The Clearing Corporation of India Limited (CCIL) has signed up to ABN Amro's advanced third party continuous linked settlement (CLS) service.
CCIL is India's first centralised clearing and settlement facility for the financial services sector and provides settlement of debt and FX transactions by becoming the central counterparty to trades and providing multilateral netting services to its members.
The agency has chosen ABN Amro's advanced third party service, enabling it to go live with all 60+ member organisations as 'fourth parties'. CCIL aims to become the cross-currency aggregator for trades in India via CLS.
Indirani Rao, vice president, Clearing Corporation of India, says: "CCIL aims to become the one-stop shop for settlement of FX and debt market transactions in India; choosing the right partner for CLS services was vital to achieving this goal."