F-TRAC - Counterparty Confirmation - ஆர்பிஐ - Reserve Bank of India
F-TRAC - Counterparty Confirmation
RBI/2014-15/361 December 19, 2014 All RBI regulated entities Madam/Sir, F-TRAC – Counterparty Confirmation A reference is invited to RBI circular IDMD.PCD. 13 /14.01.02/2013-14 dated June 25, 2014 regarding reporting of OTC trades in Commercial Papers (CPs) and Certificate of Deposits (CDs); and OTC repo trades in corporate debt securities, CPs, CDs and non-convertible debentures (NCDs) of original maturity less than one year on F-TRAC - the reporting platform of Clearcorp Dealing Systems (India) Ltd. (CDSIL). 2. As per extant guidelines, the above-mentioned trades have to be physically confirmed by the back offices of the counterparties. In F-TRAC, both the counterparties individually report their respective sides of the trades and the trades are validated for trade details before matching by F-TRAC. This ensures implicit confirmation by both counterparties. Further, the details of the transactions are available on the F-TRAC system. 3. On a review, it has been decided to waive the requirement of exchange of physical confirmation of trades matched on F- TRAC subject to the following conditions:
4. The dispensation with respect to waiver of physical confirmation will be subject to review in case of any change in ownership of the F-TRAC platform or reporting arrangements thereof. Yours faithfully (Dimple Bhandia) |