The Clearing Corporation of India (CCIL) and Bloomberg today announced that real-time foreign exchange rates from CCIL will be made available to India’s interbank participants via the Bloomberg terminal.
For the first time, CCIL’s member banks will have access to its live interbank pricing data, including currency trading activity among banks and financial institutions in India on the Bloomberg terminal.
Regulated by the Reserve Bank of India, CCIL is a Central Counterparty that provides clearing and settlement functions for transactions in government securities, foreign exchange (FX), derivatives and money markets in India.
“As India’s financial markets continue to develop, it is increasingly becoming important to improve market efficiency and transparency to interbank participants,” said Kamal Singhania, Senior Vice President - Forex, The Clearing Corporation of India Ltd. “Having CCIL’s live FX rates on the Bloomberg terminal offers the interbank community another avenue to access information critical to their investment decision making.”
CCIL’s member banks can now view FX-Clear quotes and trades on the interbank spot market, at no additional charge, on the Bloomberg terminal.
“We are pleased to partner with CCIL to offer this valuable service to the interbank community,” said Sunny Chabria, Bloomberg’s Head of South Asia. “With this new data, combined with Bloomberg’s analytical capabilities, interested parties will gain additional insight into the real-time movement, volumes and market participant information of the onshore interbank market. We look forward to further partnerships with CCIL to enhance India’s financial market transparency and development.”
The Indian rupee was Asia’s best performing currency in March, its best first-quarter performance since 1975. Foreign holdings of rupee-denominated government and corporate bonds climbed by 359.4 billion rupees ($5.5 billion) in the first quarter, with 272 billion rupees coming in March alone, the most for any month in Bloomberg-compiled National Securities Depository Ltd.’s data going back to mid-2011.