1. SCREENS AVAILABLE ON ASTROID:

Three different screens are available on the Homepage of ASTROID platform:
a) MIBOR- Normal Market Watch
b) MIBOR- Spread Market Watch
c) MMFOR- Normal Market Watch

(a) MIBOR - NORMAL MARKET WATCH:

       The ‘MIBOR - Normal Market Watch’ screen facilitates trading in 12 Standard Tenor Overnight MIBOR-based Interest Rate Swap (OIS) instruments. It enables users to place Normal Bid/ Offer orders for these instruments.

(b) MIBOR - SPREAD MARKET WATCH:

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

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

       The ‘MIBOR - Spread Market Watch’ screen displays details of all available MIBOR-based Spread instruments for trading. Spread trading can occur in two ways:

(i) Intentional Spread Orders: These are Bid/ Offer Spread orders placed by member users in the MIBOR - Spread Market Watch. Once these Intentional orders get matched with the opposite Intentional Spread Orders, the resulting        trades are known as Intentional-Intentional Spread Trades.

(ii) Inferred Spread Orders: Inferred Spread Orders are Spread Orders inferred from best Orders (as per rate-time priority) of MIBOR - Normal Market Watch Window using two Standard Instruments corresponding to the instruments        permitted in the MIBOR - Spread Market Watch Window, the notional of which are in PV01 neutral ratio. Based on their PV01 neutral ratios. Once the Inferred Spread Orders get matched with Intentional orders, the resulting trades are        known as Intentional–Inferred Spread trades

(c) MMFOR - NORMAL MARKET WATCH: The ‘MMFOR - Normal Market Watch’ facilitates trading in 6 Standard Tenor 6M MMFOR-based Interest Rate Swap (IRS) instruments. It enables users to place Normal Bid/Offer orders for these        instruments.

2. Product Features:

   The following parameters shall be applicable for trading on ASTROID.

Sr.No	Parameters	Description
a)	Session Parameters	The System is available for trading from 09.00 am to 5.00 pm on all working days from Monday to Friday.
b)	Market Movement Information Parameter (MIBOR and MMFOR Instruments)	(i) Market Movement Information is available to the platform users after each interval of 60 minutes post opening of trading session (09:00 am) i.e. 10:00 am, 11:00      am, 12:00 pm, 1:00 pm, 2:00 pm, 3:00 pm, 4:00 pm and 5:00 pm. (ii) This information provides Open Rate, High Rate, Low Rate, Last traded rate, Weighted Average Rate, Traded Amount and Trade count during each 60 minutes        session.
c)	Order Parameters	(i) Orders of minimum lot size of Rs. 5 crore and in multiples of Rs. 5 crore thereof with a tick size of 0.0025% can be placed on the ASTROID platform.  (ii) Minimum disclosed quantity is 10% of the total order amount being placed by the trader.

 

3. Instruments available for Trading:

(a) MIBOR - NORMAL MARKET WATCH:

       The following 12 MIBOR Overnight Index Swap (OIS) Standard instruments ranging from 1-Month to 10-Years with rolling maturities are available for trading on the MIBOR - Normal Market Watch screen of the platform:

Instrument Name	Instrument Category	Tenor	Coupon Frequency	No of Settlement dates
OIS1M	Rolling Maturity	1M	Bullet	1
OIS2M	Rolling Maturity	2M	Bullet	1
OIS3M	Rolling Maturity	3M	Bullet	1
OIS6M	Rolling Maturity	6M	Bullet	1
OIS9M	Rolling Maturity	9M	Bullet	1
OIS1Y	Rolling Maturity	1Y	Bullet	1
OIS2Y	Rolling Maturity	2Y	Semi annual	4
OIS3Y	Rolling Maturity	3Y	Semi annual	6
OIS4Y	Rolling Maturity	4Y	Semi annual	8
OIS5Y	Rolling Maturity	5Y	Semi annual	10
OIS7Y	Rolling Maturity	7Y	Semi annual	14
OIS10Y	Rolling Maturity	10Y	Semi annual	20

Day Count Fraction: ACT/365

Business Day Convention: MODIFIEDF.

(b) MIBOR - SPREAD MARKET WATCH:

       The following Spread instruments are available for trading on the Spread Market Watch screen of the platform:

Instrument Tenor
1M*2M
2M*3M
3M*6M
6M*9M
6M*1Y
9M*1Y
1Y*2Y
1Y*3Y
1Y*5Y
2Y*3Y
2Y*5Y
3Y*4Y
3Y*5Y
4Y*5Y
5Y*7Y
5Y*10Y
7Y*10Y

 

(c) MMFOR - NORMAL MARKET WATCH:

      The following 6 Standard instruments ranging from 2-Years to 10-Years with rolling maturities are available for trading on the MMFOR - Normal Market Watch screen of the platform:

Instrument Name	Instrument Category	Tenor	Coupon Frequency	No of Settlement dates
MMF2Y	Rolling Maturity	2Y	Semi annual	4
MMF3Y	Rolling Maturity	3Y	Semi annual	6
MMF4Y	Rolling Maturity	4Y	Semi annual	8
MMF5Y	Rolling Maturity	5Y	Semi annual	10
MMF7Y	Rolling Maturity	7Y	Semi annual	14
MMF10Y	Rolling Maturity	10Y	Semi annual	20

Day Count Fraction: ACT/365

Business Day Convention: MODIFIEDF.

4. Salient features of the ASTROID platform:

   (i) Market by Order (MBO): The best five Bid and Offer orders based on the rate-time priority are displayed.

   (ii) Market by Rate (MBR): The best five outstanding Bid and Offer rates and the cumulative quantity of one or more orders at each such best rate are displayed.

   (iii) Market Inquiry: Displays the instrument wise market summary.

   (iv) Total Trades: Displays the parameters of the trades executed till that time i.e instrument type, trade number notional amount and rate of all trades executed in the market.

    (v) Rate Band: Rate band for the member to place an order is set at 100 bps w.r.t the previous day’s closing rate. The member user cannot place any orders with rates exceeding the rate band set by CCDS Admin. 

   (vi) Access: ASTROID Trading platform can be accessed through INFINET (Indian Financial Network) or the Internet