FEB2021C IN000221C019 15-Feb-21 4 56 0.00 2 25 0.00 - - 14 13

88 GS15FEB2020C IN000220C011 15-Feb-20 4 56 0.00 2 25 0.00 - - 14 13

89 GS15FEB2022C IN000222C017 15-Feb-22 4 56 0.00 2 25 0.00 - - 14 13

90 GS15AUG2021C IN000821C016 15-Aug-21 4 56 0.00 2 25 0.00 - - 14 13

91 GS15AUG2020C IN000820C018 15-Aug-20 4 56 0.00 2 25 0.00 - - 14 13

92 GS09MAR2020C IN000320C019 9-Mar-20 3 33 0.00 1 17 0.00 - - 11 17

93 GS14NOV2020C IN001120C012 14-Nov-20 3 57 0.00 1 14 0.00 - - 19 14

94 GS14MAY2021C IN000521C012 14-May-21 3 57 0.00 1 14 0.00 - - 19 14

95 GS14MAY2022C IN000522C010 14-May-22 3 57 0.00 1 14 0.00 - - 19 14

96 GS14MAY2020C IN000520C014 14-May-20 3 57 0.00 1 14 0.00 - - 19 14

June 2019


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92

Sr.No.


Date

Daystraded(in last

12months)

ValueTradedIn last

12 months(FV in

` Crore)

Percentsharein last

12monthsValue

No.of

Trades(May -2019)


` Crore)

Percentshare in

(May2019)


Crore)

TurnoverRatio*

AverageDaily


` Crore)

AverageDaily


(FV in` Crore)

97 GS14NOV2019C IN001119C014 14-Nov-19 3 57 0.00 1 14 0.00 - - 19 14

98 GS14NOV2021C IN001121C010 14-Nov-21 3 57 0.00 1 14 0.00 - - 19 14

99 GS15AUG2019C IN000819C010 15-Aug-19 3 41 0.00 1 10 0.00 - - 14 10

100 8.30% FERT SB 2023 IN0020079011 7-Dec-23 16 107 0.00 2 2 0.00 3880 0 7 1

101 8.20% OMC SB 2024 IN0020099019 15-Sep-24 23 45 0.00 2 2 0.00 10306 0 2 1

102 8.00% OMC SB 2026 IN0020089077 23-Mar-26 17 70 0.00 1 1 0.00 10000 0 4 1

103 10.03% GS 2019 IN0020010065 9-Aug-19 21 180 0.00 1 0 0.00 6000 0 9 0

104 8.01% OMC SB 2023 IN0020060052 15-Dec-23 10 46 0.00 1 0 0.00 4150 0 5 0

105Other Securities Traded DuringThe Past1 2 Months But NotTraded During The Month

80300 0.99

Total 8147473 100.00 80058 876145 100.00

Other Securities Traded During The Past 12 Months But Not Traded During The Month

June 2019

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TABLE 24: MARKET SHARE OF TOP 'N' SECURITIES Percent

statistics

TABLE 25: MARKET SHARE OF MEMBERS IN OUTRIGHT SETTLEMENT Percent

Settlement Period Top 5 Top 10 Top 15 Top 20

2003-04 39.01 57.30 70.28 79.43

2004-05 49.97 66.31 74.56 80.36

2005-06 63.75 82.82 89.67 92.85

2006-07 74.88 88.82 92.37 94.88

2007-08 66.35 83.84 92.54 95.79

2008-09 61.07 73.89 81.92 87.35

2009-10 60.71 79.08 86.48 90.54

2010-11 71.77 88.33 93.91 96.39

2011-12 85.51 94.15 97.07 98.68

2012-13 77.59 94.68 97.63 98.70

2013-14 68.11 90.79 95.61 97.70

2014-15 79.28 91.80 96.45 97.74

2015-16 66.26 82.74 88.47 91.80

2016-17 68.59 86.20 90.49 92.79

2017-18 70.79 79.86 85.06 88.59

2018-19 81.46 87.56 90.50 92.82

Apr-19 79.24 84.90 88.27 91.12

May-19 82.17 87.50 90.41 92.49

2019-20 (Upto May 2019) 80.64 85.84 88.87 91.14

Settlement Period Top 5 Top 10 Top 15 Top 20

2002-03 20.17 32.59 42.33 50.14

2003-04 19.02 31.58 40.63 48.49

2004-05 21.20 35.51 46.10 54.37

2005-06 21.84 37.47 49.11 57.64

2006-07 28.93 45.34 57.08 65.89

2007-08 27.42 43.65 56.17 65.31

2008-09 28.33 45.51 57.23 65.63

2009-10 28.74 44.32 55.32 63.35

2010-11 34.01 49.31 59.66 67.17

2011-12 30.04 47.85 60.10 68.81

2012-13 31.30 48.48 59.42 67.31

2013-14 33.33 49.48 59.63 67.34

2014-15 31.06 46.52 56.59 64.50

2015-16 32.08 48.64 58.60 65.67

2016-17 30.02 45.15 54.73 62.20

2017-18 29.35 45.89 55.80 63.20

2018-19 30.65 47.00 57.78 65.68

Apr-19 29.08 45.60 57.82 65.82

May-19 28.50 44.84 56.59 65.88

2019-20 (Upto May 2019) 28.75 45.17 57.13 65.86

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TABLE 26: MARKET SHARE OF TOP FIVE MEMBERS (CATEGORYWISE) Percent

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TRADING ANALYSIS

TABLE 27: TRADING PLATFORM ANALYSIS OF OUTRIGHT TRADES* Amount Crore`

*as on trade date

94

CategoriesCooperative

BanksForeignBanks

PublicSectorBanks

PrivateSectorBanks

MutualFunds

PrimaryDealers

No of Members 65 38 20 21 39 7

2002-03 87.04 75.91 41.44 50.65 59.76 62.00

2003-04 76.72 75.48 43.88 53.33 55.47 62.96

2004-05 82.30 77.94 51.20 69.12 56.99 61.90

2005-06 75.10 77.91 53.45 71.55 56.49 56.95

2006-07 77.20 76.04 52.57 73.68 68.00 72.44

2007-08 86.70 74.99 55.29 73.01 70.20 86.20

2008-09 82.16 76.26 52.53 76.79 66.10 86.83

2009-10 72.08 79.86 47.99 79.61 64.19 82.44

2010-11 62.05 83.05 48.99 74.60 66.49 84.80

2011-12 61.15 75.91 51.48 74.43 68.01 82.38

2012-13 55.50 77.32 48.92 83.43 65.36 82.08

2013-14 55.31 81.15 45.68 86.53 65.08 85.35

2014-15 58.68 82.14 47.58 80.35 66.19 87.29

2015-16 60.56 86.10 50.22 83.16 63.90 89.18

2016-17 56.83 87.23 45.98 79.16 62.48 93.18

2017-18 58.90 80.40 59.40 80.72 56.80 91.62

2018-19 59.31 73.60 59.83 85.74 58.74 91.66

Apr-19 41.79 72.73 55.70 83.54 53.98 89.29

May-19 48.69 68.51 53.91 85.61 55.10 93.30

2019-20 (UptoMay 2019)

46.34 70.43 54.64 84.67 54.56 91.69

OTC NDS-OM TotalPeriod

Trades % Share Value % Share Trades % Share Value % Share Trades Value

2005-06 38809 50.36 292515 56.98 38251 49.64 220890 43.02 77060 513405

2006-07 35322 25.79 368704 36.11 101641 74.21 652270 63.89 136963 1020974

2007-08 31020 16.43 453226 27.42 157823 83.57 1199919 72.58 188843 1653145

2008-09 35288 14.35 613229 28.36 210585 85.65 1548906 71.64 245873 2162135

2009-10 40736 12.87 798397 27.41 275769 87.13 2113896 72.59 316505 2912293

2010-11 42710 12.85 622558 21.73 289636 87.15 2241886 78.27 332346 2864444

2011-12 44908 10.89 731938 20.96 367495 89.11 2760795 79.04 412403 3492733

2012-13 57757 8.79 1179701 17.91 599316 91.21 5408334 82.09 657073 6588036

2013-14 57545 7.03 1501310 16.79 760964 92.97 7437982 83.21 818509 8939292

2014-15 57293 5.85 1635278 16.09 921361 94.15 8531024 83.91 978654 10166302

2015-16 60560 6.86 1891410 19.42 822803 93.14 7846591 80.58 883363 9738000

2016-17 84504 6.30 2804041 16.64 1255872 93.70 14051698 83.36 1340376 16855738

2017-18 66190 7.21 2685956 23.59 851940 92.79 8699962 76.41 918130 11385918

2018-19 54653 6.80 1865656 19.97 749493 93.20 7475388 80.03 804146 9341044

Apr-19 4261 7.28 211567 26.72 54277 92.72 580176 73.28 58538 791743

May-19 6166 6.75 197927 18.00 85168 93.25 901617 82.00 91334 1099543

2019-20 (UptoMay 2019)

10427 6.96 409494 21.65 139445 93.04 1481793 78.35 149872 1891286

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TABLE 29: MARKET SHARE - PROPRIETARY TRADES* Percent

* Trade Data

TABLE 28A: WHEN-ISSUED TRADING - HISTORICAL

TABLE 28: WHEN ISSUED TRADING DETAILS

Amount Crore`

Amount Crore`

statistics

Security Description Maturity Date Trades Value

7.00% GS 2021 21-Jan-21 1 5.00

Total 1 5.00

Period Trades Value

2006-07 154 1270

2007-08 169 1530

2008-09 335 3000

2009-10 320 3180

2010-11 306 2715

2011-12 391 2985

2012-13 1586 11805

2013-14 1406 11295

2014-15 1232 11265

2015-16 679 5755

2016-17 1400 13535

2017-18 966 9555

2018-19 60 705

Apr-19 - -

May-19 1 5

2019-20 (Upto May 2019) 1 5

Buy SellCategory

Trades Value Trades Value

Co-operative Banks 6.96 3.41 7.19 3.57

Financial Institutions 0.48 0.43 0.39 0.27

Foreign Banks 15.27 20.03 15.09 18.55

Insurance Companies 0.90 1.60 0.88 1.18

Mutual Funds 4.61 6.18 3.91 3.98

Others 5.97 3.72 5.56 3.24

Primary Dealers 17.37 15.89 17.81 17.89

Private Sector Banks 19.93 21.47 18.52 22.02

Provident Funds 0.13 0.98 0.00 0.00

Public Sector Banks 20.12 17.53 22.26 21.56

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TABLE 30: MARKET SHARE - CONSTITUENT TRADES* Percent

*Trade data

PercentTABLE 31: TURNOVER RATIO

TABLE 32A: NET PROPRIETARY TRADING IN OUTRIGHT MARKET Percent

statistics

96

DateForeignBanks

MutualFunds

OthersPrimaryDealers

PrivateSectorBanks

PublicSectorBanks

2-May-19 -0.40 2.02 10.77 -3.30 -3.89 -4.43

3-May-19 -3.97 5.27 3.06 -3.22 0.96 -1.73

6-May-19 2.75 0.82 0.25 1.33 -3.65 -0.83

7-May-19 3.02 -0.42 -0.26 0.19 0.83 -2.95

8-May-19 11.32 4.23 1.86 0.97 -10.08 -10.16

9-May-19 -0.15 1.08 2.97 -1.48 -3.63 -1.55

10-May-19 1.91 3.03 4.15 -13.11 -3.58 1.21

13-May-19 0.26 0.93 0.93 0.63 1.77 -6.01

14-May-19 2.68 2.94 1.84 -0.05 0.17 -6.86

15-May-19 -5.01 7.00 2.08 -12.37 -0.61 5.05

x16-May-19 -0.98 -0.04 -1.33 -1.04 -2.19 3.21

17-May-19 -2.81 1.69 3.06 -3.06 0.03 -1.32

20-May-19 6.20 1.61 -0.11 3.18 5.62 -14.41

21-May-19 0.35 -4.00 3.24 -7.93 5.60 3.44

22-May-19 -1.54 4.08 -0.04 -1.70 1.07 -4.11

23-May-19 4.88 3.29 0.81 0.40 1.01 -9.91

24-May-19 3.35 0.12 1.78 -2.83 -0.79 -3.20

27-May-19 3.40 3.15 0.12 -0.84 2.33 -9.79

28-May-19 1.16 0.53 2.14 -1.94 -0.60 -0.49

29-May-19 0.84 7.83 0.48 -2.83 -6.23 -1.99

30-May-19 -5.40 -0.17 0.42 -0.57 1.15 2.32

31-May-19 1.12 2.66 2.47 -2.23 -1.32 -4.35

Net Activity in May-19 1.47 2.46 1.62 -2.00 -0.55 -4.03

Buy SellConstituent Category


Banks 0.14 0.18 0.38 0.35

Co-operative Banks 2.35 0.97 2.80 1.14

Corporates 3.39 4.21 3.69 4.09

FIIs 0.23 0.95 0.13 0.58

Insurance Companies 1.23 1.63 0.97 1.30

Mutual Funds 0.13 0.15 0.12 0.12

Finance Cos. 0.02 0.14 0.00 0.01

Others 0.05 0.08 0.01 0.02

Provident Funds 0.70 0.46 0.30 0.13

Current Month Previous Month 3 Months 6 Months 12 Months

1.50% 1.31% 1.24% 1.28% 0.92%

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TABLE 32B: CONSTITUENT ACTIVITY IN OUTRIGHT MARKET

statistics

Buy Side Sell Side

DateTrades

Volume(` Cr)

% Share inTotal Outright

VolumesTrades

Volume(` Cr)

% Share inTotal Outright

Volumes

2-May-19 194 2808.14 9.04 269 3050.90 9.82

3-May-19 210 2657.06 7.71 223 2784.93 8.09

6-May-19 223 2072.22 7.38 212 2261.20 8.05

7-May-19 213 2611.01 6.42 272 2775.66 6.82

8-May-19 250 3174.79 7.44 240 2376.56 5.57

9-May-19 274 3824.52 11.79 206 2931.23 9.04

10-May-19 265 3629.08 11.51 143 1615.50 5.13

13-May-19 195 2044.28 5.62 152 1509.00 4.15

14-May-19 406 3884.45 5.95 555 4357.40 6.67

15-May-19 284 3505.92 7.77 164 1771.49 3.93

16-May-19 254 2638.99 8.32 186 1891.13 5.97

17-May-19 229 2837.30 7.55 197 1932.11 5.14

20-May-19 360 3666.90 6.32 521 4876.51 8.40

21-May-19 222 2197.19 7.64 210 2397.48 8.33

22-May-19 411 5273.66 9.16 326 3979.91 6.91

23-May-19 568 7783.44 9.70 673 8157.69 10.16

24-May-19 410 6092.39 9.69 495 5103.28 8.12

27-May-19 486 7686.71 9.46 528 6359.94 7.83

28-May-19 510 6218.94 8.14 564 6832.94 8.94

29-May-19 428 5454.26 8.35 414 4211.03 6.45

30-May-19 388 4387.74 11.85 284 3556.12 9.61

31-May-19 749 11968.76 12.60 841 10408.20 10.96

Total Activity in May-19 7529 96417.74 8.77 7675 85140.20 7.74

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TABLE 33: TRADING SUMMARY Amount Crore`

*Amount in USD Million

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Central Government SDL T-Bills Total Repo TREP Forex*Date

Trades Value Trades Value Trades Value Trades Value Trades Value Trades Value Trades Value

2-May-19 2349 22983 155 5872 69 2198 2573 31053 511 55516 807 140453 8381 31964

3-May-19 2895 29579 99 1783 59 3080 3053 34442 534 53812 836 132953 9502 31750

4-May-19 3 1468 143 13787

6-May-19 2588 25485 144 1814 37 779 2769 28077 497 57553 836 139099 7483 25403

7-May-19 3747 37555 139 1966 37 1165 3923 40686 496 58430 814 130569 7907 25157

8-May-19 3056 33174 157 2093 121 7432 3334 42699 501 52771 811 125471 7603 23245

9-May-19 2659 27633 148 2629 76 2177 2883 32439 547 61515 856 132327 7072 21148

10-May-19 2393 25102 89 1049 74 5369 2556 31520 549 61977 867 134821 7287 22559

13-May-19 3314 33866 92 1447 24 1060 3430 36372 481 54527 848 136866 8632 23838

14-May-19 5085 56075 333 6113 72 3139 5490 65327 482 51346 882 143996 8217 22905

15-May-19 3361 35854 160 1572 116 7688 3637 45115 525 56192 841 134861 10180 27250

16-May-19 2382 27744 169 1993 84 1966 2635 31702 512 56697 815 133414 7380 24128

17-May-19 2790 32164 166 2647 39 2754 2995 37565 482 54410 806 128033 8526 25953

20-May-19 5149 54331 166 1730 69 1963 5384 58024 456 50132 889 135542 8595 23993

21-May-19 2415 23486 189 2528 88 2756 2692 28770 494 51611 838 129606 7608 22872

22-May-19 4125 46036 242 3168 126 8397 4493 57601 490 47076 837 143122 8998 25923

23-May-19 6474 71264 257 3974 142 5038 6873 80275 474 47939 889 145009 7150 22419

24-May-19 4814 58585 125 1445 66 2846 5005 62877 494 51424 816 125020 8703 25211

27-May-19 6509 71666 240 4917 83 4685 6832 81268 534 56027 819 134627

28-May-19 5459 62378 387 9176 71 4864 5917 76418 536 61889 868 144680 16806 40131

29-May-19 4046 50799 322 5045 119 9490 4487 65335 536 51954 805 131347 7300 25386

30-May-19 2449 28574 232 3631 106 4813 2787 37017 551 56928 859 140152 8032 24471

31-May-19 7207 86184 275 4945 104 3833 7586 94962 603 65001 901 138529 16195 121109

Total 85266 940517 4286 71536 1782 87491 91334 1099544 11288 1216195 18683 2994282 187557 636813

Average 3876 42751 195 3252 81 3977 4152 49979 491 52878 812 130186 8931 30324

Market Share (%) 93.36 85.54 4.69 6.51 1.95 7.96

June 2019


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TABLE 34: G-SEC TRADING ANALYSIS Amount Crore`

statis

tic

s

OTC (Gilts) NDS-OM (Gilts) Brokered Deals (Gilts) Total (Gilts)

DateTrades

No. ofSecurities

ValueMarketShare(%)

TradesNo. of

SecuritiesValue

MarketShare(%)

TradesNo. of

SecuritiesValue

MarketShare(%)

TradesNo. of

SecuritiesValue

2-May-19 67 25 1459 6.35 2282 30 21525 93.65 13 9 447 1.95 2349 37 22983

3-May-19 104 35 2853 9.65 2791 35 26726 90.35 15 7 645 2.18 2895 47 29579

6-May-19 75 18 1751 6.87 2513 35 23734 93.13 10 5 775 3.04 2588 41 25485

7-May-19 121 30 2314 6.16 3626 39 35241 93.84 13 7 685 1.82 3747 50 37555

8-May-19 116 33 3212 9.68 2940 56 29962 90.32 11 7 530 1.60 3056 59 33174

9-May-19 106 27 2829 10.24 2553 46 24804 89.76 28 13 775 2.80 2659 55 27633

10-May-19 171 26 5254 20.93 2222 34 19848 79.07 31 9 1128 4.49 2393 44 25102

13-May-19 87 14 1741 5.14 3227 45 32125 94.86 12 5 403 1.19 3314 45 33866

14-May-19 189 28 3250 5.80 4896 43 52824 94.20 22 10 1288 2.30 5085 45 56075

15-May-19 117 29 3995 11.14 3244 38 31859 88.86 21 14 1430 3.99 3361 46 35854

16-May-19 101 31 3022 10.89 2281 44 24722 89.11 15 8 630 2.27 2382 54 27744

17-May-19 144 23 5573 17.33 2646 37 26591 82.67 32 9 1667 5.18 2790 40 32164

20-May-19 199 40 4342 7.99 4950 48 49989 92.01 30 17 1435 2.64 5149 57 54331

21-May-19 96 24 2589 11.03 2319 49 20897 88.97 19 9 775 3.30 2415 52 23486

22-May-19 150 38 3884 8.44 3975 54 42153 91.56 24 11 1505 3.27 4125 58 46036

23-May-19 258 41 5402 7.58 6216 55 65861 92.42 24 10 1183 1.66 6474 63 71264

24-May-19 251 41 7778 13.28 4563 55 50808 86.72 12 8 755 1.29 4814 60 58585

27-May-19 181 40 6286 8.77 6328 54 65380 91.23 23 16 1540 2.15 6509 57 71666

28-May-19 189 36 5753 9.22 5270 59 56626 90.78 28 16 1820 2.92 5459 63 62378

29-May-19 181 43 8123 15.99 3865 56 42676 84.01 29 11 2375 4.68 4046 62 50799

30-May-19 116 37 4964 17.37 2333 53 23610 82.63 27 10 2418 8.46 2449 57 28574

31-May-19 379 95 13333 15.47 6828 58 72852 84.53 35 13 2255 2.62 7207 115 86184

Total 3398 99706 81868 840811 474 26463 85266 940517

Average 154 34 4532 3721 47 38219 22 10 1203 3876 55 42751

PercentMarket Share

10.60 89.40 2.81

June 2019


TABLE 35: T-BILL TRADING ANALYSIS Amount Crore`

statis

tic

sOTC (T-Bills) NDS-OM (T-Bills) Brokered Deals (T-Bills) Total (T-Bills)

DateTrades

No. ofSecurities

ValueMarketShare(%)

TradesNo. of

SecuritiesValue

MarketShare(%)

TradesNo. of

SecuritiesValue

MarketShare(%)

TradesNo. of

SecuritiesValue

2-May-19 34 18 1308 59.51 35 14 890 40.49 6 5 909 41.37 69 24 2198

3-May-19 20 8 1305 73.19 39 10 1776 99.60 8 1 750 42.07 59 17 3080

6-May-19 17 8 186 23.91 20 11 593 76.09 1 1 25 3.21 37 13 779

7-May-19 21 12 494 42.36 16 10 672 57.64 8 7 362 31.07 37 19 1165

8-May-19 78 12 6488 87.31 43 14 943 12.69 9 5 799 10.75 121 20 7432

9-May-19 30 16 1022 46.93 46 16 1155 53.07 2 2 400 18.38 76 25 2177

10-May-19 38 18 3281 61.11 36 9 2088 38.89 18 8 2890 53.83 74 24 5369

13-May-19 4 3 265 25.04 20 10 794 74.96 - - - - 24 10 1060

14-May-19 21 10 849 27.04 51 19 2291 72.96 2 2 90 2.87 72 24 3139

15-May-19 58 15 5918 76.97 58 24 1770 23.03 2 2 175 2.28 116 29 7688

16-May-19 32 20 954 48.53 52 18 1012 51.47 5 5 775 39.42 84 31 1966

17-May-19 19 13 2089 75.85 20 10 665 24.15 2 2 130 4.72 39 18 2754

20-May-19 33 14 1118 56.92 36 16 846 43.08 8 7 620 31.58 69 25 1963

21-May-19 27 14 1405 51.00 61 13 1350 49.00 5 5 470 17.06 88 23 2756

22-May-19 69 21 6678 79.53 57 16 1719 20.47 10 8 1800 21.44 126 26 8397

23-May-19 60 18 1700 33.74 82 15 3338 66.26 10 7 625 12.41 142 26 5038

24-May-19 29 14 1271 44.67 37 16 1575 55.33 11 8 855 30.04 66 22 2846

27-May-19 25 11 2190 46.75 58 19 2495 53.25 13 4 2010 42.90 83 24 4685

28-May-19 33 22 3144 64.64 38 13 1720 35.36 18 12 2493 51.26 71 30 4864

29-May-19 45 20 5914 62.31 74 23 3577 37.69 8 7 1707 17.98 119 35 9490

30-May-19 51 28 3390 70.44 55 22 1423 29.56 18 12 2015 41.87 106 38 4813

31/May/19 36 17 2144 55.94 68 14 1689 44.06 2 2 100 2.61 104 23 3833

Total 780 53112 1002 34379 166 20001 1782 87491

Average 35 15 2414 46 15 1563 8 5 909 81 24 3977

Percent Market Share 60.71 39.29 22.86

June 2019

100


101

TABLE 36: SDL TRADING ANALYSIS Amount Crore`

statis

tic

s

OTC (SDLs) NDS-OM (SDLs) Brokered Deals (SDLs) Total (SDLs)

DateTrades

No. ofSecurities

ValueMarketShare(%)

TradesNo. of

SecuritiesValue

MarketShare(%)

TradesNo. of

SecuritiesValue

MarketShare(%)

TradesNo. of

SecuritiesValue

2-May-19 99 48 5207 88.67 56 34 666 11.33 9 9 284 4.83 155 73 5872

3-May-19 59 34 1339 43.48 40 25 443 14.39 11 11 225 7.30 99 58 1783

6-May-19 90 57 1073 59.18 54 23 740 40.82 12 10 387 21.34 144 74 1814

7-May-19 56 25 983 50.00 83 36 983 50.00 15 12 287 14.61 139 51 1966

8-May-19 90 48 1324 63.28 67 26 769 36.72 18 12 490 23.41 157 67 2093

9-May-19 72 48 1688 64.18 76 36 942 35.82 6 6 135 5.13 148 70 2629

10-May-19 37 27 532 50.71 52 28 517 49.29 4 4 60 5.72 89 47 1049

13-May-19 46 28 947 65.47 46 25 499 34.53 9 9 208 14.38 92 52 1447

14-May-19 158 73 4316 70.61 175 81 1797 29.39 12 8 364 5.95 333 125 6113

15-May-19 59 38 536 34.10 101 38 1036 65.90 9 8 115 7.31 160 64 1572

16-May-19 94 55 1217 61.06 75 39 776 38.94 13 11 402 20.18 169 86 1993

17-May-19 71 32 1063 40.15 95 48 1584 59.85 11 10 383 14.46 166 69 2647

20-May-19 72 40 840 48.56 94 35 890 51.44 16 12 300 17.34 166 65 1730

21-May-19 94 40 1712 67.75 95 39 815 32.25 26 18 942 37.28 189 74 2528

22-May-19 107 58 2042 64.46 135 42 1126 35.54 20 11 877 27.70 242 84 3168

23-May-19 109 46 2507 63.08 148 41 1467 36.92 30 19 857 21.57 257 81 3974

24-May-19 43 31 654 45.23 82 50 791 54.77 5 4 105 7.27 125 68 1445

27-May-19 108 54 3362 68.38 132 55 1555 31.62 30 25 1671 33.98 240 97 4917

28-May-19 160 70 5539 60.36 227 67 3637 39.64 33 18 2041 22.24 387 117 9176

29-May-19 147 77 3167 62.78 175 75 1878 37.22 25 20 947 18.77 322 125 5045

30-May-19 106 66 2261 62.26 126 49 1370 37.74 10 8 284 7.81 232 100 3631

31-May-19 111 73 2800 56.61 164 71 2145 43.39 23 17 818 16.54 275 123 4945

Total 1988 45108 2298 26427 347 12182 4286 71536

Average 90 49 2050 104 44 1201 16 12 554 195 80 3252

Percent Market Share 63.06 36.94 17.03

June 2019

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TABLE 3 : LIQUIDITY OF TRADES GREATER THAN 5 CRORE (G-SEC)7 `

statistics

Sr.No.

ISINDESC TradesValue(` Cr.)

MarketShare(% )

DaysTraded

Days Traded with 5trades or more per day

Days Traded with lessthan 5 trades per day

1 7.26% GS 2029 35517 364919 38.91 22 22 0

2 7.17% GS 2028 27666 264128 28.17 22 22 0

3 7.32% GS 2024 6463 84094 8.97 22 22 0

4 7.37% GS 2023 2235 34223 3.65 22 22 0

5 7.27% GS 2026 1732 22530 2.40 22 22 0

6 7.95% GS 2032 1400 15730 1.68 22 22 0

7 7.57% GS 2033 1087 11431 1.22 11 11 0

8 8.24% GS 2027 623 8175 0.87 22 18 4

9 9.15% GS 2024 365 6904 0.74 22 16 6

10 6.65% GS 2020 235 6500 0.69 22 19 3

11 6.90% GS 2019 221 5455 0.58 21 19 2

12 6.84% GS 2022 438 5385 0.57 20 16 4

13 6.35% GS 2020 251 5025 0.54 21 18 3

14 8.13% GS 2022 181 4820 0.51 19 9 10

15 8.40% GS 2024 234 4490 0.48 20 14 6

16 7.00% GS 2021 280 4371 0.47 20 16 4

17 7.80% GS 2020 102 4182 0.45 20 6 14

18 7.50% GS 2034 290 3545 0.38 18 12 6

19 7.88% GS 2030 204 3260 0.35 16 8 8

20 7.40% GS 2035 425 3138 0.33 22 18 4

21 6.68% GS 2031 264 3105 0.33 21 11 10

22 8.83% GS 2041 99 3105 0.33 12 8 4

23 7.59% GS 2029 103 3080 0.33 9 7 2

24 7.72% GS 2025 156 3079 0.33 14 5 9

25 8.12% GS 2020 107 2910 0.31 20 9 11

26 8.20% GS 2022 103 2880 0.31 15 6 9

27 6.05% GS 2019 70 2870 0.31 12 5 7

28 7.35% GS 2024 173 2855 0.30 14 7 7

29 8.20% GS 2025 187 2740 0.29 17 11 6

30 FRB 2031 43 2740 0.29 3 2 1

31 7.80% GS 2021 70 2609 0.28 16 7 9

32 7.28% GS 2019 72 2455 0.26 14 5 9

33 7.59% GS 2026 100 2161 0.23 14 9 5

34 6.79% GS 2027 123 2037 0.22 17 10 7

35 8.30% GS 2042 44 2005 0.21 13 4 9

36 8.33% GS 2026 84 1940 0.21 8 5 3

37 8.15% GS 2022 81 1704 0.18 13 9 4

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Sr.No.


MarketShare(% )

DaysTraded



38 8.35% GS 2022 42 1687 0.18 12 3 9

39 8.27% GS 2020 53 1680 0.18 16 4 12

40 7.62% GS 2039 57 1567 0.17 11 5 6

41 8.26% GS 2027 56 1478 0.16 12 5 7

42 8.97% GS 2030 82 1465 0.16 18 7 11

43 8.15% GS 2026 61 1298 0.14 11 5 6

44 7.16% GS 2023 73 1186 0.13 15 7 8

45 6.97% GS 2026 93 1135 0.12 15 8 7

46 8.30% GS 2040 48 1135 0.12 9 6 3

47 6.57% GS 2033 101 1101 0.12 14 9 5

48 7.61% GS 2030 59 1065 0.11 9 5 4

49 7.94% GS 2021 28 1000 0.11 14 2 12

50 7.68% GS 2023 41 985 0.11 10 3 7

51 8.19% GS 2020 44 935 0.10 6 2 4

52 7.06% GS 2046 100 830 0.09 16 8 8

53 8.17% GS 2044 43 810 0.09 10 5 5

54 7.63% GS 2059 24 787 0.08 8 2 6

55 6.17% GS 2023 19 743 0.08 7 0 7

56 8.08% GS 2022 29 703 0.07 7 2 5

57 8.24% GS 2033 51 700 0.07 11 3 8

58 8.13% GS 2045 29 655 0.07 11 2 9

59 7.73% GS 2034 61 653 0.07 14 6 8

60 8.2%GS15FEB2022P 2 605 0.06 2 0 2

61 8.28% GS 2032 14 575 0.06 3 2 1

62 7.72% GS 2049 24 559 0.06 9 1 8

63 5.87% GS 2022 14 490 0.05 4 1 3

64 6.30% GS 2023 22 440 0.05 8 1 7

65 6.79% GS 2029 47 360 0.04 13 5 8

66 8.28% GS 2027 15 344 0.04 4 1 3

67 8.35%GS14MAY2022P 2 340 0.04 1 0 1

68 6.62% GS 2051 37 310 0.03 12 3 9

69 8.3%GS31DEC2042P 1 300 0.03 1 0 1

70 9.23% GS 2043 18 245 0.03 7 1 6

71 7.72% GS 2055 12 235 0.03 6 0 6

72 9.20% GS 2030 25 225 0.02 12 0 12

73 6.01% GS 2028 22 224 0.02 8 2 6

74 8.83% GS 2023 4 218 0.02 3 0 3

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104

Sr.No.


MarketShare(% )

DaysTraded



75 8.60% GS 2028 13 203 0.02 8 0 8

76 8.33% GS 2032 7 200 0.02 2 0 2

77 7.95% FERT SB 2026 5 115 0.01 2 0 2

78 8.79% GS 2021 6 110 0.01 2 0 2

79 10.25% GS 2021 3 100 0.01 2 0 2

80 7.69% GS 2043 2 100 0.01 1 0 1

81 6.83% GS 2039 18 95 0.01 6 1 5

82 6.90% OMC SB 2026 3 90 0.01 2 0 2

83 GS26OCT2019C 2 82 0.01 2 0 2

84 6.13% GS 2028 16 80 0.01 6 1 5

85 8.33% GS 2036 6 50 0.01 3 0 3

86 GS26APR2020C 1 32 0.00 1 0 1

87 GS15AUG2020C 2 25 0.00 2 0 2

88 GS15AUG2021C 2 25 0.00 2 0 2

89 GS15FEB2020C 2 25 0.00 2 0 2

90 GS15FEB2021C 2 25 0.00 2 0 2

91 GS15FEB2022C 2 25 0.00 2 0 2

92 GS09MAR2020C 1 17 0.00 1 0 1

93 GS14MAY2020C 1 14 0.00 1 0 1

94 GS14MAY2021C 1 14 0.00 1 0 1

95 GS14MAY2022C 1 14 0.00 1 0 1

96 GS14NOV2019C 1 14 0.00 1 0 1

97 GS14NOV2020C 1 14 0.00 1 0 1

98 GS14NOV2021C 1 14 0.00 1 0 1

99 GS30JUN2019C 1 12 0.00 1 0 1

100 GS30JUN2020C 1 12 0.00 1 0 1

101 GS30JUN2021C 1 12 0.00 1 0 1

102 GS30JUN2022C 1 12 0.00 1 0 1

103 GS30JUN2023C 1 12 0.00 1 0 1

104 GS30JUN2024C 1 12 0.00 1 0 1

105 GS30JUN2025C 1 12 0.00 1 0 1

106 GS30JUN2026C 1 12 0.00 1 0 1

107 GS30JUN2027C 1 12 0.00 1 0 1

108 GS30JUN2028C 1 12 0.00 1 0 1

109 GS30JUN2029C 1 12 0.00 1 0 1

110 GS30JUN2030C 1 12 0.00 1 0 1

111 GS30JUN2031C 1 12 0.00 1 0 1

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105


Sr.No.


MarketShare(% )

DaysTraded



112 GS30JUN2032C 1 12 0.00 1 0 1

113 GS30JUN2033C 1 12 0.00 1 0 1

114 GS30JUN2034C 1 12 0.00 1 0 1

115 GS30JUN2035C 1 12 0.00 1 0 1

116 GS30JUN2036C 1 12 0.00 1 0 1

117 GS30JUN2037C 1 12 0.00 1 0 1

118 GS30JUN2038C 1 12 0.00 1 0 1

119 GS30JUN2039C 1 12 0.00 1 0 1

120 GS30JUN2040C 1 12 0.00 1 0 1

121 GS30JUN2041C 1 12 0.00 1 0 1

122 GS30JUN2042C 1 12 0.00 1 0 1

123 GS31DEC2019C 1 12 0.00 1 0 1

124 GS31DEC2020C 1 12 0.00 1 0 1

125 GS31DEC2021C 1 12 0.00 1 0 1

126 GS31DEC2022C 1 12 0.00 1 0 1

127 GS31DEC2023C 1 12 0.00 1 0 1

128 GS31DEC2024C 1 12 0.00 1 0 1

129 GS31DEC2025C 1 12 0.00 1 0 1

130 GS31DEC2026C 1 12 0.00 1 0 1

131 GS31DEC2027C 1 12 0.00 1 0 1

132 GS31DEC2028C 1 12 0.00 1 0 1

133 GS31DEC2029C 1 12 0.00 1 0 1

134 GS31DEC2030C 1 12 0.00 1 0 1

135 GS31DEC2031C 1 12 0.00 1 0 1

136 GS31DEC2032C 1 12 0.00 1 0 1

137 GS31DEC2033C 1 12 0.00 1 0 1

138 GS31DEC2034C 1 12 0.00 1 0 1

139 GS31DEC2035C 1 12 0.00 1 0 1

140 GS31DEC2036C 1 12 0.00 1 0 1

141 GS31DEC2037C 1 12 0.00 1 0 1

142 GS31DEC2038C 1 12 0.00 1 0 1

143 GS31DEC2039C 1 12 0.00 1 0 1

144 GS31DEC2040C 1 12 0.00 1 0 1

145 GS31DEC2041C 1 12 0.00 1 0 1

146 GS31DEC2042C 1 12 0.00 1 0 1

147 GS15AUG2019C 1 10 0.00 1 0 1

83429 937737 100.00

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TABLE 38: LIQUIDITY DISTRIBUTION (G-SEC)

5 or more Trades Per Day Less than 5 Trades Per DaySr.No. ISINDESC

DaysTraded

TradesValue(` Cr.)

ISINDESCDays

TradedTrades

Value(` Cr.)

1 7.26% GS 2029 22 35517 364919 7.80% GS 2020 14 28 1210

2 7.17% GS 2028 22 27666 264128 8.27% GS 2020 12 23 755

3 7.32% GS 2024 22 6463 84094 7.94% GS 2021 12 14 610

4 7.37% GS 2023 22 2235 34223 9.20% GS 2030 12 25 225

5 7.27% GS 2026 22 1732 22530 8.12% GS 2020 11 20 185

6 7.95% GS 2032 22 1400 15730 8.97% GS 2030 11 25 380

7 6.65% GS 2020 19 227 6445 6.68% GS 2031 10 23 290

8 6.90% GS 2019 19 216 5430 8.13% GS 2022 10 25 820

9 8.24% GS 2027 18 610 8045 7.80% GS 2021 9 17 494

10 6.35% GS 2020 18 243 4945 8.20% GS 2022 9 22 1185

11 7.40% GS 2035 18 416 3078 7.72% GS 2025 9 17 135

12 9.15% GS 2024 16 355 6694 7.28% GS 2019 9 16 445

13 6.84% GS 2022 16 430 5290 8.30% GS 2042 9 17 345

14 7.00% GS 2021 16 273 4286 8.35% GS 2022 9 24 1342

15 8.40% GS 2024 14 219 4145 6.62% GS 2051 9 19 120

16 7.50% GS 2034 12 273 3460 8.13% GS 2045 9 19 430

17 7.57% GS 2033 11 1087 11431 7.88% GS 2030 8 13 85

18 6.68% GS 2031 11 241 2815 7.06% GS 2046 8 20 175

19 8.20% GS 2025 11 168 2430 7.16% GS 2023 8 16 365

20 6.79% GS 2027 10 105 1652 7.73% GS 2034 8 12 168

21 8.13% GS 2022 9 156 4000 6.79% GS 2029 8 15 105

22 8.12% GS 2020 9 87 2725 8.24% GS 2033 8 16 150

23 7.59% GS 2026 9 91 2001 7.72% GS 2049 8 16 399

24 8.15% GS 2022 9 76 1624 8.60% GS 2028 8 13 203

25 6.57% GS 2033 9 87 976 6.79% GS 2027 7 18 385

26 7.88% GS 2030 8 191 3175 6.97% GS 2026 7 16 130

27 8.83% GS 2041 8 89 3015 7.35% GS 2024 7 10 210

28 6.97% GS 2026 8 77 1005 6.05% GS 2019 7 21 640

29 7.06% GS 2046 8 80 655 8.26% GS 2027 7 15 190

30 7.59% GS 2029 7 99 3060 7.68% GS 2023 7 12 300

31 7.35% GS 2024 7 163 2645 6.30% GS 2023 7 15 130

32 7.80% GS 2021 7 53 2115 6.17% GS 2023 7 19 743

33 8.97% GS 2030 7 57 1085 9.15% GS 2024 6 10 210

34 7.16% GS 2023 7 57 821 8.40% GS 2024 6 15 345

35 7.80% GS 2020 6 74 2972 7.50% GS 2034 6 17 85

36 8.20% GS 2022 6 81 1695 8.20% GS 2025 6 19 310

37 8.30% GS 2040 6 43 1035 7.62% GS 2039 6 8 60

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DaysTraded

TradesValue(` Cr.)

ISINDESCDays

TradedTrades

Value(` Cr.)

38 7.73% GS 2034 6 49 485 8.15% GS 2026 6 12 180

39 7.72% GS 2025 5 139 2944 7.63% GS 2059 6 9 202

40 6.05% GS 2019 5 49 2230 6.01% GS 2028 6 11 115

41 7.28% GS 2019 5 56 2010 9.23% GS 2043 6 10 150

42 8.33% GS 2026 5 78 1270 7.72% GS 2055 6 12 235

43 7.62% GS 2039 5 49 1507 7.59% GS 2026 5 9 160

44 8.26% GS 2027 5 41 1288 6.57% GS 2033 5 14 125

45 8.15% GS 2026 5 49 1118 8.17% GS 2044 5 8 140

46 7.61% GS 2030 5 50 1020 8.08% GS 2022 5 10 348

47 8.17% GS 2044 5 35 670 6.83% GS 2039 5 11 60

48 6.79% GS 2029 5 32 255 6.13% GS 2028 5 11 55

49 8.30% GS 2042 4 27 1660 8.24% GS 2027 4 13 130

50 8.27% GS 2020 4 30 925 7.40% GS 2035 4 9 60

51 8.35% GS 2022 3 18 345 6.84% GS 2022 4 8 95

52 7.68% GS 2023 3 29 685 7.00% GS 2021 4 7 85

53 8.24% GS 2033 3 35 550 8.15% GS 2022 4 5 80

54 6.62% GS 2051 3 18 190 8.83% GS 2041 4 10 90

55 FRB 2031 2 39 2715 7.61% GS 2030 4 9 45

56 7.94% GS 2021 2 14 390 8.19% GS 2020 4 7 215

57 8.19% GS 2020 2 37 720 6.65% GS 2020 3 8 55

58 7.63% GS 2059 2 15 585 6.35% GS 2020 3 8 80

59 8.08% GS 2022 2 19 355 8.30% GS 2040 3 5 100

60 8.13% GS 2045 2 10 225 8.33% GS 2026 3 6 670

61 8.28% GS 2032 2 10 325 5.87% GS 2022 3 5 180

62 6.01% GS 2028 2 11 109 8.28% GS 2027 3 3 99

63 7.72% GS 2049 1 8 160 8.83% GS 2023 3 4 218

64 5.87% GS 2022 1 9 310 8.33% GS 2036 3 6 50

65 6.30% GS 2023 1 7 310 6.90% GS 2019 2 5 25

66 8.28% GS 2027 1 12 245 7.59% GS 2029 2 4 20

67 9.23% GS 2043 1 8 95 8.2%GS15FEB2022P 2 2 605

68 6.83% GS 2039 1 7 35 8.33% GS 2032 2 7 200

69 6.13% GS 2028 1 5 25 7.95% FERT SB 2026 2 5 115

70 8.79% GS 2021 2 6 110

71 10.25% GS 2021 2 3 100

72 6.90% OMC SB 2026 2 3 90

73 GS26OCT2019C 2 2 82

74 GS15AUG2020C 2 2 25

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DaysTraded

TradesValue(` Cr.)

ISINDESCDays

TradedTrades

Value(` Cr.)

75 GS15AUG2021C 2 2 25

76 GS15FEB2020C 2 2 25

77 GS15FEB2021C 2 2 25

78 GS15FEB2022C 2 2 25

79 FRB 2031 1 4 25

80 8.28% GS 2032 1 4 250

81 8.35%GS14MAY2022P 1 2 340

82 8.3%GS31DEC2042P 1 1 300

83 7.69% GS 2043 1 2 100

84 GS26APR2020C 1 1 32

85 GS09MAR2020C 1 1 17

86 GS14MAY2020C 1 1 14

87 GS14MAY2021C 1 1 14

88 GS14MAY2022C 1 1 14

89 GS14NOV2019C 1 1 14

90 GS14NOV2020C 1 1 14

91 GS14NOV2021C 1 1 14

92 GS30JUN2019C 1 1 12

93 GS30JUN2020C 1 1 12

94 GS30JUN2021C 1 1 12

95 GS30JUN2022C 1 1 12

96 GS30JUN2023C 1 1 12

97 GS30JUN2024C 1 1 12

98 GS30JUN2025C 1 1 12

99 GS30JUN2026C 1 1 12

100 GS30JUN2027C 1 1 12

101 GS30JUN2028C 1 1 12

102 GS30JUN2029C 1 1 12

103 GS30JUN2030C 1 1 12

104 GS30JUN2031C 1 1 12

105 GS30JUN2032C 1 1 12

106 GS30JUN2033C 1 1 12

107 GS30JUN2034C 1 1 12

108 GS30JUN2035C 1 1 12

109 GS30JUN2036C 1 1 12

110 GS30JUN2037C 1 1 12

111 GS30JUN2038C 1 1 12

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109



DaysTraded

TradesValue(` Cr.)

ISINDESCDays

TradedTrades

Value(` Cr.)

112 GS30JUN2039C 1 1 12

113 GS30JUN2040C 1 1 12

114 GS30JUN2041C 1 1 12

115 GS30JUN2042C 1 1 12

116 GS31DEC2019C 1 1 12

117 GS31DEC2020C 1 1 12

118 GS31DEC2021C 1 1 12

119 GS31DEC2022C 1 1 12

120 GS31DEC2023C 1 1 12

121 GS31DEC2024C 1 1 12

122 GS31DEC2025C 1 1 12

123 GS31DEC2026C 1 1 12

124 GS31DEC2027C 1 1 12

125 GS31DEC2028C 1 1 12

126 GS31DEC2029C 1 1 12

127 GS31DEC2030C 1 1 12

128 GS31DEC2031C 1 1 12

129 GS31DEC2032C 1 1 12

130 GS31DEC2033C 1 1 12

131 GS31DEC2034C 1 1 12

132 GS31DEC2035C 1 1 12

133 GS31DEC2036C 1 1 12

134 GS31DEC2037C 1 1 12

135 GS31DEC2038C 1 1 12

136 GS31DEC2039C 1 1 12

137 GS31DEC2040C 1 1 12

138 GS31DEC2041C 1 1 12

139 GS31DEC2042C 1 1 12

140 GS15AUG2019C 1 1 10

Total 570 82432 916130 Total 520 997 21607

Expected Bond Days 1518 Expected Bond Days 3080

Efficiency 37.55 Efficiency 16.88

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Amount Crore`TABLE 39: MONEY MARKET VOLUMES

MONEY MARKET

Amount Crore`TABLE 40: TREP TRADING

*Launched on November 5, 2018.

* CBLO segment of the money market was discontinued and replaced with TREP with effect from November 5, 2018.


statistics

Total Daily AverageSettlement Period


2018-19* 88670 14451590 821 133811

Apr-19 15506 2397559 816 126187

May-19 18683 2994282 812 130186

2019-20 (Upto May 2019) 34189 5391841 814 128377

Uncollateralised Call, Noticeand Term Money Market

Market Repo CBLO/TREPPeriod

ValueDaily Average

ValueValue

Daily AverageValue

ValueDaily Average

Value

2009-10 2522703 8914 6072829 21308 15541378 54531

2010-11 2945901 10020 4099284 13943 12259745 41700

2011-12 4084692 14085 3755892 12907 11155428 38335

2012-13 4814032 16658 5402765 18695 12028040 41620

2013-14 4507273 15383 7228127 24585 17526192 59613

2014-15 3740742 12989 7875244 27440 16764597 58413

2015-16 3799481 13717 8621665 31125 17833528 64381

2016-17 4242821 15714 11835001 43833 22952833 85010

2017-18 3871780 14556 12780289 48046 28330758 106507

2018-19 5002364 18596 13566142 50432 32592056 121160

Apr-19 486287 25594 847244 44592 2397559 126187

May-19 467200 20313 1216195 52878 2994282 130186

2019-20 (UptoMay 2019)

953487 22702 2063439 49130 5391841 128377

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MARKET REPO

TABLE 41: REPO TERM ANALYSIS Percent

statistics

O/N 2-3 days 4-7 days 8-14 days >14 daysSettlement

Period% tototaltrades

% tototalvalue

% tototaltrades

% tototalvalue

% tototaltrades

% tototalvalue

% tototaltrades

% tototalvalue

% tototaltrades

% tototalvalue

2002-03 50.05 50.15 30.96 31.01 15.46 15.95 2.26 1.78 1.27 1.11

2003-04 53.00 52.29 32.68 32.94 13.63 14.37 0.58 0.34 0.11 0.06

2004-05 68.29 69.29 26.30 24.23 5.30 6.35 0.09 0.11 0.02 0.02

2005-06 70.93 72.06 25.73 25.11 3.06 2.71 0.19 0.08 0.08 0.04

2006-07 73.68 75.19 21.58 21.06 4.32 3.57 0.12 0.07 0.31 0.11

2007-08 74.00 73.97 22.86 23.25 2.80 2.69 0.03 0.01 0.30 0.09

2008-09 68.24 68.69 27.17 27.04 4.35 4.17 0.07 0.03 0.17 0.07

2009-10 70.42 69.51 23.07 24.25 6.23 6.00 0.19 0.23 0.09 0.02

2010-11 68.51 65.99 27.94 31.12 2.96 2.68 0.27 0.08 0.32 0.13

2011-12 67.46 65.94 26.27 28.53 5.17 5.24 0.39 0.11 0.72 0.18

2012-13 69.06 67.82 27.13 27.75 3.49 4.16 0.14 0.21 0.18 0.05

2013-14 66.29 65.24 27.73 28.34 5.60 6.17 0.16 0.18 0.23 0.07

2014-15 67.08 65.76 27.56 28.22 5.08 5.63 0.25 0.37 0.03 0.02

2015-16 71.79 70.30 23.89 25.40 4.24 4.21 0.06 0.08 0.02 0.02

2016-17 70.48 67.25 24.29 26.22 4.67 5.36 0.39 0.79 0.16 0.39

2017-18 71.27 68.06 21.27 23.76 6.15 6.92 0.41 0.65 0.90 0.61

2018-19 71.09 68.11 25.61 27.98 2.45 2.82 0.28 0.44 0.58 0.65

Apr-19 62.80 59.88 22.59 22.09 13.13 14.36 1.08 2.48 0.39 1.19

May-19 75.27 73.37 23.28 23.26 0.56 1.18 0.55 1.15 0.35 1.04

2019-20 (UptoMay 2019)

70.05 67.83 22.99 22.78 5.82 6.59 0.77 1.70 0.37 1.10

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TABLE 42: INSTRUMENTWISE SETTLEMENT OF REPO TRADES Amount Crore`

State Govt Development

statistics

Cen. Govt. Dated Treasury BillsSettlement

PeriodValue

Avg.Value

%Share

ValueAvg.Value

%Share

ValueAvg.Value

%Share

2002-03 403971 1360 86.28 64238 216 13.72 20 0 0.00

2003-04 874438 2974 92.71 59222 201 6.28 9530 32 1.01

2004-05 1262149 4322 81.02 286955 983 18.42 8803 30 0.57

2005-06 1369411 4674 80.81 277687 948 16.39 47411 162 2.80

2006-07 2126634 7233 83.19 379165 1290 14.83 50677 172 1.98

2007-08 3569960 12102 90.41 323984 1098 8.20 54807 186 1.39

2008-09 3475348 12109 84.88 583335 2033 14.25 35603 124 0.87

2009-10 5233295 18362 86.18 812537 2851 13.38 26996 95 0.44

2010-11 3253965 11068 79.38 832632 2832 20.31 12688 43 0.31

2011-12 2186877 7515 58.10 1554121 5341 41.29 22878 79 0.61

2012-13 2918337 10098 54.02 2413144 8350 44.66 71282 247 1.32

2013-14 3364069 11442 46.54 3832478 13036 53.02 31580 107 0.44

2014-15 4471896 15582 56.78 3259007 11355 41.38 144343 503 1.83

2015-16 6230697 22493 72.27 2248204 8116 26.08 142765 515 1.66

2016-17 9499803 35184 80.27 1802788 6677 15.23 532410 1972 4.50

2017-18 9131782 34330 71.45 2684898 10094 21.01 963609 3623 7.54

2018-19 9212117 34246 67.91 2513999 9346 18.53 1840027 6840 13.56

Apr-19 627115 33006 74.02 102740 5407 12.13 117389 6178 13.86

May-19 726830 31601 59.76 247248 10750 20.33 242116 10527 19.91

2019-20 (UptoMay 2019)

1353945 32237 65.62 349988 8333 16.96 359505 8560 17.42

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TABLE 43: CROMS TRADING ACTIVITY

Number of Participants: 158 Amount Crore`

statistics

CROMS Special CROMS Basket CROMS - Total Repo

DateTrades Value WAR Trades Value WAR Trades Value WAR Trades Value WAR

% Shareof

CROMSin Repovolumes

2-May-19 289 20302 5.8202 202 31635 6.0678 491 51937 5.9710 511 55516 5.9588 93.55

3-May-19 304 22662 5.7988 210 27193 5.9814 514 49855 5.8984 534 53812 5.8985 92.65

4-May-19 - - - 3 1468 6.0000 3 1468 6.0000 3 1468 6.0000 100.00

6-May-19 290 22174 5.8554 183 28805 5.9450 473 50979 5.9061 497 57553 5.9038 88.58

7-May-19 294 22263 5.8542 176 30617 5.9169 470 52880 5.8905 496 58430 5.8841 90.50

8-May-19 297 22586 5.8625 184 26418 5.9155 481 49004 5.8911 501 52771 5.8768 92.86

9-May-19 311 23066 5.9405 214 33739 6.0513 525 56805 6.0063 547 61515 5.9963 92.34

10-May-19 326 24192 5.9564 205 34152 6.0957 531 58344 6.0379 549 61977 6.0180 94.14

13-May-19 287 21404 5.9550 172 28174 5.9770 459 49578 5.9675 481 54527 5.9664 90.92

14-May-19 312 24307 5.9128 153 23651 5.9013 465 47958 5.9071 482 51346 5.8976 93.40

15-May-19 297 21774 5.9145 211 31049 5.9483 508 52823 5.9344 525 56192 5.9186 94.00

16-May-19 299 21135 5.9181 189 29828 5.9563 488 50963 5.9404 512 56697 5.9214 89.89

17-May-19 292 19214 5.9231 171 31298 5.9369 463 50512 5.9316 482 54410 5.9302 92.84

20-May-19 290 21858 5.9430 148 24243 5.9423 438 46101 5.9426 456 50132 5.9405 91.96

21-May-19 295 20340 5.9638 181 27689 5.9834 476 48029 5.9751 494 51611 5.9738 93.06

22-May-19 305 20751 5.9720 160 22053 5.9955 465 42804 5.9841 490 47076 5.9825 90.93

23-May-19 281 20096 5.9674 172 24096 5.9838 453 44192 5.9763 474 47939 5.9736 92.18

24-May-19 306 21802 5.9522 165 25721 5.9382 471 47523 5.9447 494 51424 5.9399 92.41

27-May-19 343 22989 5.9801 174 29753 5.9640 517 52742 5.9710 534 56027 5.9656 94.14

28-May-19 324 23239 5.9685 191 33974 5.9954 515 57213 5.9845 536 61889 5.9718 92.45

29-May-19 343 23063 5.9766 176 25591 5.9752 519 48654 5.9759 536 51954 5.9724 93.65

30-May-19 340 22648 5.9780 187 29262 5.9891 527 51910 5.9843 551 56928 5.9827 91.18

31-May-19 351 25519 5.9531 228 35518 5.9833 579 61037 5.9706 603 65001 5.9672 93.90

Total 6776 487384 4055 635926 10831 1123310 11288 1216195 92.36

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TABLE 45: TOP 5 SECURITIES - BASKET REPO

TABLE 46: TOP 5 SECURITIES - SPECIAL REPO

Amount Crore`

Amount Crore`

TABLE 44: CROMS HISTORICAL SUMMARY Amount Crore`

statistics

CROMS-SPECIAL CROMS-BASKET CROMS

PeriodTrades Value

%Share

inRepo

Trades Value

%Share

inRepo

TradesTotalValue

DailyAverageValue

%Share

inRepo

2008-09 957 93369 9.05 26 853 0.08 983 94222 2298 9.14

2009-10 5336 742575 12.23 9888 3543468 58.38 15224 4286042 17933 70.61

2010-11 8718 810326 19.78 10181 2016259 49.21 18899 2826585 11398 68.98

2011-12 12757 1333933 35.45 9519 1233105 32.77 22276 2567038 10652 68.23

2012-13 18732 1936643 35.85 18543 2927336 54.19 37275 4863979 19692 90.05

2013-14 13780 1287231 17.81 28540 5238049 72.48 42320 6525279 26418 90.29

2014-15 15120 1362280 17.30 36319 5954619 75.61 51439 7316899 30743 92.91

2015-16 29770 2872304 33.31 35142 5280959 61.25 64912 8153264 33691 94.57

2016-17 46594 4156364 35.12 33543 6924118 58.51 80137 11080482 45599 93.62

2017-18 66806 5282083 41.33 28926 6794253 53.16 95732 12076336 49493 94.49

2018-19 61462 4828031 35.59 42081 7664438 56.50 103543 12492469 51199 92.09

Apr-19 5026 350372 41.35 2756 421694 49.77 7782 772066 42893 91.13

May-19 6776 487384 40.07 4055 635926 52.29 10831 1123310 48840 92.36

2019-20 (UptoMay 2019)

11802 837756 40.60 6811 1057620 51.26 18613 1895376 46229 91.86

Security Trades Value Rate

6.35% GS 2020 181 38236 5.9703

07/11/2019 MATURING 182 DTB 90 35058 5.9735

8.12% GS 2020 230 31861 5.9652

8.27% GS 2020 151 29178 5.9592

6.65% GS 2020 151 25498 5.9446

Security Trades Value Rate

7.17% GS 2028 761 60068 5.7578

7.26% GS 2029 621 47869 5.6771

7.32% GS 2024 178 24119 5.9741

7.37% GS 2023 230 16830 5.8575

7.13% MADHYAPRADESH SDL 2021 46 13200 6.0300

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TABLE 47: DEALT TRANSACTIONS ON THE NDS-CALL PLATFORM

CALL MONEY MARKET

Amount Crore`

statistics

CALL NOTICE Term TotalDate

Trade Value WAR Trade Value WAR Trade Value WAR Trade Value

2-May-19 180 18147 6.1279 - - - 2 155 6.6629 182 18302

3-May-19 158 15055 6.0886 2 70 6.2500 4 325 7.4508 164 15450

4-May-19 7 465 5.8161 - - - - - - 7 465

6-May-19 142 14440 6.0025 9 676 6.1583 6 285 6.8421 157 15401

7-May-19 143 15248 6.0024 1 10 6.0000 4 210 6.5000 148 15468

8-May-19 191 19981 6.0154 - - - 5 507 6.5826 196 20488

9-May-19 173 18621 6.0506 1 5 6.0000 8 650 7.0200 182 19276

10-May-19 132 14124 6.0250 - - - 1 5 7.2000 133 14129

13-May-19 168 15787 5.9747 2 73 6.2048 - - - 170 15860

14-May-19 131 13124 5.9796 - - - 2 15 6.3000 133 13139

15-May-19 153 14615 6.0264 - - - - - - 153 14615

16-May-19 174 15703 6.0267 - - - - - - 174 15703

17-May-19 171 16793 6.0601 1 9 5.9500 1 150 6.5500 173 16952

20-May-19 159 17874 6.0217 - - - 3 55 6.8636 162 17929

21-May-19 161 16416 6.0054 - - - 3 30 6.4500 164 16446

22-May-19 163 18251 5.9890 2 65 6.0769 5 150 6.7400 170 18466

23-May-19 140 14163 5.9635 1 300 6.0500 1 100 6.5000 142 14563

24-May-19 143 17276 5.9319 1 10 6.1000 5 400 6.5375 149 17686

27-May-19 164 17747 6.0040 - - - 1 30 7.2500 165 17777

28-May-19 154 16958 5.9128 3 311 6.2912 2 40 6.4000 159 17309

29-May-19 137 13887 5.9298 - - - - - - 137 13887

30-May-19 145 15126 5.9947 - - - 3 215 6.3500 148 15341

31-May-19 127 13735 5.9795 2 55 6.0227 3 105 6.1762 132 13895

Total 3416 353533 25 1584 59 3427 3500 358544 Jun

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TABLE 48: OTC DEALS REPORTED ON THE NDS-CALL PLATFORM Amount Crore`

statistics

CALL NOTICE Term TotalDate

Trade Value WAR Trade Value WAR Trade Value WAR Trade Value

2-May-19 366 4416 5.7779 19 289 6.1000 11 381 6.5994 396 5086

3-May-19 365 4112 5.7487 22 98 5.7862 9 177 6.4751 396 4387

4-May-19 104 691 5.2220 - - - - - - 104 691

6-May-19 276 3576 5.7064 109 944 5.7091 2 50 6.3650 387 4570

7-May-19 281 3967 5.7205 11 71 5.8461 15 456 6.4459 307 4493

8-May-19 336 4294 5.6949 46 482 5.8399 8 95 6.4021 390 4870

9-May-19 353 4354 5.6976 24 277 6.0272 10 293 6.3773 387 4923

10-May-19 385 4610 5.7055 17 184 5.9548 11 144 6.4185 413 4938

13-May-19 372 4410 5.7174 36 239 5.9689 13 255 6.4275 421 4904

14-May-19 376 4547 5.6977 15 104 5.8711 5 170 6.4300 396 4821

15-May-19 362 4399 5.7014 20 118 5.9294 10 168 6.4083 392 4686

16-May-19 383 4395 5.6992 13 134 5.9681 14 432 6.4301 410 4961

17-May-19 379 4034 5.6932 11 94 5.9391 10 197 6.4382 400 4325

20-May-19 381 4651 5.7153 26 190 5.9622 12 302 6.4121 419 5143

21-May-19 362 4336 5.6976 29 129 5.8962 12 238 6.4893 403 4703

22-May-19 362 4172 5.7042 23 121 5.8640 11 452 6.4249 396 4745

23-May-19 382 4530 5.7013 25 265 5.9713 5 66 6.2327 412 4860

24-May-19 390 4570 5.7017 12 123 5.9299 7 151 6.4526 409 4844

27-May-19 394 5206 5.7096 32 282 5.9458 9 208 6.4987 435 5696

28-May-19 382 5092 5.7162 12 40 5.9037 10 218 6.3807 404 5350

29-May-19 375 5149 5.7142 23 237 5.9478 4 94 6.4128 402 5481

30-May-19 390 5288 5.7183 17 97 5.8527 6 90 6.3861 413 5475

31-May-19 394 4678 5.7113 9 120 5.9031 9 202 6.3480 412 5001

Total 8150 99477 551 4638 203 4839 8904 108953

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TABLE 49: UNCOLLATERALISED OVERNIGHT TRANSACTIONS Percent

statistics

Within +/-10 bps ofFBIL O/N MIBOR



TotalTRADEDATE

FBILO/N

MIBORRate

Trades Value Trades Value Trades Value TradesValue(` Cr.)

02-May-19 6.21 28 52 31 54 47 87 546 22563

03-May-19 6.18 28 59 31 60 42 76 523 19166

06-May-19 6.09 37 60 41 66 54 89 418 18016

07-May-19 6.05 42 66 50 83 57 89 424 19215

08-May-19 6.05 48 88 52 91 55 91 527 24275

09-May-19 6.05 45 88 47 89 51 90 526 22975

10-May-19 6.07 32 73 37 75 45 82 517 18734

13-May-19 6.05 34 57 44 76 52 89 540 20197

14-May-19 6.05 34 57 42 76 49 86 507 17671

15-May-19 6.05 44 82 48 88 52 88 515 19014

16-May-19 6.05 45 87 49 88 53 89 557 20098

17-May-19 6.05 45 86 50 89 53 90 550 20827

20-May-19 6.05 41 86 46 87 51 90 540 22525

21-May-19 6.05 42 81 48 85 53 89 523 20752

22-May-19 6.05 37 64 46 81 52 91 525 22423

23-May-19 6.05 37 64 40 67 49 87 522 18693

24-May-19 6.00 41 68 47 74 59 92 533 21845

27-May-19 6.00 47 88 51 89 63 92 558 22952

28-May-19 6.00 34 51 43 65 63 92 536 22050

29-May-19 6.00 39 67 46 75 59 90 512 19036

30-May-19 6.00 45 86 49 87 61 90 535 20414

31-May-19 6.00 43 87 46 87 59 91 521 18413

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TABLE 50: OVERNIGHT TRANSACTIONS DEALT ON NDS-CALL PLATFORM Percent

Within +/-10 bpsof FBIL O/N

MIBOR



TotalTRADEDATE

FBILO/N

MIBORRate Trades Value Trades Value Trades Value Trades

Value(` Cr.)

02-May-19 6.21 59 56 62 58 94 96 180 18147

03-May-19 6.18 63 65 64 66 83 85 158 15055

06-May-19 6.09 64 64 72 71 98 100 142 14440

07-May-19 6.05 72 70 91 92 98 100 143 15248

08-May-19 6.05 94 97 99 100 99 100 191 19981

09-May-19 6.05 97 99 99 100 99 100 173 18621

10-May-19 6.07 80 84 81 85 91 93 132 14124

13-May-19 6.05 63 60 84 84 99 100 168 15787

14-May-19 6.05 70 62 88 87 99 100 131 13124

15-May-19 6.05 94 93 99 100 99 100 153 14615

16-May-19 6.05 97 100 99 100 99 100 174 15703

17-May-19 6.05 95 97 98 100 98 100 171 16793

20-May-19 6.05 92 96 93 97 99 100 159 17874

21-May-19 6.05 89 90 96 94 99 100 161 16416

22-May-19 6.05 73 69 91 89 99 100 163 18251

23-May-19 6.05 76 71 77 74 98 100 140 14163

24-May-19 6.00 79 73 87 80 99 100 143 17276

27-May-19 6.00 99 100 100 100 100 100 164 17747

28-May-19 6.00 56 52 73 70 100 100 154 16958

29-May-19 6.00 77 74 88 85 100 100 137 13887

30-May-19 6.00 100 100 100 100 100 100 145 15126

31-May-19 6.00 98 100 98 100 100 100 127 13735

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TABLE 51: OVERNIGHT TRANSACTIONS REPORTED ON NDS-CALL PLATFORM Percent



MIBOR


MIBORTotal

TRADEDATE

FBILO/N

MIBORRate Trades Value Trades Value Trades Value Trades

Value(` Cr.)

02-May-19 6.21 12 35 16 40 24 48 366 4416

03-May-19 6.18 13 37 17 39 25 46 365 4112

06-May-19 6.09 23 44 25 46 32 47 276 3576

07-May-19 6.05 26 48 30 49 36 50 281 3967

08-May-19 6.05 21 45 26 47 30 48 336 4294

09-May-19 6.05 19 43 22 44 27 46 353 4354

10-May-19 6.07 16 40 21 44 29 47 385 4610

13-May-19 6.05 21 45 26 48 31 49 372 4410

14-May-19 6.05 22 44 27 46 31 47 376 4547

15-May-19 6.05 23 46 27 47 33 49 362 4399

16-May-19 6.05 22 44 27 47 32 48 383 4395

17-May-19 6.05 22 42 28 45 33 47 379 4034

20-May-19 6.05 20 45 27 48 31 50 381 4651

21-May-19 6.05 22 45 27 48 32 49 362 4336

22-May-19 6.05 21 45 25 47 31 49 362 4172

23-May-19 6.05 22 44 26 45 32 48 382 4530

24-May-19 6.00 27 49 32 51 44 62 390 4570

27-May-19 6.00 26 48 31 49 47 63 394 5206

28-May-19 6.00 25 49 31 51 47 64 382 5092

29-May-19 6.00 25 48 31 50 45 62 375 5149

30-May-19 6.00 24 47 30 49 47 62 390 5288

31-May-19 6.00 25 49 30 50 46 64 394 4678

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TABLE 52: CALL MARKET AND FBIL O/N MIBOR - RATES Percent

NDS-CALL Platform (WAR)TRADEDATE

FBIL O/NMIBOR Rate

Uncollateralised O/NCall (WAR)

All Trades Trades Upto 4 PM

Trades Reportedon NDS-CALL

Platform (WAR)

02-May-19 6.21 6.06 6.13 6.21 5.78

03-May-19 6.18 6.03 6.09 6.13 5.75

06-May-19 6.09 5.94 6.00 6.06 5.71

07-May-19 6.05 5.94 6.00 6.05 5.72

08-May-19 6.05 5.96 6.02 6.04 5.69

09-May-19 6.05 5.98 6.05 6.06 5.70

10-May-19 6.07 5.95 6.03 6.06 5.71

13-May-19 6.05 5.92 5.97 6.03 5.72

14-May-19 6.05 5.91 5.98 6.02 5.70

15-May-19 6.05 5.95 6.03 6.05 5.70

16-May-19 6.05 5.96 6.03 6.04 5.70

17-May-19 6.05 5.99 6.06 6.05 5.69

20-May-19 6.05 5.96 6.02 6.05 5.72

21-May-19 6.05 5.94 6.01 6.03 5.70

22-May-19 6.05 5.94 5.99 6.04 5.70

23-May-19 6.05 5.90 5.96 6.03 5.70

24-May-19 6.00 5.88 5.93 5.97 5.70

27-May-19 6.00 5.94 6.00 6.00 5.71

28-May-19 6.00 5.87 5.91 6.00 5.72

29-May-19 6.00 5.87 5.93 5.98 5.71

30-May-19 6.00 5.92 5.99 6.00 5.72

31-May-19 6.00 5.92 5.98 6.00 5.71

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TABLE :53 TENORWISE ANALYSIS OF TERM MONEY TRANSACTIONS Amount Crore`

statis

tic

s

Less Than 30 Days 30-60 Days 60-90 Days 90-120 Days 120-180 Days 180-270 Days 270 Days and More TotalPeriod

Trades Values Trades Values Trades Values Trades Values Trades Values Trades Values Trades Values Trades Values

2006-07 75 4504 74 5209 19 895 52 1347 4 40 8 73 23 2716 255 14784

2007-08 249 13937 209 10332 49 1832 240 10250 27 1625 46 1701 23 1332 843 41008

2008-09 222 13887 187 11679 92 4194 313 15801 34 1543 51 1846 29 659 928 49608

2009-10 162 8727 63 3942 6 755 87 3322 15 1298 32 1610 68 5522 433 25176

2010-11 291 16146 84 6220 27 1493 77 3617 6 312 40 1346 44 2236 569 31370

2011-12 467 34789 162 11218 47 3143 148 9467 5 85 24 1003 29 1057 882 60761

2012-13 997 81555 273 22081 117 8572 243 15673 16 1294 27 1237 37 2977 1710 133389

2013-14 639 40681 244 11765 86 4914 241 12961 30 1685 41 3458 56 2643 1337 78107

2014-15 758 29041 108 4913 136 6040 212 11018 42 2810 47 2256 45 2356 1348 58432

2015-16 1142 43868 161 4678 79 4029 142 6927 32 2453 52 3297 34 1885 1642 67136

2016-17 1919 83127 237 10543 91 5509 123 7917 39 2710 29 2615 33 2152 2471 114574

2017-18 1941 75095 265 15637 88 5554 142 11776 61 5766 67 4937 34 1475 2598 120239

2018-19 1858 65676 307 15062 145 9049 99 4944 44 3138 22 948 20 676 2495 99491

Apr-19 180 6082 23 1256 15 1150 2 200 6 105 3 157 - - 229 8951

May-19 236 6974 11 392 3 135 7 395 3 70 1 200 1 100 262 8266

2019-20 (UptoMay 2019)

416 13056 34 1648 18 1285 9 595 9 175 4 357 1 100 491 17217

June 2019


TABLE 54: NDS-CALL HISTORICAL Amount Crore`

*Trade reporting on NDS-CALL became mandated from November 2012.**Data from September 18, 2006.

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122

Dealt Reported Reciprocal Total NDS-CALL

Total Average Total Average Total Total Average% Share in NDS-CALL

Total Value ofCall, Notice andTerm Money as

per RBIPeriod

Trades Value Trades Value Trades Value Trades Value Trades Value Trades Value Trades Value Dealt Reported Reciprocal TotalDaily

Average

2006-07** 6853 507998 44 3277 351 5427 2 35 161 30326 7365 543750 48 3508 93.42 1.00 5.58 2209978 14258

2007-08 31402 2778531 108 9516 3597 26413 12 90 151 20117 35150 2825061 120 9675 98.35 0.93 0.71 3513925 12034

2008-09 35742 3179134 125 11077 4533 20797 16 72 351 57557 40626 3257488 142 11350 97.59 0.64 1.77 3717091 12952

2009-10 24530 2124356 86 7454 4735 23877 17 84 91 18470 29356 2166703 103 7602 98.05 1.10 0.85 2522703 8852

2010-11 26401 2450742 90 8336 7352 49514 25 168 379 76328 34132 2576584 116 8764 95.12 1.92 2.96 2945901 10020

2011-12 34031 3483245 117 11970 5449 21071 19 72 449 95779 39929 3600095 137 12371 96.75 0.59 2.66 4084692 14037

2012-13 37174 4124785 129 14273 29554 352449 102 1220 338 58407 67066 4535641 232 15694 90.94 7.77 1.29 4814032 16658

2013-14 38231 3617702 130 12305 65715 875335 224 2977 503 96025 104449 4589062 355 15609 78.83 19.07 2.09 4507273 15331

2014-15 33462 2557815 117 8912 70390 1175399 245 4095 278 51625 104130 3784839 363 13188 67.58 31.06 1.36 3740742 13034

2015-16 33445 2535754 121 9154 85053 1247369 307 4503 110 26894 118608 3810017 428 13657 66.55 32.74 0.71 3799481 13717

2016-17 30447 2553972 113 9459 97868 1676388 362 6209 82 19082 128394 4249442 476 15739 60.10 39.45 0.45 4242821 15714

2017-18 27849 2474817 105 9304 93891 1395175 353 5245 65 17451 121805 3887443 458 14611 63.68 35.90 0.43 3871780 14556

2018-19 39887 3855046 148 14331 95111 1145963 354 4260 297 48342 135295 5049351 503 18771 76.35 22.70 0.96 5002364 18596

Apr-19 3695 397635 194 20928 6873 86783 362 4568 9 2425 10577 486843 557 25623 81.68 17.83 0.50 486287 25594

May-19 3500 358544 152 15589 8904 108953 387 4737 4 850 12408 468347 539 20363 76.56 23.26 0.18 467200 20313

2019-20 (UptoMay 2019)

7195 756179 171 18004 15777 195736 376 4660 13 3275 22985 955190 547 22743 79.17 20.49 0.34 953487 22702

June 2019


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TABLE 55: FOREX SETTLEMENT*

FOREIGN EXCHANGE MARKETFOREX SETTLEMENT


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Cash Tom Spot Forward Total AverageSettlement

Period TradesValue(USDMn)

Value(` Cr)

TradesValue(USDMn)

Value(` Cr)

TradesValue(USDMn)

Value(` Cr)

TradesValue(USDMn)

Value(` Cr)

TradesValue(USDMn)

Value(` Cr)

TradesValue(USDMn)

Value(` Cr)

2002-03 - - - - - - 74423 96483 462370 25809 39619 195665 100232 136102 658035 1101 1496 7231

2003-04 1036 5951 26861 1555 9150 41335 251258 354541 1627644 76668 131700 622691 330517 501342 2318531 1425 2161 9994

2004-05 8747 69882 312311 16178 112750 504325 356382 533015 2389936 85020 184133 835863 466327 899780 4042435 1976 3813 17129

2005-06 12946 154626 686160 21307 199621 885585 371059 585089 2594240 84337 240352 1073689 489649 1179688 5239674 2084 5020 22296

2006-07 14292 233010 1050413 25708 316585 1427018 481702 884740 3993765 85106 342646 1551883 606808 1776981 8023078 2550 7466 33710

2007-08 15118 318055 1279466 25598 409979 1652802 609676 1595080 6426403 106683 810551 3368161 757074 3133665 12726832 3181 13167 53474

2008-09 15633 358244 1651695 26536 498767 2299036 675439 1815114 8263760 119912 1086778 4722998 837520 3758904 16937489 3657 16414 73963

2009-10 15733 363904 1719714 27643 484848 2295137 759149 1467601 6951459 81424 672619 3245177 883949 2988971 14211486 3843 12996 61789

2010-11 19778 508131 2311739 32118 651100 2964603 1007258 2119061 9650122 90883 912745 4233688 1150037 4191037 19160153 4792 17463 79834

2011-12 22838 548644 2624112 34391 691043 3304720 1115364 2326368 11141856 110585 1076517 5128924 1283178 4642573 22199612 5579 20185 96520

2012-13 23375 610559 3316787 37349 823910 4477478 1216860 2276085 12374662 118554 1120379 5948085 1396138 4830933 26117013 6018 20823 112573

2013-14 26115 701111 4225846 39467 857366 5151202 1343049 2198833 13243650 103584 986011 5825247 1512215 4743321 28445946 6490 20358 122086

2014-15 29188 837736 5114340 43168 988928 6041012 1560718 2539790 15519691 98632 931337 5868727 1731706 5297790 32543770 7595 23236 142736

2015-16 29214 843416 5512112 43890 1015607 6634573 1708058 2613073 17113232 103967 1017190 6665777 1885129 5489286 35925694 8056 23458 153529

2016-17 34026 1046478 7008460 48895 1244934 8339217 1742074 2857496 19175458 101111 1126070 7702460 1926106 6274978 42225595 8302 27047 182007

2017-18 30993 936402 6035678 49271 1235303 7965989 1995325 3200910 20638692 99185 1121839 7472707 2174774 6494454 42113066 9294 27754 179970

2018-19 32488 932184 6511074 52055 1188412 8292587 2193499 3513505 24537324 97779 1180332 8138004 2375821 6814433 47478988 10197 29246 203772

Apr-19 3449 93522 648785 5908 128351 889876 137600 279934 1940905 10540 163369 1153365 157497 665176 4632931 8750 36954 257385

May-19 3206 87032 607170 4923 110831 773454 170582 299861 2093189 8846 139090 981140 187557 636813 4454952 8931 30324 212141

2019-20 (UptoMay 2019)

6655 180554 1255954 10831 239182 1663330 308182 579794 4034094 19386 302459 2134505 345054 1301989 9087883 8848 33384 233023

June 2019

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TABLE 56: FOREX TRADE TYPE ANALYSIS Percent

statistics

124

Cash Tom Spot ForwardSettlementPeriod

Trades Value Trades Value Trades Value Trades Value

2002-03 - - - - 74.25 70.89 25.75 29.11

2003-04 0.31 1.19 0.47 1.83 76.02 70.72 23.20 26.27

2004-05 1.88 7.77 3.47 12.53 76.42 59.24 18.23 20.46

2005-06 2.64 13.11 4.35 16.92 75.78 49.60 17.22 20.37

2006-07 2.36 13.11 4.24 17.82 79.38 49.79 14.03 19.28

2007-08 2.00 10.15 3.38 13.08 80.53 50.90 14.09 25.87

2008-09 1.87 9.53 3.17 13.27 80.65 48.29 14.32 28.91

2009-10 1.78 12.17 3.13 16.22 85.88 49.10 9.21 22.50

2010-11 1.72 12.12 2.79 15.54 87.58 50.56 7.90 21.78

2011-12 1.78 11.82 2.68 14.88 86.92 50.11 8.62 23.19

2012-13 1.67 12.64 2.68 17.05 87.16 47.11 8.49 23.19

2013-14 1.73 14.78 2.61 18.08 88.81 46.36 6.85 20.79

2014-15 1.69 15.81 2.49 18.67 90.13 47.94 5.70 17.58

2015-16 1.55 15.36 2.33 18.50 90.61 47.60 5.52 18.53

2016-17 1.77 16.68 2.54 19.84 90.45 45.54 5.25 17.95

2017-18 1.43 14.42 2.27 19.02 91.75 49.29 4.56 17.27

2018-19 1.37 13.68 2.19 17.44 92.33 51.56 4.12 17.32

Apr-19 2.19 14.06 3.75 19.30 87.37 42.08 6.69 24.56

May-19 1.71 13.67 2.62 17.40 90.95 47.09 4.72 21.84

2019-20 (UptoMay 2019)

1.93 13.87 3.14 18.37 89.31 44.53 5.62 23.23

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TABLE 58: TENORWISE FORWARD TRADES ANALYSIS Percent

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125

TABLE 57: FOREX DEAL SIZE ANALYSIS Percent

statistics

< 1 mn 1 mn > 1 mn <= 5 mn > 5 mn <= 10 mn > 10 mn <= 20 mn > 20 mnSettlement


% tototalvalue

% tototaltrades

% tototalvalue

% tototaltrades

% tototalvalue

% tototaltrades

% tototalvalue

% tototaltrades

% tototalvalue

% tototaltrades

% tototalvalue

2002-03 21.93 7.23 52.61 38.74 24.53 46.47 0.70 4.42 0.19 2.25 0.04 0.89

2003-04 20.74 6.07 49.79 32.82 28.02 50.16 1.07 6.12 0.30 3.18 0.08 1.65

2004-05 21.26 4.77 44.14 22.88 31.22 47.19 1.94 8.70 0.97 8.21 0.47 8.25

2005-06 20.32 3.66 42.70 17.72 31.55 40.18 2.77 10.27 1.58 11.18 1.08 16.99

2006-07 21.57 3.29 39.00 13.32 32.03 34.85 3.68 11.50 1.95 11.41 1.77 25.64

2007-08 16.67 1.81 33.75 8.15 36.19 29.18 8.62 19.93 2.13 8.78 2.63 32.15

2008-09 17.00 1.64 32.19 7.17 35.41 25.85 10.31 22.22 2.16 8.20 2.93 34.92

2009-10 20.10 2.55 44.55 13.18 25.18 23.58 5.90 16.56 1.93 9.78 2.33 34.35

2010-11 18.75 2.21 46.50 12.76 24.77 21.89 5.31 13.81 1.92 9.18 2.75 40.15

2011-12 17.05 2.00 48.47 13.40 22.93 20.98 6.47 17.23 2.13 10.24 2.95 36.16

2012-13 23.80 2.79 46.36 13.40 18.86 17.81 6.25 17.54 1.96 9.88 2.77 38.57

2013-14 27.88 3.63 46.12 14.70 16.68 16.87 4.85 14.94 1.70 9.37 2.78 40.47

2014-15 28.91 4.07 45.66 14.93 16.77 17.27 4.23 13.38 1.61 9.16 2.82 41.19

2015-16 33.13 5.03 42.61 14.63 16.25 17.33 3.06 10.01 1.40 8.30 3.55 44.70

2016-17 34.55 4.78 39.86 12.23 12.25 9.10 0.55 1.22 0.81 3.67 11.98 68.99

2017-18 30.71 4.69 46.14 15.45 13.83 12.75 1.78 5.54 1.14 6.38 6.40 55.18

2018-19 26.69 4.04 51.33 17.89 14.63 15.53 3.08 10.36 1.63 10.06 2.64 42.12

Apr-19 27.89 2.73 44.82 10.61 14.42 11.28 5.23 12.03 2.67 11.38 4.97 51.96

May-19 28.97 3.61 49.09 14.46 12.60 11.70 3.79 10.77 1.99 10.37 3.56 49.08

2019-20 (UptoMay 2019)

28.48 3.16 47.14 12.49 13.43 11.49 4.45 11.41 2.30 10.89 4.20 50.56

< 30 Days> 30 Days &<= 90 Days

> 90 Days &<= 180 Days

> 180 Days &<= 365 Days

> 1 YearSettlement


% tototalvalue

% tototaltrades

% tototalvalue

% tototaltrades

% tototalvalue

% tototaltrades

% tototalvalue

% tototaltrades

% tototalvalue

2002-03 13.54 16.07 23.35 22.90 26.49 22.35 35.66 37.25 0.96 1.43

2003-04 17.19 22.50 23.97 24.84 22.80 20.24 35.34 31.77 0.70 0.65

2004-05 15.66 20.00 23.79 24.10 19.88 17.86 38.51 36.26 2.16 1.78

2005-06 17.99 22.84 21.79 24.18 17.55 15.18 40.52 36.16 2.15 1.64

2006-07 19.70 25.61 23.78 25.06 19.06 17.21 35.67 30.48 1.79 1.64

2007-08 16.41 31.47 26.83 25.83 22.63 17.22 32.70 24.46 1.44 1.02

2008-09 14.41 23.62 23.82 23.41 21.08 18.59 38.80 31.98 1.90 2.39

2009-10 14.36 20.88 22.08 20.57 18.47 15.06 43.59 41.57 1.50 1.92

2010-11 19.63 30.54 24.96 23.91 17.15 14.99 36.63 28.91 1.64 1.65

2011-12 18.49 22.62 22.99 22.75 16.91 15.79 39.61 36.86 2.00 1.98

2012-13 14.42 17.65 19.43 19.07 14.25 13.49 49.36 47.10 2.54 2.69

2013-14 14.45 21.18 21.39 20.57 16.88 13.91 45.00 41.81 2.29 2.53

2014-15 14.76 22.18 19.89 20.74 17.22 14.77 45.92 40.22 2.22 2.10

2015-16 15.85 23.40 18.62 21.88 14.23 11.94 48.11 40.06 3.18 2.73

2016-17 17.07 25.96 22.69 26.05 16.14 14.68 39.50 29.31 4.59 3.99

2017-18 15.01 25.79 20.87 25.35 17.70 16.04 42.64 30.05 3.78 2.77

2018-19 17.90 26.88 24.15 28.27 15.75 14.27 36.49 26.74 5.72 3.84

Apr-19 25.85 35.16 25.55 29.73 14.05 13.09 29.73 19.20 4.81 2.83

May-19 23.06 36.33 29.12 33.71 13.20 8.71 29.01 17.73 5.61 3.52

2019-20 (UptoMay 2019)

24.58 35.70 27.18 31.56 13.66 11.08 29.40 18.52 5.17 3.15

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TABLE 59: MARKET SHARE - FOREX Percent

TABLE 60: CATEGORYWISE FOREX ACTIVITY - DEAL TYPE

Market Share (%)

126

Category CASH TOM SPOT FORWARD

Foreign Banks 35.30 40.89 45.16 37.88

Public Sector Banks 32.15 29.16 29.66 31.62

Private Sector Banks 32.39 29.83 24.85 30.43

Cooperative Banks 0.15 0.10 0.33 0.07

Financial Institutions 0.01 0.01 0.00 0.00

Top 'n' Players Top 5 Top 10 Top 15 Top 20

2002-03 33.65 57.73 72.42 83.30

2003-04 30.53 54.83 69.59 79.45

2004-05 29.00 49.45 63.61 73.61

2005-06 30.59 52.45 68.38 78.89

2006-07 31.15 50.93 65.08 73.69

2007-08 39.66 61.31 76.24 84.55

2008-09 39.65 62.30 76.97 85.71

2009-10 33.13 55.14 71.31 81.51

2010-11 34.94 57.30 73.56 82.97

2011-12 31.01 54.09 70.57 80.23

2012-13 31.53 52.64 68.22 78.40

2013-14 28.35 49.26 64.60 75.27

2014-15 29.05 49.51 64.62 74.95

2015-16 29.29 49.46 63.40 73.98

2016-17 30.16 50.82 65.10 75.09

2017-18 33.21 55.62 69.87 79.60

2018-19 32.30 53.36 68.34 78.74

Apr-19 33.89 54.42 69.78 80.22

May-19 30.55 50.07 65.75 77.64

2019-20 (Upto May 2019) 32.26 52.30 67.81 78.96

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statistics

TABLE 61: NETTING FACTOR - FOREX Amount in USD Million


2002-03 136102 24687 81.86

2003-04 501342 83849 83.28

2004-05 899778 94395 89.51

2005-06 1179688 115909 90.17

2006-07 1776980 171832 90.33

2007-08 3133665 239169 92.37

2008-09 3758905 209822 94.42

2009-10 2988971 177192 94.07

2010-11 4191037 212265 94.94

2011-12 4642573 214730 95.37

2012-13 4830933 222470 95.39

2013-14 4743321 255080 94.62

2014-15 5297790 280097 94.71

2015-16 5489286 250784 95.43

2016-17 6274978 294883 95.30

2017-18 6494454 267809 95.88

2018-19 6814433 279060 95.90

Apr-19 665176 30068 95.48

May-19 636813 29975 95.29

2019-20 (Upto May 2019) 1301989 60043 95.39

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TABLE 62: FOREX FORWARD SETTLEMENT STATISTICS

* Commenced operation from December 1, 2009 # Mandate by RBI for CCP Clearing of Forward trades w.e.f. June, 2014

Number of Participants: 83FOREX FORWARD

Amount in USD Million

TABLE 63: CLS SETTLEMENT

CONTINUOUS LINKED SETTLEMENT (CLS)

Number of Participants: 34 Amount in USD Million

128

Settlement Period Trades Gross Value Net Value Netting Factor (%)

2005-06 43788 67858 10143 85.05

2006-07 138797 327380 33493 89.77

2007-08 188741 681369 51428 92.45

2008-09 247571 499318 53726 89.24

2009-10 295258 391932 52239 86.67

2010-11 394315 469873 60605 87.10

2011-12 441933 647151 76881 88.12

2012-13 570308 724121 55305 92.36

2013-14 594816 629830 54870 91.29

2014-15 571559 592450 51981 91.23

2015-16 682758 585336 61339 89.52

2016-17 707297 635489 65894 89.63

2017-18 874952 846446 94993 88.78

2018-19 905686 836487 82458 90.14

Apr-19 60244 54694 5470 90.00

May-19 73157 61337 5274 91.40

2019-20 (Upto May 2019) 133401 116030 10744 90.74

Outstanding AcceptedSettlementPeriod Trades Volume Trades Volume

2009-10* 4965 29671 6969 41092

2010-11 11528 61293 28868 150505

2011-12 17200 100791 40760 240384

2012-13 20419 122937 50146 287697

2013-14 16861 89517 46640 254982

2014-15# 50536 415534 101372 914979

2015-16 42507 371034 94770 964070

2016-17 48614 409249 108787 1170618

2017-18 41941 395562 94192 1118572

2018-19 42380 445703 99571 1241299

Apr-19 41059 378076 8696 106337

May-19 42518 429692 9122 129200

2019-20 (Upto May 2019) 17818 235537

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TABLE 64: CURRENCY WISE GROSS SETTLEMENT

TABLE 65: TOP 5 CURRENCY PAIRS - CLS

statistics

CurrencyCurrency Wise GrossVolume (in millions)

MTM RatesGross Volume in USD (In

millions)

USDINR 636,813 1.00000 636,813

US DOLLAR 29,649 1.00000 29,649

EURO 13,371 1.11330 14,886

GREAT BRITAIN POUNDS 5,555 1.26100 7,004

JAPANESE YEN 439,336 0.00916 4,023

AUSTRALIAN DOLLAR 2,595 0.69130 1,794

SWISS FRANC 1,498 0.99453 1,490

CANADIAN DOLLAR 851 0.73893 629

NORWEGIAN KRONE 5,214 0.11386 594

NEW ZEALAND DOLLAR 545 0.65090 355

SWEDISH KRONA 2,903 0.10479 304

SINGAPORE DOLLAR 393 0.72522 285

SOUTH AFRICAN RAND 1,809 0.06750 122

HONG KONG DOLLAR 273 0.12743 35

DANISH KRONE 24 0.14960 4

Total 697,986

Sr. No. Currency Pair Gross Volume %

1 EUR/USD 29322 47.94

2 GBP/USD 13144 21.49

3 USD/JPY 7196 11.76

4 AUD/USD 3466 5.67

5 USD/CHF 2497 4.08

6 Others 5542 9.06

Total 61166 100.00Ju

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FOREX TRADING PLATFORM: FX-CLEAR

3Number of Participants: 7

TABLE 66: TRADING DETAILS Amount in USD Million

statistics

130

Spot Daily AveragePeriod


2003-04 881 646 5 4

2004-05 3329 2250 13 9

2005-06 16636 11893 67 48

2006-07 46553 33264 190 136

2007-08 73943 49139 297 197

2008-09 79125 46889 330 195

2009-10 99090 53435 415 224

2010-11 111023 58577 448 236

2011-12 124664 65197 522 273

2012-13 171398 87689 708 362

2013-14 223396 113580 919 467

2014-15 335515 188421 1416 795

2015-16 453563 246902 1882 1024

2016-17 557267 316581 2312 1314

2017-18 664286 441203 2756 1831

2018-19 544497 354278 2250 1464

Apr-19 30693 18460 1705 1026

May-19 45274 29775 2058 1353

2019-20 (Upto May 2019) 75967 48235 1899 1206

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DERIVATIVES

Number of Participants:

INTERBANK INTEREST RATE DERIVATIVES

74

Amount Crore`

Amount Crore and Share in %`

TABLE : INTEREST RATE SWAP TRANSACTIONS (MATCHED)67

TABLE : INTEREST RATE SWAP (MIBOR) MARKET SHARE -68 MAY 2019

statistics

MIBOR MIFOR TotalDate

Trades Value Trades Value Trades Value

2-May-19 121 5700 9 515 130 6215

3-May-19 202 13615 9 860 211 14475

6-May-19 202 24175 9 1670 211 25845

7-May-19 242 38545 23 2155 265 40700

8-May-19 335 52650 18 2440 353 55090

9-May-19 402 42320 11 890 413 43210

10-May-19 217 21900 12 1760 229 23660

13-May-19 382 33405 11 575 393 33980

14-May-19 270 33140 12 715 282 33855

15-May-19 275 33220 3 150 278 33370

16-May-19 152 16625 2 150 154 16775

17-May-19 164 11075 4 225 168 11300

20-May-19 198 17010 12 575 210 17585

21-May-19 158 14020 10 595 168 14615

22-May-19 173 16050 10 550 183 16600

23-May-19 288 19250 3 150 291 19400

24-May-19 211 15625 15 1345 226 16970

27-May-19 106 5350 20 1955 126 7305

28-May-19 80 5410 20 1790 100 7,200

29-May-19 206 15350 10 350 216 15,700

30-May-19 77 3470 17 975 94 4,445

31-May-19 230 18735 20 1085 250 19,820

Total 4691 456640 260 21475 4951 478115

Average 213 20756 12 976 225 21733

Buy Sell TotalCategory

DealsMarketShare

NotionalAmount

MarketShare

DealsMarketShare

NotionalAmount

MarketShare

DealsMarketShare

NotionalAmount

MarketShare

Foreign Banks 2134 45.49 207705 45.49 2125 45.30 233015 51.03 4259 45.40 440720 48.26

Nationalized Banks 199 4.24 8125 1.78 37 0.79 1875 0.41 236 2.52 10000 1.09

Primary Dealers 907 19.33 132245 28.96 793 16.90 83685 18.33 1700 18.12 215930 23.64

Private Banks 1451 30.93 108565 23.77 1736 37.01 138065 30.23 3187 33.97 246630 27.00

Total 4691 100.00 456640 100.00 4691 100.00 456640 100.00 9382 100.00 913280 100.00

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TABLE 70: TOP ‘N’ MARKET SHARE - IRS

TABLE 71: IRS TRADE SUMMARY (MATCHED) Amount Crore`

Percent

TABLE : INTEREST RATE SWAP (MIFOR) MARKET SHARE -69 MAY 2019

statistics

132

Buy Sell TotalCategory

DealsMarketShare

NotionalAmount

MarketShare

DealsMarketShare

NotionalAmount

MarketShare

DealsMarketShare

NotionalAmount

MarketShare

Foreign Banks 177 68.08 14670 68.31 119 45.77 11345 52.83 296 56.92 26015 60.57

Nationalized Banks 4 1.54 100 0.47 1 0.38 25 0.12 5 0.96 125 0.29

Private Banks 79 30.38 6705 31.22 140 53.85 10105 47.05 219 42.12 16810 39.14

Total 260 100.00 21475 100.00 260 100.00 21475 100.00 520 100.00 42950 100.00

Amount Crore and Share in %`

MIBOR MIFOR

Top 1 17.55 19.51

Top 5 62.58 60.09

Top 10 85.26 86.68

MIBOR MIFORPeriod


2007-08 79495 4728077 18139 647609

2008-09 40912 2644846 4799 223663

2009-10 20352 1452058 1050 53867

2010-11 33057 2359722 1291 74911

2011-12 33642 2451048 2101 109973

2012-13 22713 2021607 1252 75435

2013-14 25514 2296732 1437 79780

2014-15 21153 2029225 1932 119779

2015-16 20746 2132920 1372 99340

2016-17 21036 1923460 2120 125436

2017-18 41494 3380770 2107 111195

2018-19 69952 5861645 2773 170933

Apr-19 5018 430735 304 22500

May-19 4691 456640 260 21475

2019-20 (Upto May 2019) 9709 887375 564 43975

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133


TABLE 72: OUTSTANDING POSITION IN IRS TRANSACTIONS Amount Crore`

TABLE 73: NETTING FACTOR - IRS NON-GUARANTEED SETTLEMENT Amount Crore`

statistics

Settlement Period Gross Amount Net Amount Netting %

2009-10 13827 3688 73.33

2010-11 22794 5250 76.97

2011-12 28328 7735 72.69

2012-13 23797 6732 71.71

2013-14 19667 6947 64.67

2014-15 16361 6073 62.88

2015-16 7374 2442 66.89

2016-17 5682 2110 62.87

2017-18 5440 1905 64.99

2018-19 4602 1655 64.04

Apr-19 370 145 60.86

May-19 349 128 63.17

2019-20 (Upto May 2019) 719 273 61.98

MIBOR MIFOR INBMK TotalPeriod

TradesNotional

SumTrades

NotionalSum

TradesNotional

SumTrades

NotionalSum

2007-08 61665 3655595 16528 611566 368 13690 78561 4280852

2008-09 23732 1394018 11803 468045 461 18715 35996 1880778

2009-10 29853 1748787 8201 326852 450 20385 38504 2096024

2010-11 43197 2645709 6357 270080 542 26910 50096 2942699

2011-12 27613 1975121 6402 296491 520 25910 34535 2297521

2012-13 20958 1554242 6017 294937 489 24845 27464 1874024

2013-14 17782 1447259 5566 276349 445 22420 23793 1746028

2014-15 17279 1495595 6222 326724 387 19320 23888 1841640

2015-16 16858 1368453 6171 349766 272 13585 23301 1731804

2016-17 19901 1417357 6452 368613 161 8460 26514 1794430

2017-18 35414 2521244 7098 390259 138 7135 42650 2918638

2018-19 47343 3169566 8139 461281 77 4635 55559 3635482

2019-20 (UptoMay 2019)

53421 3468302 8571 497901 72 4385 62064 3970588

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TABLE 74: GUARANTEED SETTLEMENT - IRS Amount Crore`

TABLE 75: GUARANTEED SETTLEMENT - IRS - SUMMARY STATISTICS (MIBOR)

Amount Crore`

GUARANTEED SETTLEMENT -


INTERBANK IRS DERIVATIVES (MIBOR)

8

The data includes trades accepted for guaranteed settlement on a given trade date (both trades dealt on ASTROID and bilaterally).

statistics

134

Trade Date Trades Value

2-May-19 93 4300

3-May-19 168 11105

6-May-19 161 21350

7-May-19 170 32090

8-May-19 254 43250

9-May-19 259 32595

10-May-19 136 17425

13-May-19 236 22110

14-May-19 190 26740

15-May-19 177 23990

16-May-19 103 9650

17-May-19 121 7200

20-May-19 145 12405

21-May-19 105 7895

22-May-19 121 12075

23-May-19 214 12175

24-May-19 133 10425

27-May-19 69 4150

28-May-19 58 3985

29-May-19 133 10775

30-May-19 61 2970

31-May-19 150 10885

Total 3257 339545

Average 148 15434

Period Trades Value Avg. Trades Avg. Value

2017-18 30346 2420315 126 10043

2018-19 56218 4659605 232 19255

Apr-19 4065 357910 226 19884

May-19 3257 339545 148 15434

2019-20 (Upto May 2019) 7322 697455 183 17436

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135

TABLE : TRADED VOLUME FOR OTC INTERBANK FCY - INR FORWARDS FOR THE MONTH OF76 MAY 2019

FOREX DERIVATIVES

* OTHERS includes all the other currency pairs wherein base amount is depicted in USD equivalentTop 5 Currency pairs, in terms of average daily volumes traded during the month, represented with respect to volumes inBase Currency

statistics

USD / INR EUR / INR GBP / INR JPY / INR HKD / INR OTHERS *

DateTrades

Volume(in Mio)

TradesVolume

(inMio)

TradesVolume

(inMio)

TradesVolume

(inMio)

TradesVolume

(inMio)

Trades

Volume(USD

inMio)

02-May-19 345 5,397.49 1 0.04 - - - - - - - -

03-May-19 435 7,708.16 2 0.06 - - - - - - - -

06-May-19 317 3,763.30 - - 2 0.02 - - - - - -

07-May-19 491 6,911.49 - - 1 0.18 - - - - - -

08-May-19 490 7,190.69 4 0.69 - - 1 2.50 - - - -

09-May-19 429 4,856.04 11 0.99 - - - - - - - -

10-May-19 322 4,851.21 2 0.32 - - - - - - - -

13-May-19 556 6,190.89 4 0.45 4 0.40 - - - - - -

14-May-19 403 5,317.95 - - - - 1 8.20 - - - -

15-May-19 460 7,221.51 - - - - - - - - - -

16-May-19 395 4,605.84 3 0.20 - - - - - - - -

17-May-19 382 5,516.87 1 0.08 2 0.05 - - - - - -

20-May-19 451 5,606.51 4 0.36 - - - - - - - -

21-May-19 350 7,225.16 7 0.28 1 0.05 - - - - - -

22-May-19 369 5,154.94 1 0.05 - - - - - - - -

23-May-19 448 6,923.04 - - - - - - 1 0.01 - -

24-May-19 512 7,403.84 - - - - - - - - - -

27-May-19 373 5,073.70 - - 1 0.01 - - - - - -

28-May-19 482 7,387.84 - - - - - - - - - -

29-May-19 475 6,898.07 3 0.42 - - - - - - - -

30-May-19 336 5,444.65 1 0.12 - - - - - - - -

31-May-19 365 4,611.24 2 0.36 - - - - - - - -

Total 9186 131260.4 46 4.40 11 0.70 2 10.70 1 0.01

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TABLE 7 : TRADED VOLUME FOR OTC INTERBANK FCY - INR OPTIONS FOR THE MONTH OF7 MAY 2019

* OTHERS includes all the other currency pairs wherein base amount is depicted in USD equivalentTop 5 Currency pairs, in terms of average daily volumes traded during the month, represented with respect to volumes in Base Currency

statistics

136

USD / INR GBP / INR EUR / INR JPY / INR CHF / INR OTHERS *

DateTrades

Volume(in

Mio)Trades

Volume(in

Mio)Trades

Volume(in

Mio)Trades

Volume(in

Mio)Trades

Volume(in

Mio)Trades

Volume(USD

inMio)

02-May-19 26 334.00 - - - - - - - - - -

03-May-19 18 194.79 - - - - - - - - - -

06-May-19 33 465.50 - - - - - - - - - -

07-May-19 13 207.50 - - - - - - - - - -

08-May-19 50 416.60 - - 1 0.02 - - - - - -

09-May-19 41 289.40 - - - - - - - - - -

10-May-19 37 338.90 - - 2 20.00 - - - - - -

13-May-19 17 193.44 - - - - - - - - - -

14-May-19 44 278.31 - - - - - - - - - -

15-May-19 109 367.20 2 10.00 - - - - - - - -

16-May-19 26 227.40 - - - - - - - - - -

17-May-19 69 518.60 - - - - - - - - - -

20-May-19 52 334.01 - - - - - - - - - -

21-May-19 31 233.50 4 25.00 - - - - - - - -

22-May-19 33 332.80 - - - - - - - - - -

23-May-19 56 593.09 - - - - - - - - - -

24-May-19 13 156.67 - - - - - - - - - -

27-May-19 23 201.30 - - - - - - - - - -

28-May-19 21 160.10 - - - - - - - - - -

29-May-19 42 384.87 - - - - - - - - - -

30-May-19 30 324.00 - - - - - - - - - -

31-May-19 32 169.16 - - - - - - - - - -

Total 816 6721.16 6 35.00 3 20.02

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TABLE 7 : TRADED PRINCIPAL AMOUNT FOR OTC INTERBANK FCY -INR CROSS CURRENCY SWAPS FOR THE MONTH OF

8MAY 2019


statistics

USD - INR EUR - INR JPY - INR GBP - INR CHF - INR OTHERS *

DateTrades

Amountsin Mio ,

BaseCurrency

Trades

Amountsin Mio ,

BaseCurrency

Trades

Amountsin Mio ,

BaseCurrency

Trades

Amountsin Mio ,

BaseCurrency

Trades

Amountsin Mio ,

BaseCurrency

TradesAmountsin Mio,USD

02-May-19 - - 1 0.22 - - - - - - - -

07-May-19 5 155.00 1 25.74 - - - - - - - -

08-May-19 - - - - 1 134.64 - - - - - -

13-May-19 1 20.00 - - - - - - - - - -

14-May-19 1 15.00 - - - - - - - - - -

15-May-19 1 40.00 - - - - - - - - - -

17-May-19 - - - - 1 273.61 - - - - - -

20-May-19 1 14.38 - - - - - - - - - -

22-May-19 2 36.00 - - - - - - - - - -

29-May-19 - - 1 5.19 - - - - - - - -

31-May-19 1 15.00 - - - - - - - - - -

Total 12 295.38 3 31.15 2 408.25

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TABLE : TRADED VOLUME FOR OTC INTERBANK FCY - FCY FORWARDS FOR THE MONTH OF79 MAY 2019


statistics

138

EUR / USD GBP / USD USD / JPY AUD / USD USD / CHF OTHERS *

DateTrades

Volume(in

Million)Trades

Volume(in

Million)Trades

Volume(in

Million)Trades

Volume(in

Million)Trades

Volume(in

Million)Trades

Volume(USD inMillion)

01-May-19 2 2.00 2 6.10 0 - 0 - 1 0.30 0 -

02-May-19 108 141.05 55 65.18 8 3.29 15 41.86 17 122.64 120 61.94

03-May-19 165 121.25 30 23.72 7 1.63 22 81.50 12 61.24 57 30.75

06-May-19 117 163.89 56 45.89 26 118.32 35 161.57 12 5.58 84 61.79

07-May-19 129 123.20 72 146.31 44 241.14 17 23.67 10 38.58 81 57.81

08-May-19 117 329.78 31 35.58 29 238.55 21 47.26 8 83.24 47 36.74

09-May-19 216 110.92 46 103.44 20 11.90 13 35.22 4 38.82 92 112.95

10-May-19 268 193.57 58 72.15 24 59.78 19 72.64 6 40.47 59 54.03

13-May-19 216 302.97 119 114.11 26 100.84 22 20.93 5 41.22 51 32.99

14-May-19 173 178.92 36 47.54 17 37.03 17 31.27 9 41.42 23 17.57

15-May-19 171 212.85 47 50.11 39 51.88 21 22.71 7 39.95 46 80.89

16-May-19 127 237.47 52 104.92 14 23.06 10 26.25 3 19.42 40 30.49

17-May-19 149 102.19 46 97.70 27 25.57 32 46.95 9 42.41 46 19.97

20-May-19 147 125.95 44 367.53 8 6.48 22 80.14 10 80.52 72 241.78

21-May-19 165 208.10 75 209.17 24 29.74 29 268.31 12 46.69 63 100.20

22-May-19 127 170.71 45 25.20 21 118.79 26 44.15 6 39.19 87 91.19

23-May-19 136 84.73 28 41.06 9 9.70 18 48.75 11 57.25 150 105.72

24-May-19 224 973.49 54 100.47 23 82.49 10 11.70 43 87.22 82 102.91

27-May-19 94 131.28 29 32.26 26 49.36 18 40.52 8 5.39 73 80.68

28-May-19 562 490.09 46 72.04 31 41.07 41 67.69 10 44.82 91 64.12

29-May-19 222 252.07 55 129.06 26 148.98 34 223.22 26 50.64 130 163.05

30-May-19 158 288.69 73 183.74 45 339.38 48 181.02 15 12.75 139 206.37

31-May-19 225 337.25 63 238.87 24 32.68 31 35.05 13 45.72 97 89.30

Total 4018 5,282.41 1162 2,312.15 518 1,771.67 521 1,612.37 257 1,045.50 1730 1,843.23Jun

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TABLE TRADED VOLUME FOR OTC INTERBANK FCY - FCY OPTIONS FOR THE MONTH O80: F MAY 2019


TABLE : TRADED PRINCIPAL AMOUNT FOR OTC INTERBANK FCY - FCYCROSS CURRENCY SWAPS FOR THE MONTH OF

81MAY 2019

statistics

GBP / USD EUR / USD AUD / JPY AUD / USD AUD / JPY OTHERS *

DateTrades

Volume(in

Million)Trades

Volume(in

Million)Trades

Volume(in

Million)Trades

Volume(in

Million)Trades

Volume(in

Million)Trades

Volume(USD inMillion)

02-May-19 3 30.00 6 114.00 - - - - - - - -

03-May-19 7 70.00 2 20.00 - - - - - - - -

06-May-19 4 30.00 - - - - - - - - - -

07-May-19 - - - - 6 120.00 - - - -

08-May-19 4 20.00 - - - - 3 60.00 - - - -

09-May-19 - - 2 20.00 4 35.00 - - - - - -

10-May-19 - - 4 24.00 4 35.00 - - - - - -

13-May-19 2 3.00 2 10.00 6 12.00 2 20.00 - - - -

14-May-19 - - - - 1 5.00 - - - - - -

15-May-19 2 20.00 - - - - - - - - - -

16-May-19 1 20.00 - - - - - - - -

17-May-19 4 40.00 2 20.00 8 23.00 - - - - - -

20-May-19 1 10.00 - - - - - - - -

21-May-19 3 21.00 - - 6 30.00 - - - - - -

22-May-19 9 18.00 - - - - - - - - - -

23-May-19 1 1.00 4 6.00 - - - - - - - -

24-May-19 7 34.00 3 21.00 - - - - - - - -

27-May-19 1 1.00 - - - - - - - - - -

28-May-19 1 1.00 - - - - - - - - - -

29-May-19 4 3.10 2 12.00 6 22.52 - - - - - -

30-May-19 1 5.00 12 9.81 6 21.00 1 1.00 - - - -

31-May-19 6 26.83 9 54.01 - - - - - -

Total 54 307.10 46 303.65 50 237.52 12 201.00

EUR-USD AUD-JPY AUD-USD EUR-AUD EUR-CHF OTHERS*

DateTrades

Amountsin

Million,Base

Currency

Trades

Amountsin

Million,Base

Currency

Trades

Amountsin

Million,Base

Currency

Trades

Amountsin

Million,Base

Currency

Trades

Amountsin

Million,Base

Currency

Trades

Amountsin

Million,USD

02-May-19 1 0.22 - - - - - - - - - -

03-May-19 1 0.78 - - - - - - - - - -

29-May-19 1 13.00 - - - - - - - - - -

Total 3 14.00

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TABLE : TRADED NOTIONAL PRINCIPAL FOR OTC INTERBANK FCY - IRS FOR THE MONTH OF82 MAY 2019

* OTHERS includes all the other currency pairs wherein base amount is depicted in USD equivalentTop 5 Currency pairs, in terms of average daily volumes traded during the month, represented with respect to volumes inBase CurrencyMost of the FCY/IRS trades are with overseas counterparties and hence the reporting is single sided by the domestic counterparty.CCIL shall not be liable for errors committed by the reporting party in the absence of matching of primary economic parameters.

statistics

140

USD JPY EUR AUD CAD OTHERS *

DateTrades

Notionalin

Million,Base

Currency

Trades

Notionalin

Million,Base

Currency

Trades

Notionalin

Million,Base

Currency

Trades

Notionalin

Million,Base

Currency

Trades

Notionalin

Million,Base

Currency

Trades

Notionalin

Million,USD

01-May-19 1 50.00 - - - - - - - - - -

02-May-19 18 673.35 - - - - - - - - - -

03-May-19 18 384.71 - - - - - - - - - -

06-May-19 8 162.60 - - - - - - - - - -

07-May-19 13 396.22 - - 1 2.56 - - - - - -

08-May-19 9 299.20 - - - - - - - - - -

09-May-19 11 218.28 - - - - - - - - - -

10-May-19 20 781.00 3 3,090.82 - - - - - - - -

13-May-19 16 537.00 - - - - - - - - - -

14-May-19 31 1,448.55 - - - - - - - - - -

15-May-19 9 182.23 - - - - - - - - - -

16-May-19 19 277.74 - - - - - - - - - -

17-May-19 5 72.50 - - - - - - - - - -

20-May-19 4 70.00 - - - - - - - - - -

21-May-19 19 357.00 - - - - - - - - - -

22-May-19 7 171.00 - - - - - - - - - -

23-May-19 11 428.58 - - - - - - - - - -

24-May-19 30 619.70 - - - - - - - - - -

27-May-19 1 6.90 - - - - - - - - - -

28-May-19 23 445.04 - - - - - - - - - -

29-May-19 30 513.33 - - - - - - - - - -

30-May-19 8 116.95 - - 1 18.50 - - - - - -

31-May-19 14 606.00 - - - - - - - - - -

Total 325 8817.88 3 3090.82 2 21.06

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TABLE : OUTSTANDING PRINCIPAL AMOUNT FOR OTC INTERBANK FCY - INRCROSS CURRENCY SWAPS AS AT END

85MAY 2019

TABLE : OUTSTANDING VOLUME FOR OTC INTERBANK FCY - INR FORWARDS AS AT END83 MAY 2019

TABLE : OUTSTANDING VOLUME FOR OTC INTERBANK FCY - INR OPTIONS AS AT END84 MAY 2019

* OTHERS includes all the other currency pairs wherein base amount is depicted in USD equivalentTop 5 Currencies, in terms of Outstanding Notional Principal, represented with respect to volumes in Base Currency.



TABLE : OUTSTANDING VOLUME FOR OTC INTERBANK FCY - FCY OPTIONS AS AT END87 MAY 2019



TABLE 8 : OUTSTANDING VOLUME FOR OTC INTERBANK FCY - FCY FORWARDS AS AT END6 MAY 2019

statistics

USD / INR JPY / INR EUR / INR GBP / INR NZD / INR OTHERS *

MonthTrades

Volume(in Mio)

TradesVolume(in Mio)

TradesVolume

(inMio)

TradesVolume

(inMio)

TradesVolume

(inMio)

Trades

Volume(USD

inMio)

May-19 44044 4,38,285.81 172 31,474.27 337 133.52 154 104.40 76 13.72 72 6.69

USD / INR EUR / INR JPY / INR GBP / INR CHF / INR OTHERS *

MonthTrades

Volume(in Mio)

TradesVolume

(inMio)

TradesVolume(in Mio)

TradesVolume

(inMio)

TradesVolume

(inMio)

Trades

Volume(USD

inMio)

May-19 3406 25,868.79 103 189.38 7 17,310.69 16 58.31 - - - -

USD-INR EUR-INR JPY-INR SGD-INR GBP-INR OTHERS *

MonthTrades

Amountsin Mio ,

BaseCurrency

Trades

Amountsin Mio ,

BaseCurrency

Trades

Amountsin Mio ,

BaseCurrency

Trades

Amountsin Mio ,

BaseCurrency

Trades

Amountsin Mio ,

BaseCurrency


May-19 1255 22,781.86 64 580.76 21 67,497.48 6 54.21 1 12.00 - -

EUR / USD GBP / USD USD / JPY USD / CHF AUD / USD OTHERS *

MonthTrades

Volume(in Mio)

TradesVolume

(inMio)

TradesVolume

(inMio)

TradesVolume

(inMio)

TradesVolume

(inMio)

TradesVolume(USD

in Mio)

May-19 14641 15,453.11 6004 9,037.60 3026 6,353.30 538 2,352.61 1458 2,789.72 3366 4,211.60

GBP / USD EUR / USD USD / JPY AUD / USD AUD / JPY OTHERS *

MonthTrades

Volume(in

Mio)Trades

Volume(in

Mio)Trades

Volume(in

Mio)Trades

Volume(in

Mio)Trades

Volume(in

Mio)Trades

Volume(USD

inMio)

May-19 188 1,944.93 459 1,576.00 113 840.66 30 320.00 - - - -

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TABLE : OUTSTANDING NOTIONAL PRINCIPAL FOR OTC INTERBANK FCY - IRS AS AT END OF89 MAY 2019

* OTHERS includes all the other currency pairs wherein base amount is depicted in USD equivalentTop 5 Currency pairs, in terms of average daily volumes traded during the month, represented with respect to volumes inBase Currency for each instrumentMost of the FCY/IRS trades are with overseas counterparties and hence the reporting is single sided by the domestic counterparty.CCIL shall not be liable for errors committed by the reporting party in the absence of matching of primary economic parameters.

TABLE 8 : OUTSTANDING PRINCIPAL AMOUNT FOR OTC INTERBANK FCY -FCY CROSS CURRENCY SWAPS AS AT END

8MAY 2019


statistics

142

USD-JPY EUR-USD USD-SGD AUD-USD USD-HKD OTHERS *

MonthTrades

Amountsin Mio ,

BaseCurrency

Trades

Amountsin Mio ,

BaseCurrency

Trades

Amountsin Mio ,

BaseCurrency

Trades

Amountsin Mio ,

BaseCurrency

Trades

Amountsin Mio ,

BaseCurrency


May-19 161 8,006.91 361 3,965.52 71 1,667.03 12 864.20 5 550.13 76 1,311.79

USD EUR JPY GBP SGD OTHERS *

MonthTrades

Amountsin Mio ,

BaseCurrency

Trades

Amountsin Mio ,

BaseCurrency

Trades

Amountsin Mio ,

BaseCurrency

Trades

Amountsin Mio ,

BaseCurrency

Trades

Amountsin Mio ,

BaseCurrency


May-19 8996 194225.14 338 2159.95 114 235387.94 228 1064.01 16 725.00 119 87.97

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143

HIGHLIGHTS

• Zero coupon yields as on 31 May'19 have moved

to lower levels across the curve except in the very

short end as compared to the yields prevailing a

year back. The downward shift is more

pronounced in the short to medium term of the

curve. In the last month, yields have moved to

lower levels across the curve.

st

INTEREST RATE MOVEMENT

statistics

Chart 2: Sovereign Yield Curve

Chart 1: Zero Coupon Yield Curve

5.75

6.00

6.25

6.50

6.75

7.00

7.25

7.50

7.75

8.00

0 5 10 15 20 25 30 35 40

Tenor (In years)

Zer

oC

oupon

Rat

e(%

)

May 31, 2019 April 30, 2019 May 31, 2018

5.90

6.15

6.40

6.65

6.90

7.15

7.40

7.65

7.90

8.15

1M 0 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 32 33 34 35 36 37 38 39 40

Tenor

(%)

May 31, 2019 April 30, 2019 May 31, 2018

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TABLE 90: SPREAD ANALYSIS - SDL

Note: Spread has been calculated on the basis of deals settled through CCIL taking into account only outright deals of 5 Crore andabove. The methodology and other information on the spread can be requested from Economic Research Department, CCIL

`

statistics

144

State TradesTraded Value

(` Crore)Average Spread (bps)

ANDHRA PRADESH 88 4310 56

ASSAM 13 305 62

BIHAR 43 823 63

CHHATTISGARH 39 1188 60

GOA 3 40 63

GUJARAT 550 9971 58

HARYANA 109 2495 55

HIMACHAL PRADESH 10 327 58

JAMMU AND KASHMIR 1 10 51

JHARKHAND 56 1133 61

KARNATAKA 223 3890 58

KERALA 148 3079 57

MADHYA PRADESH 75 2299 61

MAHARASHTRA 426 9280 55

MANIPUR 1 5 76

MEGHALAYA 1 25 64

MIZORAM 1 5 51

NAGALAND 9 95 62

ODISHA 22 1031 64

PUDUCHERRY 1 5 63

PUNJAB 51 1505 62

RAJASTHAN 156 3498 60

SIKKIM 1 5 62

TAMIL NADU 627 12412 57

TELANGANA 30 1583 50

UTTAR PRADESH 156 2558 59

UTTARAKHAND 85 1108 61

WESTBENGAL 103 1551 57

Total 3028 64535 58Jun

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145

TABLE 91: YIELD MOVEMENT Percent

statis

tic

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YTMChange inYTM(bps)

YearMay 31,

2019April 30,

2019March

29, 2019February28, 2019

January31, 2019

December31, 2018

November30, 2018

October31, 2018

September28, 2018

August31, 2018

July 31,2018

June 29,2018

May 31,2018

Monthto

Month

Yearon

Year

2019 6.9643 7.2735 7.5495 7.7220 7.4400 7.3717 7.2384 7.1456

2020 6.3833 6.6583 6.5073 6.6500 6.8441 6.8317 7.2473 7.5808 7.8449 7.6400 7.6052 7.6149 7.8103 -28 -143

2021 6.4228 6.7628 6.5368 6.7460 6.9334 7.0405 7.3076 7.6741 7.9655 7.7781 7.6849 7.7567 7.7135 -34 -129

2022 6.6801 7.0000 6.7489 6.9790 7.1612 7.1657 7.4220 7.6940 8.0259 7.9411 7.8238 7.9686 7.8439 -32 -116

2023 6.7420 7.1504 6.8387 7.0653 7.1941 7.1869 7.4758 7.8502 8.0936 7.9964 7.9034 8.0316 7.9318 -41 -119

2024 6.8492 7.3242 6.9231 7.1462 7.3217 7.3334 7.5148 7.8413 8.0965 8.0514 7.9606 8.0952 7.9654 -48 -112

2025 7.0323 7.4666 7.1631 7.4386 7.4426 7.3820 7.5768 7.8469 8.1194 8.0851 8.0264 8.1591 8.0100 -43 -98

2026 7.0097 7.4417 7.2928 7.4531 7.4432 7.3806 7.5743 7.9176 8.1352 8.0938 8.0499 8.1638 8.0685 -43 -106

2027 7.1905 7.5817 7.4762 7.6432 7.5516 7.4390 7.6625 7.9174 8.1714 8.0545 7.9608 8.0382 7.8934 -39 -70

2028 7.1946 7.5154 7.4645 7.6388 7.5081 7.3553 7.6089 7.8665 8.0294 7.9285 7.7878 7.9231 7.8323 -32 -64

2029 7.0551 7.4035 7.3293 7.4349 7.2956 7.5128 7.7149 7.9792 8.2248 8.1103 8.0847 8.1216 7.9959 -35 -94

2030 7.2683 7.6451 7.5586 7.6886 7.6751 7.5452 7.7423 8.1758 8.1977 8.1275 8.2094 8.1470 8.0576 -38 -79

2031 7.2596 7.6956 7.5831 7.7774 7.6217 7.5275 7.7095 7.8956 8.1063 8.1050 7.9741 8.0969 8.0142 -44 -75

2032 7.2962 7.7134 7.6008 7.8272 7.6534 7.5218 7.7568 8.0751 8.1861 8.1930 8.1053 8.2317 8.0131 -42 -72

2033 7.2528 7.7233 7.6210 7.8048 7.6608 7.5642 7.7892 8.1329 8.2941 8.2142 8.1374 8.1244 8.0260 -47 -77

2034 7.3027 7.7176 7.6264 7.8130 7.6598 7.5823 7.7973 8.1890 8.3236 8.2831 8.1322 8.1414 8.0381 -41 -74

2035 7.3053 7.7303 7.6404 7.8570 7.6806 7.5849 7.7650 8.1658 8.3163 8.2524 8.1513 8.1271 8.0676 -43 -76

2036 7.3370 7.7173 7.6294 7.8164 7.6456 7.5870 7.8062 8.1728 8.3253 8.2314 8.2512 8.2381 8.1412 -38 -80

2039 7.3166 7.6774 7.7377 7.9254 7.7810 7.7055 7.8953 8.3008 8.3660 8.3410 8.2465 8.2395 8.1387 -36 -82

2040 7.3577 7.7249 7.6950 7.8295 7.6747 7.5968 7.9087 8.3066 8.3019 8.3372 8.1321 8.1287 8.0252 -37 -67

2041 7.4566 7.7222 7.6224 7.8087 7.6792 7.5968 7.8446 8.2025 8.3325 8.2700 8.2368 8.2358 8.1306 -27 -67

2042 7.3741 7.7193 7.6498 7.8199 7.6829 7.5960 7.8650 8.3074 8.2704 8.1529 8.1226 8.1447 8.0167 -35 -64

2043 7.4000 7.7132 7.6442 7.8030 7.6862 7.7048 7.9618 8.3047 8.2702 8.2610 8.1615 8.1663 8.0966 -31 -70

2044 7.3546 7.7115 7.6164 7.7853 7.6888 7.5930 7.8504 8.1917 8.3001 8.2081 8.1140 8.1181 7.9808 -36 -63

2045 7.3583 7.7079 7.6253 7.7873 7.6963 7.5917 7.8450 8.2105 8.2527 8.2050 8.1113 8.1205 8.1158 -35 -76

2046 7.3493 7.7046 7.5912 7.7952 7.6945 7.6255 7.8584 8.1860 8.2504 8.2268 8.1048 8.1233 8.1092 -36 -76

2049 7.3000 7.7046 - - - - - - - - - - - -40 -

2051 7.4047 7.6834 7.5985 7.7838 7.7626 7.6729 7.9570 8.2869 8.3577 8.2714 8.1846 8.0050 7.9266 -28 -52

2055 7.3644 7.7335 7.6056 7.7359 7.7091 7.5506 7.8450 8.1733 8.3067 8.1279 8.0591 8.0896 7.9983 -37 -63

2059 7.3325 - - - - - - - - - - - - - -

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CORPORATE BONDSPRIMARY ISSUANCE ANALYSIS

FIXED COUPON BONDS

TABLE 92: ANALYSIS OF CORPORATE BOND ISSUANCE

TABLE 93: RATING ANALYSIS OF CORPORATE BOND ISSUANCES

TABLE 94: TOP 5 ISSUANCES

statistics

146

Type Sector Rating No.Amount(` Cr.)

Avg.Tenor

Max.Tenor

Min.Tenor

Avg.Coupon

(%)

Max.Coupon

(%)

Min.Coupon

(%)

PSU Finance AAA 2 45.89 4.97 4.99 4.95 5.75 5.75 5.75

PSU Infrastructure AAA 2 4537.90 4.00 5.00 2.99 6.84 7.93 5.75

PVT Finance AAA 12 5035.00 3.97 10.00 1.17 8.61 9.18 7.90

PVT Finance AA 33 1775.94 4.17 10.01 1.09 10.03 10.75 9.25

PVT Finance A 6 355.00 3.91 6.99 1.99 11.85 12.87 10.75

PVT Finance BBB 14 347.54 3.01 5.08 1.41 11.91 14.50 9.50

PVT Finance NA 9 2213.77 3.78 5.87 1.91 11.12 15.25 2.00

PVT Infrastructure AAA 1 250.00 5.08 5.08 5.08 9.00 9.00 9.00

PVT Infrastructure AA 4 125.00 5.50 9.99 3.00 10.31 10.50 10.25

PVT Infrastructure A 2 210.00 2.65 4.96 0.35 11.88 12.00 11.75

PVT Infrastructure BBB 1 60.00 4.93 4.93 4.93 12.00 12.00 12.00

PVT Infrastructure NA 19 1934.63 7.69 30.00 1.06 12.93 19.00 10.00

PVT Others NA 12 983.13 4.08 11.84 1.48 10.37 15.25 4.00

Rating No.Amount(` Cr.)

Avg.Tenor

Max.Tenor

Min.Tenor

Avg.Coupon

(%)

Max.Coupon

(%)

Min.Coupon

(%)

AAA 17 9868.79 4.15 10.00 1.17 8.09 9.18 5.75

AA 37 1900.94 4.32 10.01 1.09 10.06 10.75 9.25

A 8 565.00 3.59 6.99 0.35 11.86 12.87 10.75

BBB 15 407.54 3.14 5.08 1.41 11.92 14.50 9.50

NA 40 5131.53 5.73 30.00 1.06 11.76 19.00 2.00

Company No.Amount(` Cr.)

Avg.Tenor

Max.Tenor

Min.Tenor

Avg.Coupon

(%)

Max.Coupon

(%)

Min.Coupon

(%)

%Share

NTPC LIMITED 1 4391.50 2.99 2.99 2.99 7.93 7.93 7.93 24.57

ECL FINANCE LIMITED 7 2021.81 5.75 10.01 2.00 9.97 10.40 9.00 11.31

ADITYA BIRLA FINANCE LIMITED 1 2000.00 10.00 10.00 10.00 9.00 9.00 9.00 11.19

L&T FINANCE LIMITED 1 1000.00 7.00 7.00 7.00 8.80 8.80 8.80 5.59

HDB FINANCIAL SERVICES LIMITED 1 615.00 3.12 3.12 3.12 8.55 8.55 8.55 3.44

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TABLE 96: CATEGORY ANALYSIS

TABLE 97: NON-FIXED RATE BOND ISSUANCE ANALYSIS

VARIABLE/ZERO COUPON BONDS

TABLE 95: SECTOR ANALYSIS

TABLE 9 :8 TENORWISE ISSUANCE ANALYSIS

Source: FIMMDA

statistics

Type No.Amount(` Cr.)

Avg.Tenor

Max.Tenor

Min.Tenor

Avg.Coupon

(%)

Max.Coupon

(%)

Min.Coupon

(%)

PSU 4 4583.79 4.48 5.00 2.99 6.30 7.93 5.75

PVT 113 13290.01 4.58 30.00 0.35 10.87 19.00 2.00

Sector No.Amount(` Cr.)

Avg.Tenor

Max.Tenor

Min.Tenor

Avg.Coupon

(%)

Max.Coupon

(%)

Min.Coupon

(%)

Finance 76 9773.13 3.88 10.01 1.09 10.31 15.25 2.00

Infrastructure 29 7117.53 6.60 30.00 0.35 11.91 19.00 5.75

Others 12 983.13 4.08 11.84 1.48 10.37 15.25 4.00

Type No.Amount(` Cr.)

Avg.Tenor

Max.Tenor

Min.Tenor

Remarks

Floating Rate - - - - - -

Zero Coupon Bond 2 3400.00 3.54 4.00 3.08 -

TenorBuckets

No.Amount(` Cr.)

Fixed FloatingZero

Coupon

Avg.Fixed

Coupon(%)

Max.Coupon

(%)

Min.Coupon

(%)

FloatingBenchmark

Remarks

<=1 year 1 150.00 1 - - 11.75% 11.75% 11.750% - -

> 1 year -<=2 years 26 1836.74 26 - - 11.15% 19.00% 4.00% -

> 2 years -<=5 years 60 13607.38 58 - 2 10.80% 15.25% 5.75% -

>5 years -<=10 years 24 4646.95 24 - - 9.76% 12.87% 2.00% -

>10 years-<=15 years 4 163.20 4 - - 9.65% 10.40% 8.00% -

>15 years 4 869.53 4 - - 13.13% 15.00% 11.25% - Jun

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TABLE : PRIMARY MARKET CATEGORY ANALYSIS - HISTORICAL Amount ( Cr)99 `

TABLE 10 : RATING ANALYSIS - HISTORICAL Amount ( Cr)`0 PRIMARY MARKET

statistics

148

CategoriesYear

Finance Infrastructure Manufacturing Oil Others Total

2017-18 252217 207711 21996 2284 48847 533055

2018-19 234753 153080 14951 1164 38081 442029

Apr-19 8812 8598 35 - 961 18406

May-19 10173 10118 - - 983 21274

2019-20 (UptoMay 2019)

18985 18716 35 0 1944 39680

RatingsYear

AAA AA A A1 BBB BB B C NA

2017-18 257033 105780 19643 - 5527 2341 773 28 141931

2018-19 247660 92257 10190 800 6586 2049 200 150 82138

Apr-19 9230 571 543 - 254 - 127 - 7681

May-19 13269 1901 565 - 408 - - - 5132

2019-20 (UptoMay 2019)

22499 2472 1108 0 662 0 127 0 12813

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SECONDARY MARKET ANALYSIS

Amount Crore`TABLE 101: CORPORATE BONDS TRADING DETAILS

statistics

TotalDate

Trades Volume

02-May-19 148 3955

03-May-19 173 3690

06-May-19 108 2190

07-May-19 144 3888

08-May-19 158 4084

09-May-19 129 4229

10-May-19 123 3138

13-May-19 100 2020

14-May-19 190 4941

15-May-19 165 4196

16-May-19 167 4959

17-May-19 181 4192

20-May-19 177 4621

21-May-19 194 4396

22-May-19 191 5787

23-May-19 223 6986

24-May-19 216 6379

27-May-19 231 7179

28-May-19 250 6768

29-May-19 240 6658

30-May-19 233 8002

31-May-19 314 13797

Total 4055 116055

Average 184 5275

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TABLE 102: HISTORICAL SUMMARY Amount Crore`

Since April 1, 2014 all Corporate Bond deals are being reported only on the exchanges

statistics

150

Total AveragePeriod


2008-09 - 145828 - 621

2009-10 - 402157 - 1690

2010-11 43795 598604 177 2423

2011-12 51439 591979 216 2487

2012-13 66180 736347 275 3055

2013-14 69518 972156 287 4017

2014-15 72364 1013504 305 4276

2015-16 63701 905333 264 3757

2016-17 72416 1124988 300 4668

2017-18 50631 1350033 210 5602

2018-19 37813 1090407 156 4506

Apr-19 3267 90604 182 5034

May-19 4055 116055 184 5275

2019-20 (Upto May 2019) 7322 206660 183 5166

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TABLE 103: CATEGORYWISE TRADING ANALYSIS

TABLE 104: RATING ANALYSIS

statistics

TABLE 105: CATEGORY ANALYSIS

Category Trades Value (` Crore) Avg. Tenor Avg. Spread (bps)

FINANCE 2593 74755 4.56 156

INFRASTRUCTURE 956 24330 6.30 105

MANUFACTURING 204 6199 4.25 133

OIL 31 5355 3.02 118

OTHERS 129 3693 4.74 166

Rating Trades Value (` Crore) Avg. Tenor Avg. Spread (bps)

AAA 3469 102209 4.69 122

AA 360 8906 6.13 257

A 67 2262 8.18 300

BBB 6 580 3.30 210

BB 3 20 4.86 661

NA 8 355 6.88 89

CATEGORY Rating Trades Value (` Crore) Avg. Tenor Avg. Spread (bps)

FINANCE AAA 2257 67233 4.00 130

FINANCE AA 291 6521 6.73 266

FINANCE A 43 981 11.25 366

FINANCE BBB 1 5 5.78 258

FINANCE NA 1 14 0.93 287

INFRASTRUCTURE AAA 901 21750 6.43 99

INFRASTRUCTURE AA 45 1717 3.03 185

INFRASTRUCTURE A 6 781 3.11 307

INFRASTRUCTURE NA 4 82 11.27 144

MANUFACTURING AAA 166 5326 4.64 116

MANUFACTURING AA 20 373 3.91 216

MANUFACTURING A 18 500 2.23 128

OIL AAA 31 5355 3.02 118

OTHERS AAA 114 2544 5.28 147

OTHERS AA 4 295 0.30 322

OTHERS BBB 5 575 2.06 186

OTHERS BB 3 20 4.86 661

OTHERS NA 3 258 3.00 -50

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TABLE 106: BOND TYPE ANALYSIS

TABLE 107: AAA SPREAD ANALYSIS

TABLE :108 CATEGORY ANALYSIS - HISTORICAL Amount Crore`

statistics

152

CategoriesYear

Finance Infrastructure Manufacturing Oil Others Total

2008-09 102644 17543 7468 4952 13222 145828

2009-10 232669 50546 25739 18186 75017 402157

2010-11 394887 75663 26536 16916 84602 598604

2011-12 344743 99947 8781 13948 124560 591979

2012-13 334871 131421 38073 7613 224370 736348

2013-14 580267 188209 42594 17945 143141 972156

2014-15 536550 248001 41028 15605 172320 1013504

2015-16 548616 259910 41691 4182 50933 905333

2016-17 719406 255995 39124 7515 102948 1124988

2017-18 916753 273880 76597 3144 79660 1350033

2018-19 729650 209064 60659 4806 86228 1090407

Apr-19 56931 21379 5784 605 5906 90604

May-19 74755 24330 6199 5355 5416 116055

2019-20 (UptoMay 2019)

131686 45709 11983 5960 11322 206660

Type of Bond Trades Value (` Crore) Avg. Tenor Avg. Spread (bps)

FIXED 3,767 109797 5.10 141

ZERO COUPON 83 2463 1.65 168

Floating - - - -

NA 63 2072 2.14 185

Maturity Buckets Average AAA Spread (bps)

<=1 year 146

> 1 year -<=2 years 157

> 2 years -<=3 years 114

>3 years -<=5 years 111

>5 years-<=7 years 102

> 7 years 102

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TABLE : SPREAD ANALYSIS110 - HISTORICAL (AVERAGE) basis points

TABLE :109 RATING ANALYSIS - HISTORICAL Amount Crore`

statistics

RatingsYear

AAA AA A1 A2 A BBB BB B C D P1 NA

2008-09 107549 13465 - - 2463 70 - - - - 9 22273

2009-10 294268 36550 5 - 12034 15 16 - - - 25 59244

2010-11 379542 107514 139 - 8068 260 38 216 - - 8510 94317

2011-12 410152 44643 1637 - 3814 451 64 - - - - 131217

2012-13 410581 80864 5736 - 7859 564 2966 124 - - 201 227453

2013-14 696917 130830 3273 - 20241 2994 186 2 - - 50 117664

2014-15 716087 129597 3555 600 35012 1389 3746 108 48 - - 123362

2015-16 576773 151808 1835 - 33276 1856 942 174 - - - 138669

2016-17 578952 123929 1034 - 18746 1096 384 135 - - - 400712

2017-18 833499 222659 7178 295 30716 4300 896 430 - - - 250058

2018-19 820650 172568 711.5 0 28459 2199 1513 301 281 17 0 63707

Apr-19 76780 8871 - - 702 222 234 12 14 81 - 3688

May-19 102209 8906 2262 580 20 2078

2019-20 (UptoMay 2019)

178989 17778 - - 2964 802 254 12 14 81 - 5766

RatingsYear

AAA AA A1 A2 A BBB BB B C D P1 NA

2011-12 119 189 248 - 202 185 227 - - - - 205

2012-13 98 161 231 - 220 308 262 182 - - 193 181

2013-14 85 140 275 - 163 291 254 - - - 189 176

2014-15 46 123 179 141 149 351 83 138 566 - - 148

2015-16 62 164 205 - 237 593 710 281 - - - 167

2016-17 73 221 240 - 343 720 1042 1699 - - - 170

2017-18 74 171 177 825 352 500 957 1052 - - - 135

2018-19 105 183 199 - 232 460 602 885 687 656 - 256

Apr-19 114 241 - - 369 678 838 1529 781 807 - 587

May-19 122 257 - - 300 210 661 - - - - 89

2019-20 (UptoMay 2019)

119 250 - - 327 444 809 1529 781 807 - 479

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TABLE 111: TOP 25 TRADED CORPORATE BONDS

Note: Spread over comparable G-SecDeals apparently viewed as duplicate deals have been excluded.Source for Corporate Bonds:www.fimmda.org

statis

tic

s

154

No. ISIN No. Security Description Rating Category MaturityCoupon

(%)Trades

Volume(` Cr.)

Yield(%)

1 INE261F08AT4 NATIONAL BANK FOR AGRICULTURE AND RURAL DEVELOPMENT CRISIL AAA FINANCE 31-Jan-23 8.50% 110 3129 7.98

2 INE001A07RN4 HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED ICRA AAA FINANCE 15-Dec-20 8.70% 73 2828 7.86

3 INE163N08032 ONGC PETRO ADDITIONS LIMITED AAA(SO) CARE DT- 01.07.16 OIL 2-Jul-19 8.75% 10 2615 8.12

4 INE134E08KC1 POWER FINANCE CORPORATION LTD. CARE AAA FINANCE 25-May-29 8.85% 92 2475 8.80

5 INE018A08AS1 LARSEN AND TOUBRO LIMITED CRISIL AAA/Stable INFRASTRUCTURE 22-May-22 8.02% 48 2452 7.93

6 INE163N08024 ONGC PETRO ADDITIONS LIMITED #N/A OIL 2-Jul-19 8.75% 1 2385 8.10

7 INE261F08BJ3 NATIONAL BANK FOR AGRICULTURE AND RURAL DEVELOPMENT IND AAA/Stable FINANCE 23-May-22 7.85% 66 2185 7.75

8 INE001A07RS3 HOUSING DEVELOPMENT FINANCE CORPORATION LTD CRISIL AAA/Stable FINANCE 18-Mar-22 8.58% 85 2175 8.31

9 INE556F08JL5 SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA CARE AAA FINANCE 15-Nov-22 7.89% 39 2115 7.82

10 INE733E07KK5 NTPC LIMITED ICRA AAA/Stable INFRASTRUCTURE 3-May-22 7.93% 66 1660 7.68

11 INE031A08707 HOUSING AND URBAN DEVELOPMENT CORPORATION LIMITED CARE AAA FINANCE 25-Mar-29 8.37% 77 1555 8.20

12 INE01XX07026 PIPELINE INFRASTRUCTURE PRIVATE LIMITED CARE AAA/Stable INFRASTRUCTURE 22-Mar-24 8.95% 11 1525 9.25

13 INE906B07GP0 NATIONAL HIGHWAYS AUTHORITY OF INDIA CRISIL AAA/Stable INFRASTRUCTURE 28-Mar-29 8.27% 56 1413 8.32

14 INE261F08BK1 NATIONAL BANK FOR AGRICULTURE AND RURAL DEVELOPMENT CRISIL AAA FINANCE 29-May-24 7.69% 49 1345 7.58

15 INE861G08043 FOOD CORPORATION OF INDIA CRISIL AAA (SO)/Stable OTHERS 1-Mar-29 8.95% 74 1293 8.42

16 INE001A07RP9 HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED CRISIL AAA/Stable FINANCE 15-Oct-20 8.62% 27 1175 8.28

17 INE002A08575 RELIANCE INDUSTRIES LIMITED CRISIL AAA/Stable OIL 8-Mar-22 8.30% 34 1175 7.88

18 INE020B08BR5 RURAL ELECTRIFICATION CORPORATION LIMITED CARE AAA INFRASTRUCTURE 20-Dec-21 8.50% 36 1081 8.49

19 INE261F08BI5 NATIONAL BANK FOR AGRICULTURE AND RURAL DEVELOPMENT IND AAA FINANCE 18-Apr-22 7.90% 46 1035 7.81

20 INE134E08IY9 POWER FINANCE CORPORATION LIMITED AAA FINANCE 26-Jun-20 7.42% 9 1020 8.07

21 INE020B08BS3 REC LIMITED CARE AAA INFRASTRUCTURE 14-May-29 8.80% 31 1008 8.74

22 INE134E08KB3 POWER FINANCE CORPORATION LTD. CARE AAA FINANCE 27-May-22 8.20% 23 930 8.17

23 INE134E08JW1 POWER FINANCE CORPORATION LTD. CRISIL AAA/Stable FINANCE 19-Mar-22 8.18% 14 880 8.34

24 INE001A07NU8 HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED AAA FINANCE 27-Apr-20 8.49% 17 840 8.12

25 INE115A07OB4 LIC HOUSING FINANCE LIMITED AAA FINANCE 23-Mar-29 8.70% 40 840 8.48

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CERTIFICATES OF DEPOSIT AND COMMERCIAL PAPERS ANDREPO IN CORPORATE BONDS, CP, CD

TABLE 11 :2 CPs, CDs and Repo in Corporate Bonds, CPs and CDs -TRADING DETAILS Amount Crore`

statistics

CDs CPs Repo in Corporate Bonds, CPs, CDsDate

Trades Value Trades Value Trades Value

02-May-19 68 3568 80 7053 15 1350

03-May-19 63 5668 71 6711 10 327

06-May-19 61 3632 53 5429 8 318

07-May-19 78 4484 84 6138 7 201

08-May-19 77 4993 75 6691 6 109

09-May-19 79 7843 62 5948 9 105

10-May-19 75 6036 65 5405 10 96

13-May-19 60 4480 57 3417 8 87

14-May-19 92 5312 90 5542 4 36

15-May-19 82 6643 91 6761 4 50

16-May-19 76 6107 90 6496 1 25

17-May-19 72 5166 78 6237 1 25

20-May-19 65 4281 87 7384 1 25

21-May-19 103 6947 89 7029 5 920

22-May-19 68 5377 67 6041 3 660

23-May-19 61 4885 78 9875 2 175

24-May-19 69 4599 76 6958 3 658

27-May-19 68 5303 49 4391 3 658

28-May-19 79 7825 59 5437 4 1145

29-May-19 92 6719 58 5320 4 493

30-May-19 70 4699 65 6100 8 1242

31-May-19 73 4870 71 6920 1 150

Total 1631 119437 1595 137283 117 8852

Average 74 5429 73 6240 5 402

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TABLE 114: CERTIFICATE OF DEPOSIT - TENORWISE TRADING ANALYSIS

TABLE 113: HISTORICAL SUMMARY - CDs, CPs and REPO IN CORPORATE BOND, CPs and CDs Amount Crore`

statistics

156

CDs CPs Repo in Corporate Bonds, CPs, CDsPeriod

Trades ValueAverage

ValueWeighted avg

yield (%)Trades Value

AverageValue

Trades ValueAverageValue

2012-13 39624 1833097 13283 8.8774 10831 586796 4252 33 723 5

2013-14 34228 1698860 7020 8.9368 9223 553702 2288 25 1962 8

2014-15 28958 1560787 6586 8.5662 11687 741289 3128 64 2015 9

2015-16 22454 1272810 5281 7.6574 14531 904256 3741 177 8378 32

2016-17 16018 979117 4063 6.6882 15866 1147138 4760 657 16799 70

2017-18 11365 879428 3649 6.4802 17144 1288702 5347 1207 23014 95

2018-19 14729 1128276 4662 7.1063 19486 1500056 6199 1821 119850 495

Apr-19 1595 120910 6717 6.8666 1290 109714 6095 257 41534 2307

May-19 1631 119437 5429 6.9559 1595 137283 6240 117 8852 402

2019-20 (UptoMay 2019)

3226 240347 6009 6.9110 2885 246996 6175 374 50386 1260

Residual Maturity(Months)

Trades Traded Amount (` Crore) WAY (%)

1 651 49594 6.7452

2 210 16986 6.8608

3 215 22496 7.0498

4 52 3985 7.0578

5 28 1600 7.3180

6 22 1335 7.1970

7 48 1923 7.2353

8 34 1585 7.3395

9 62 3695 7.3242

10 164 7871 7.2554

11 89 3647 7.4450

12 56 4720 7.3776

Total 1631 119437 6.9559

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TABLE 115: COMPARISON OF FBIL TERM MIBOR AND FBIL CD CURVE

BENCHMARK RATES

Percent

statistics

14 Days 1 Month 3 Month

Date FBILTerm

MIBOR

CDWARRates

Spreadin Bps

FBILTerm

MIBOR

CDWARRates

Spreadin Bps

FBILTerm

MIBOR

CDWARRates

Spreadin Bps

02-May-19 6.63 7.32 -69.46 6.82 7.17 -35.40 7.13 7.40 -27.04

03-May-19 6.63 6.91 -28.28 6.83 7.03 -19.99 7.14 7.23 -8.73

06-May-19 6.60 6.86 -26.16 6.80 6.93 -13.37 7.13 7.21 -7.77

07-May-19 6.56 6.82 -26.42 6.78 6.88 -9.89 7.12 7.22 -9.59

08-May-19 6.53 6.75 -21.86 6.76 6.85 -9.30 7.12 7.06 6.25

09-May-19 6.55 6.82 -26.84 6.76 6.92 -16.04 7.13 7.27 -13.54

10-May-19 6.55 6.75 -19.58 6.76 6.78 -2.28 7.16 7.29 -12.51

13-May-19 6.56 6.85 -29.01 6.75 6.95 -20.49 7.16 7.26 -10.26

14-May-19 6.53 6.93 -40.10 6.73 6.85 -12.48 7.15 7.41 -26.16

15-May-19 6.53 6.79 -25.60 6.73 6.82 -8.77 7.15 7.16 -1.20

16-May-19 6.53 6.78 -24.60 6.72 6.76 -3.59 7.14 7.08 6.30

17-May-19 6.54 6.71 -17.08 6.70 7.24 -53.58 7.13 7.07 5.55

20-May-19 6.54 6.73 -19.10 6.69 6.82 -12.68 7.12 7.13 -1.21

21-May-19 6.53 6.94 -40.88 6.70 6.92 -21.83 7.12 7.07 5.50

22-May-19 6.54 6.79 -24.58 6.69 6.71 -2.04 7.11 7.09 1.54

23-May-19 6.53 6.59 -5.55 6.68 6.52 15.76 7.09 6.67 42.37

24-May-19 6.52 6.59 -6.97 6.68 6.54 13.60 7.08 6.65 43.01

27-May-19 6.52 6.47 4.91 6.66 6.46 19.64 7.06 6.56 50.21

28-May-19 6.50 6.49 0.81 6.64 6.47 16.52 7.05 6.62 42.87

29-May-19 6.49 6.46 3.33 6.62 6.47 15.48 7.03 6.60 43.05

30-May-19 6.47 6.51 -3.98 6.62 6.46 16.38 7.01 6.56 45.44

31-May-19 6.45 6.20 25.29 6.59 6.38 21.28 6.98 6.47 50.66

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PercentTABLE 116: FBIL CD CURVE vs FBIL TBILL CURVE


statis

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14 Days 1 Month 2 Months 3 Months 6 Months 9 Months 12 Months

Date FBILCDRate

FBILTB

Rate

Spreadin Bps

FBILCDRate

FBILTB

Rate

Spreadin Bps

FBILCDRate

FBILTB

Rate

Spreadin Bps

FBILCDRate

FBILTB

Rate

Spreadin Bps

FBILCDRate

FBILTB

Rate

Spreadin Bps

FBILCDRate

FBILTB

Rate

Spreadin Bps

FBILCDRate

FBILTB

Rate

Spreadin Bps

02-May-19 7.32 6.21 111.76 7.174 6.22 94.98 7.10 6.34 75.24 7.40 6.43 97.04 7.35 6.47 88.24 7.54 6.49 105.00 7.61 6.48 113.23

03-May-19 6.91 6.19 72.65 7.0299 6.25 77.88 6.94 6.28 65.55 7.23 6.44 78.29 7.43 6.48 94.77 7.59 6.51 108.65 7.64 6.50 114.00

06-May-19 6.86 6.03 83.26 6.9337 6.20 73.31 6.90 6.25 65.55 7.21 6.42 78.29 7.40 6.45 95.04 7.71 6.47 123.56 7.60 6.46 114.00

07-May-19 6.82 6.05 77.57 6.8789 6.22 65.88 7.00 6.26 73.55 7.22 6.44 77.63 7.35 6.49 85.80 7.49 6.48 100.78 7.44 6.47 96.81

08-May-19 6.75 6.17 57.87 6.853 6.22 62.92 7.50 6.41 109.10 7.06 6.47 59.19 7.27 6.49 77.85 7.48 6.51 97.69 7.54 6.53 101.05

09-May-19 6.82 6.18 63.48 6.9204 6.25 66.83 7.64 6.43 121.19 7.27 6.43 83.25 7.21 6.46 75.53 7.49 6.48 101.85 7.53 6.52 101.05

10-May-19 6.75 6.15 59.58 6.7828 6.18 60.31 7.50 6.39 111.64 7.29 6.43 85.77 7.20 6.50 69.94 7.45 6.49 95.85 7.63 6.53 109.29

13-May-19 6.85 6.15 69.79 6.9549 6.18 77.30 7.43 6.39 104.14 7.26 6.43 83.30 7.29 6.46 82.73 7.65 6.45 119.89 7.59 6.49 109.29

14-May-19 6.93 6.14 79.02 6.8548 6.19 66.03 7.25 6.37 88.64 7.41 6.36 105.57 7.26 6.40 85.77 7.54 6.40 113.57 7.54 6.45 109.29

15-May-19 6.79 6.14 64.15 6.8177 6.20 61.38 7.21 6.33 88.16 7.16 6.37 78.96 7.38 6.43 95.47 7.43 6.41 102.72 7.52 6.43 109.29

16-May-19 6.78 6.17 60.86 6.7559 6.19 56.64 7.14 6.32 81.46 7.08 6.34 74.15 7.31 6.40 91.21 7.42 6.44 97.84 7.52 6.40 111.89

17-May-19 6.71 6.14 57.35 7.2358 6.16 107.64 7.38 6.30 107.22 7.07 6.32 75.21 7.27 6.38 88.70 7.34 6.41 92.19 7.29 6.43 86.40

20-May-19 6.73 6.13 59.93 6.8168 6.20 61.82 7.20 6.29 90.97 7.13 6.33 80.71 7.29 6.30 98.90 7.33 6.34 99.40 7.54 6.35 118.40

21-May-19 6.94 6.07 86.52 6.9183 6.29 62.55 6.97 6.30 67.53 7.07 6.20 86.48 7.09 6.33 75.42 7.28 6.38 90.05 7.53 6.41 112.84

22-May-19 6.79 5.94 85.06 6.7104 6.15 55.60 6.94 6.28 65.30 7.09 6.35 74.60 7.23 6.39 84.44 7.54 6.38 115.11 7.49 6.41 107.69

23-May-19 6.59 6.09 49.50 6.5224 6.14 38.34 6.77 6.25 51.93 6.67 6.27 39.54 7.03 6.34 68.93 7.38 6.34 103.73 7.44 6.37 107.69

24-May-19 6.59 6.14 44.84 6.544 6.17 37.12 6.78 6.20 58.15 6.65 6.18 47.40 7.07 6.29 77.86 7.13 6.34 79.48 7.44 6.37 107.69

27-May-19 6.47 6.10 37.39 6.4636 6.13 33.51 6.79 6.20 59.48 6.56 6.21 35.08 7.03 6.25 77.90 7.15 6.30 85.11 7.38 6.30 107.69

28-May-19 6.49 6.13 36.62 6.4748 6.16 31.76 6.60 6.14 45.87 6.62 6.20 42.59 7.09 6.24 84.73 7.21 6.29 91.34 7.20 6.30 89.62

29-May-19 6.46 6.10 35.83 6.4652 6.13 33.05 6.61 6.16 45.42 6.60 6.19 40.89 7.09 6.31 78.05 7.27 6.26 101.18 7.20 6.29 90.48

30-May-19 6.51 6.00 50.84 6.4562 6.05 40.54 6.54 6.07 46.52 6.56 6.16 39.96 6.94 6.28 66.10 7.02 6.24 77.33 7.18 6.30 88.34

31-May-19 6.20 6.10 9.71 6.3772 6.05 32.72 6.55 6.08 47.03 6.47 6.13 34.80 6.77 6.17 59.48 7.00 6.15 84.98 7.20 6.22 97.21

June 2019


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PercentTABLE 117: FBIL FC-RUPEE OPTION VOLATILITY MATRIX RATES - AT THE MONEY (ATM) VOLS

statis

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1 WEEK 1 MONTH 3 MONTH 6 MONTH 12 MONTHDATE BID

ATM VolsASK

ATM VolsMID

ATM VolsBID

ATM VolsASK

ATM VolsMID

ATM VolsBID

ATM VolsASK

ATM VolsMID

ATM VolsBID

ATM VolsASK

ATM VolsMID

ATM VolsBID

ATM VolsASK

ATM VolsMID

ATM Vols

2-May-19 5.60 6.58 6.09 8.63 9.09 8.86 7.24 7.70 7.47 6.63 6.98 6.81 6.30 6.68 6.49

3-May-19 5.69 6.68 6.19 8.63 9.08 8.86 7.26 7.67 7.47 6.59 7.01 6.80 6.31 6.66 6.49

6-May-19 5.67 7.27 6.47 8.83 9.34 9.09 7.35 7.78 7.57 6.67 7.08 6.88 6.31 6.72 6.52

7-May-19 5.26 6.37 5.82 8.91 9.48 9.20 7.32 7.77 7.55 6.66 7.10 6.88 6.26 6.69 6.48

8-May-19 5.07 6.44 5.76 9.05 9.70 9.38 7.39 7.81 7.60 6.66 7.10 6.88 6.19 6.59 6.39

9-May-19 5.75 7.20 6.48 9.12 9.66 9.39 7.47 7.91 7.69 6.72 7.12 6.92 6.25 6.63 6.44

10-May-19 5.67 7.43 6.55 9.04 9.64 9.34 7.42 7.84 7.63 6.72 7.12 6.92 6.29 6.62 6.46

13-May-19 9.65 11.38 10.52 9.13 9.93 9.53 7.53 8.02 7.78 6.74 7.22 6.98 6.31 6.74 6.53

14-May-19 9.77 11.80 10.79 9.28 9.75 9.52 7.48 7.90 7.69 6.59 7.05 6.82 6.27 6.68 6.48

15-May-19 9.69 11.76 10.73 9.25 9.73 9.49 7.43 7.87 7.65 6.59 7.01 6.80 6.20 6.62 6.41

16-May-19 12.19 14.68 13.44 9.01 9.53 9.27 7.44 7.89 7.67 6.58 7.01 6.80 6.19 6.57 6.38

17-May-19 13.24 16.19 14.72 9.01 9.49 9.25 7.28 7.63 7.46 6.52 6.97 6.75 6.12 6.51 6.32

20-May-19 10.02 11.85 10.94 7.61 8.19 7.90 6.70 7.12 6.91 6.23 6.68 6.46 5.91 6.37 6.14

21-May-19 9.88 11.12 10.50 7.61 8.08 7.85 6.51 6.96 6.74 6.12 6.57 6.35 5.81 6.24 6.03

22-May-19 9.98 11.14 10.56 7.42 7.90 7.66 6.41 6.80 6.61 6.05 6.43 6.24 5.78 6.18 5.98

23-May-19 6.38 7.62 7.00 6.24 6.81 6.53 5.96 6.46 6.21 5.80 6.22 6.01 5.68 6.10 5.89

24-May-19 5.90 6.90 6.40 6.04 6.52 6.28 5.94 6.39 6.17 5.78 6.18 5.98 5.67 6.03 5.85

27-May-19 5.24 6.24 5.74 5.73 6.22 5.98 5.71 6.12 5.92 5.65 6.05 5.85 5.56 6.00 5.78

28-May-19 5.01 6.01 5.51 5.65 6.06 5.86 5.61 6.04 5.83 5.58 5.98 5.78 5.55 5.99 5.77

29-May-19 4.92 5.84 5.38 5.49 5.94 5.72 5.50 5.93 5.72 5.49 5.93 5.71 5.50 5.92 5.71

30-May-19 4.62 5.85 5.24 5.49 5.91 5.70 5.57 5.97 5.77 5.56 5.99 5.78 5.60 5.99 5.80

31-May-19 4.80 6.17 5.49 5.47 5.93 5.70 5.55 5.95 5.75 5.55 5.94 5.75 5.58 5.97 5.78

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TABLE 118: FBIL FC-RUPEE OPTION VOLATILITY MATRIX RATES - 25 DELTA RISK REVERSAL

Risk Reversal is the spread between the put and call vol for 25 delta25 delta is the market standard for out of the money option strike

Percent

statistics

160

25 DELTA RRDATE

1 WEEK 1 MONTH 3 MONTHS 6 MONTHS 12 MONTHS

2-May-19 0.18 0.27 0.26 0.45 0.60

3-May-19 0.19 0.27 0.26 0.45 0.60

6-May-19 0.18 0.28 0.28 0.45 0.60

7-May-19 0.19 0.29 0.37 0.46 0.60

8-May-19 0.19 0.29 0.40 0.46 0.59

9-May-19 0.23 0.36 0.47 0.48 0.60

10-May-19 0.24 0.38 0.49 0.47 0.60

13-May-19 0.58 0.50 0.50 0.53 0.64

14-May-19 0.58 0.50 0.51 0.56 0.64

15-May-19 0.78 0.53 0.50 0.56 0.63

16-May-19 0.86 0.50 0.50 0.54 0.58

17-May-19 0.76 0.73 0.58 0.54 0.60

20-May-19 0.74 0.60 0.55 0.55 0.59

21-May-19 0.73 0.58 0.53 0.55 0.58

22-May-19 0.73 0.58 0.54 0.55 0.58

23-May-19 0.73 0.58 0.54 0.56 0.59

24-May-19 0.40 0.44 0.49 0.54 0.59

27-May-19 0.41 0.42 0.47 0.49 0.53

28-May-19 0.41 0.42 0.47 0.49 0.54

29-May-19 0.40 0.41 0.45 0.47 0.53

30-May-19 0.36 0.39 0.40 0.46 0.56

31-May-19 0.34 0.37 0.38 0.45 0.56

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TABLE 119 FBIL FC-RUPEE OPTION VOLATILITY MATRIX RATES - 25 DELTA STRANGLE

Strangle is the spread between the 25 delta vol and ATM vol25 delta is the market standard for out of the money option strike

Percent

25 DELTA STRDATE

1 WEEK 1 MONTH 3 MONTHS 6 MONTHS 12 MONTHS

2-May-19 0.10 0.10 0.20 0.24 0.27

3-May-19 0.10 0.12 0.20 0.23 0.26

6-May-19 0.10 0.11 0.21 0.24 0.27

7-May-19 0.10 0.10 0.21 0.24 0.27

8-May-19 0.10 0.11 0.21 0.24 0.27

9-May-19 0.10 0.11 0.21 0.24 0.27

10-May-19 0.10 0.11 0.21 0.24 0.27

13-May-19 0.11 0.11 0.22 0.25 0.27

14-May-19 0.10 0.11 0.21 0.25 0.27

15-May-19 0.10 0.11 0.22 0.25 0.27

16-May-19 0.11 0.11 0.22 0.25 0.27

17-May-19 0.10 0.11 0.22 0.25 0.27

20-May-19 0.10 0.11 0.22 0.25 0.27

21-May-19 0.10 0.10 0.22 0.25 0.27

22-May-19 0.10 0.10 0.22 0.25 0.27

23-May-19 0.10 0.11 0.22 0.25 0.28

24-May-19 0.10 0.10 0.21 0.25 0.26

27-May-19 0.10 0.10 0.22 0.25 0.27

28-May-19 0.10 0.10 0.22 0.25 0.27

29-May-19 0.10 0.10 0.22 0.25 0.27

30-May-19 0.10 0.09 0.21 0.25 0.26

31-May-19 0.10 0.09 0.21 0.25 0.26

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• - Company incorporated.

• Commenced clearing

and settlement of market trades in

Government Securities co-terminus with

operationalisation of Reserve Bank of India's

Negotiated Dealing System (NDS).

• - Extended facility of

guaranteed settlement for trades in

Government Securities.

• - Commenced guaranteed

settlement of inter-bank foreign exchange

Spot trades in INR/USD and Forward Trades

on Spot Window.

• - Launched new Money

Market Instrument - “Collateralised

Borrowing and Lending Obligation” (CBLO)

a repo variant with several unique features for

NDS Members.

• - Commenced

publication of Zero Coupon Yield Curve on

Website.

• - All trades in the securities

settlement routed through CCIL.

• - Set up a wholly owned

Subsidiary Company - Clearcorp Dealing

Systems (India) Pvt. Ltd. to manage dealing

platforms in Money and Currency Markets.

• - Launched Electronic

Currency Dealing Platform “FX Clear” to

facilitate inter-bank foreign exchange dealing.

• - Commenced net settlements

in Government Securities as per DVP III

Guidelines of Reserve Bank of India.

• - Operationalised “Straight

Through Processing” arrangement for

settlement of foreign exchange trades done on

Fx Clear.

• - Commenced settlement of

cross currency transactions through CLS.

• - Launch of Negotiated

Dealing System-Order Matching Segment

(NDS-OM).

• - CBLOi (Internet Trading

System for Non-NDS Members) commenced

operations.

• - Version-2 of the NDS-OM

trading platform launched, enabling trading

in Treasury Bill and the When Issued market

• - CCIL receives ISO/IEC 27001:

2005 certification for securing its information

assets.

• - CCIL launched its

eNotice System available to all members for

sending their collateral notices in electronics

form.

• - Launch of NDS -

CALL,an electronic screen-based quote driven

dealing system for all Call, Notice and Term

Money operations was launched.

• - NDS Auction module went

live to facilitate bidding in primary Treasury

Bill auctions.

• - Launch of CCIL's

reporting platform for the transactions in

OTC Interest Rate Derivatives (Interest Rate

Swaps and Forward Rate Agreements

April 30, 2001

February 15, 2002 -

April 10, 2002

November 8, 2002

January 20, 2003

February 15, 2003

April 1, 2003

June 4, 2003

August 7, 2003

April 2, 2004

June 15, 2004

April 6, 2005

August 1, 2005

August 16, 2005

July 31, 2006

August 2006

September 4, 2006

September 18, 2006

January 3, 2007

August 30, 2007

Milestones

MILESTONE

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(IRS/FRA) became operational.

• - Rupee settlement at RBI

commenced through RTGS (MNSB) for

Forex, CBLO and ATM segments.

• - CCIL commenced

Non-Guaranteed Settlement of OTC Trades in

Rupee Derivatives through RTGS (MNSB).

• - Launch of Clearcorp

launched 'Clearcorp Repo Order Matching

System' (CROMS), a STP enabled electronic

anonymous order matching platform to

facilitate dealing in market repos in

government securities.

• - CCIL became the first

organization to be granted authorisation by

the Reserve Bank of India under “The

Payment & Settlement Systems Act- 2007”.

• - CCIL commenced the

settlement of forex forward trades with

guarantee from the trade date.

• - Launch of FX-SWAP Dealing

System.

• - CCIL successfully

conducted the “Live Operations” of all its

business its applications from DR Pune data

center validating its infrastructure capabilities

and different disaster scenarios.

• - Kurla location became

operational.

• - Launch of CCIL's new web

portal.

• - CCIL successfully carried out

a Portfolio Compression exercise in the OTC

Interest Rate Swaps market.

• - Credit Default Swaps

(CDS) for Corporate Bonds started, with CDS

trade reporting on CCIL's Online Reporting

Engines (CORE).

• - Launch of F-TRAC, for

reporting deals in Corporate bonds,

Corporate bond Repo and CDs/CPs.

• - The settlement MNSB files

for CCIL's Derivatives, Forex, CBLO and

Securities Segment migrated to Core Banking

Solution (CBS) of RBI from RTGS.

• - Web-based NDS-OM module

for online trading in secondary market for

Government Securities by gilt account holders

(GAH) was launched.

• - Launch of the Trade Repository

service for OTC Foreign Exchange

Derivatives.

• - Migration of Securities

Settlement to CBS.

• - Launch of the Phase II of

the Reporting Platform for Inter-bank OTC

Forex Derivatives.

• - Phase III of the Forex Trade

Repository launched with the reporting of

FCY-FCY and FCY-INR Forwards and FCY-

FCY and FCY-INR Options between

Authorised Dealers and their Clients.

• - CCIL successfully

launched the Phase IV of the Forex Trade

Repository with reporting of Interbank and

Client transactions in Currency Swaps and

FCY Interest Rate Swaps and Forward Rate

Agreements.

May 12, 2008

November 27, 2008

January 27, 2009

February 11, 2009

December 1, 2009

May 31, 2010

September 4-9, 2010

May 28, 2011

June 27, 2011

July 28, 2011

December 1, 2011

December 1, 2011

June 14, 2012

June 29, 2012

July 9, 2012

October 29, 2012

November 5, 2012

April 2, 2013

December 30, 2013

MILESTONE

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• - Reserve Bank of India

granted the status of a Qualified Central

Counterparty (QCCP) to CCIL.

• - RBI selected CCIL to act as

a Local Operating Unit (LOU) for issuing

globally compatible Legal Entity Identifiers

(LEIs) in India.

• - Launch of CCP Clearing of

Rupee denominated Interest Rate Swaps and

Forward Rate Agreements.

• - Launch of CCIL Integrated

Risk Information System (CCIL IRIS) a web

based real time information system.

• - CCIL launched its

services as a Local Operating Unit (LOU) for

issuing globally compatible Legal Entity

Identifiers (LEIs) in India.

• - Portfolio compression

cycle carried out for cleared forward

INR/USD trades.

• Payment-versus-payment

(PvP) mode of settlement launched in the

Forex Settlement Segment, resulting in

substantial reduction of risk for members.

• - New version of FX-CLEAR

and FX-SWAP Platform launched with CCIL

as counter-party from point of trade

concluded in Order Matching Mode, allowing

members to trade on these platforms without

any bilateral limits with various counter-

parties.

• CCIL started disseminating

data on USD-INR forwards and USD-INR

Currency Options.

• CCIL LOU was endorsed by

ROC (Regulatory Oversight Committee).

• Launch of FBIL Overnight

MIBOR, with CCIL as the Calculation Agent.

• Launch of 'Astroid' the

Anonymous IRS Dealing System.

• Launch of FBIL Term

MIBOR with CCIL as the Calculation Agent.

• The Legal Entity

Identifier (LEI) services of The Clearing

Corporation of India Limited have been hived

off into wholly owned subsidiary (WoS) Legal

Entity Identifier India Limited (LEIL)

effective

• The Settlement Bank

for the CLS Segment was changed from RBS

plc to UBS Switzerland AG.

• - CCIL started

disseminating data of USD-INR near

Maturity Swaps i.e. Cash-Tom, Tom-Spot, and

Cash-Spot swaps from on its website.

• - Launch of FBIL FC-Rupee

Options Volatility Matrix Rate, with CCIL as

the Calculation Agent.

• - L e g a l E n t i t y

Identifier India Limited (LEIL), a wholly

Owned Subsidiary of CCIL was accredited by

the Global Legal Entity Identifier Foundation

(GLEIF) as a Local Operating Unit (LOU) for

issuance of Legal Entity Identifiers (LEIs),

among the first LOUs to be accredited by

GLEIF.

January 1, 2014

January 6, 2014

March 28, 2014

September 2014

November 18, 2014

March 26, 2015

April 6, 2015 -

April 6, 2015

April 13, 2015 -

April 22, 2015 -

July 22, 2015 –

August 03, 2015 –

September 23, 2015 –

December 1, 2015 -

December 15, 2015 -

December 28, 2015

May 5, 2016

January 04, 2017

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•& March 29, 2017

•& June 01, 2017

• August 23, 2017

• December 12, 2017 -

April 3, 2018 -

November 5, 2018

• November 19, 2018

- ( CCIL obtained

recognition as a “third-country CCP” under

the European Market Infrastructure

Regulation (“EMIR”), consequent upon

recognition of India as an equivalent regime

by European Commission's decision dated

December 15, 2016.

- RBI mandated the

implementation of the LEI system for all

participants in the OTC markets for Rupee

interest rate derivatives, foreign currency

derivatives and credit derivatives in India.

- Launch of “FBIL T-Bills

Curve” and “FBIL CD Curve” with CCIL as

the Calculation Agent.

Launch of FBIL

MROR, Market Repo Overnight Rate.

Launch of the FBIL Forward

Premia Curve, FBIL MIFOR and FBIL

MIBOR-OIS benchmark.

- CCIL launched Triparty

Repo services and CCP clearing of Triparty

repo transactions in government securities.

Triparty repo trading operationalized on the

Triparty Repo Order Matching Platform of

Clearcorp Dealing Systems (India) Ltd.

- Guaranteed Settlement

services commenced in respect of derivative

trades referenced to the MIFOR benchmark.

•

•

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KEY PERSONNEL

KEY PERSONNEL/HODs

166

Name Designation and Department Phone No.

Mr. R. Sridharan Managing Director 61546511

Mr. O.N. Ravi Corporate Development Officer 61546541/6546

Mr. Deepak Chande Chief Financial Officer 61546561

Dr. Golaka C. Nath Senior Vice President, Economic Research & Surveillance, Membership and HRD 61546581

Mr. Pradeep. K. Naik Senior Vice President, Operations (Fixed Income & Money Market) 61546481

Mr. Kausick Saha Chief Risk Officer 61546441

Mr. Kamal Singhania Senior Vice President, Forex 61546320

Mr. Praveen Mata Senior Vice President, Information Technology 61546213

Mr. Arun Kumar Pandey Senior Vice President, Derivatives 61546470

Mr. K. B. Biju Vice President, Product Development 61546365

Mr. N. Venkatraman Vice President, Operations (Fixed Income & Money Market) 61546390/6490

Mr. Venkatesh Ramaswamy Vice President, Information Technology 61546211

Dr. Vardhana Pawaskar Vice President, Economic Research and Surveillance and Membership 61546589

Mr. Santosh Bhalerao Vice President, Information Technology 61546214

Mr. Amol Pradhan Asst. Vice President, Collateral & Funds Management 61546482

Mr. Anupam Kumar Mitra Asst. Vice President, Derivatives 61546471

Mr. Rajesh Salunkhe Asst. Vice President, Product Development 61546348

Ms. Ipsita Saha Asst. Vice President, Human Resources 61546519

Mr. S.T.P. Venugopal Asst. Vice President, Risk Management 61546413

Mr. Nandan Pradhan Asst. Vice President, Risk Management 61546422

Mrs. Samidha Pandit Asst. Vice President, Finance and Accounts 61546562

Mr. Pankaj Shrivastava Asst. Vice President, Legal Secretarial and Compliance 61546548

Mr. S. Ramesh Jr. Vice President, Product Development 61546333

Mr. Anoop Warrier Jr. Vice President, Product Development 61546346

Ms. Jigna Thakkar Jr. Vice President, Derivatives 61546472

Ms. Sahana Rajaram Jr. Vice President, Economic Research and Surveillance 61546582

Mr. Hardik Parikh Jr. Vice President, Finance and Accounts 61546579

Jun

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Valuable feedback & suggestions are welcome at [email protected]

Published by the Research Department, CCIL

Previous Issues

DISCLAIMER: This Newsletter contains information relating to the operations of The Clearing Corporation of India Ltd. (CCIL), its Membersand The Reserve Bank of India. While CCIL has taken every care to ensure that the information and/or data provided are accurate and complete,CCIL does not warrant or make any representation as to the accuracy and completeness of the same. Accordingly, CCIL assumes no responsibilityfor any errors and omissions in any section or sub-section of this Newsletter.

The views expressed in the articles by the authors are their own and CCIL does not accept any responsibility. CCIL shall not be liable to anymember or any other person for any direct consequential or other damages arising out of the use of this Newsletter.

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