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Order Matching Mode


The order matching mode of FX-CLEAR platform provides a neutral, anonymous and order driven dealing platform for the market participants. It works on the principle of ‘full price discovery’. In this mode, orders (Bid and Offer) with valid inputs will be accepted for dealing and the system will match these with the counter-orders available in the order book, based on price and time priority. The order matching mode on the platform offers trading in instruments such as USD/INR (interbank) SPOT, C-SPOT, R-SPOT & 12 month-end (forward) instruments. i.e. spot over Month 1 end to Month 12 end along-with three up to spot instruments viz., Cash/Tom, Cash/Spot and Tom/Spot, one LD/LD instrument (Month 1 end over Month 2 end) and two ORF instruments (Month 1 end and Month 2 end). In total, there are 21 instruments available at any point of time. SPOT instrument allows the Members to trade in value SPOT in the USD/INR currency pair in market lot or multiples of market lot size. C-SPOT instrument allows Member to trade in the USD/INR currency pair in odd amount. R-SPOT instrument allows Member to trade in FBIL USD/INR Reference Rate wherein member can either place order at par or by quoting a spread (premium or discount) to the FBIL USD/INR reference rate. In case of Swap instruments, trading happens on the swap points (premium / discount) only, quoted in paisa - for example, 23 paisa or 152 paisa.

All trades concluded on this mode are guaranteed for settlement by Clearing Corporation from the point of trade, wherein these trades are automatically sent to Clearing Corporation. Accordingly, Clearing Corporation (CCIL) acts as the Counterparty for these Trades. Further, Members need to suppress reporting these deals to the Clearing Corporation to avoid duplication. A Trade Cancellation facility has also been provided on the platform to act as a safeguard for the dealers from erroneous trades getting concluded on the platform.

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