Order Matching Mode

FX-CLEAR

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 USD/INR SPOT , C-SPOT and R-SPOT instruments. SPOT instrument allows the Members to trade in value SPOT in the USD/INR currency pair in market lot or multiples of market lot size. C-SPOT instrument allows Member to trade in the USD/INR currency pair in odd amount. R-SPOT instrument allows Member to trade in 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.

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 Order Matching mode of the platform.

FX-SWAP

The FX-SWAP platform provides an anonymous order matching system for USD/INR forex swaps The platform is an anonymous and order driven dealing platform and works on the principle of ‘price discovery’ based on price, time priority. The platform offers 12 month-end (forward) instruments. i.e. spot over Month 1 end to Month 12 end along-with three upto 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 18 instruments available at any point of time. Orders (Sell-Buy and Buy-Sell) with valid inputs would 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. Trading happens on the forward points (premia / discounts) only, quoted in paisa - for example, 23 paisa or 152 paisa.

All trades concluded on the platform 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.