# OTC 1. 1999 - RBI introduced over-the-counter (OTC) derivatives. Most prominent amongst them were the Interest Rate Swaps (IRS) and Forward Rate Agreements (FRA) 2. The RBI (Amendment) Act 2006 vests comprehensive powers in the RBI to regulate interest rate derivatives except issues relating to trade execution and settlement which are required to be left to respective exchanges. [^1] 3. OTC transactions are all transactions done outside of recognized stock exchanges and include transactions on Electronic Trading Platforms (ETPs). 4. **Master Directions** 1. [Reserve Bank of India (Rupee Interest Rate Derivatives) Directions, 2025](https://rbi.org.in/scripts/NotificationUser.aspx?&Id=13214) contain directions on Rupee interest rate derivatives transactions undertaken on recognized stock exchanges and Over-the-Counter (OTC) markets, including on electronic trading platforms (ETPs). 5. IRDs in India are based on benchmarks like: 1. [[MIBOR|MIBOR]] - It is the most common benchmark for IRDs in India. 1. **Based on MIBOR, IRDs are:** 1. MIBOR OIS 2. MIBOR (Other than OIS) swaps *(not traded much)* - they are term MIBOR. Term MIBOR are for tenors (14D, 1M & 3M) 3. Interest rate options on MIBOR *(not traded much)* 1. Swaptions (options on MIBOR OIS or term MIBOR swaps) 4. MIBOR FRAs (single period contract) 5. MIBOR Futures - *they are not OTC but traded on exchanges* 2. [[Modified MIFOR|MMFOR]] 3. [SORR](MIBOR.md#SORR) (Overnight) is based on the secured money market and computed from trades in first three hours of the Market Repos (Basket Repo) and the [[Repos and Tri-Party Repo#Triparty Repo|TREP]] segments in [G-Secs](G-Secs-Primary%20Market.md). 1. [Dec 18, 2025](https://www.fimmda.org/UploadPopupPageFiles/FIMCIR_2025_26_39.pdf) - Operational Guidelines on Secured Overnight Rupee Rate-Overnight Indexed Swap (SORR-OIS) by FIMMDA 4. Yield on G-Secs (*price based*) 1. [Bond FRAs](#4.%20Bond%20Forward%20Rate%20Agreement%20(Bond%20FRA)) 2. [[Interest Rate Derivatives (IRDs) (Rupee)#4. Bond Forwards (Forward contracts in G-Secs)|Bond Forwards on dated G-Secs]] *(excluding T-Bills)* 5. 91-day T-Bill (underlying asset) - 91-Day T-Bill Futures *(they are not OTC but traded on exchanges)* 6. MIOCS, INBMNK - *these benchmarks have been discontinued from April 2, 2018. 6. FBIL, jointly owned by FIMMDA, FEDAI and IBA, publishes data on these [benchmarks](https://www.fbil.org.in/#/benchmark/fbil). 1. [FBIL Monthly Newsletters](https://www.fbil.org.in/#/publication/news) publishes historical data of these benchmarks. 2. Master Directions 1. [December 28, 2023](https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12581&Mode=0) - Reserve Bank of India (Financial Benchmark Administrators) Directions, 2023 7. August 30, 2007, CCIL launched the reporting platform for the transactions in OTC Interest Rate Derivatives. 1. [July 2012](RBI_Speech_20120709_Launch%20of%20the%20OTC%20Derivatives%20Trade%20Repository.pdf) - the platform for OTC forex derivatives *(only OTC inter-bank USD-INR forwards, FX swaps and FCY-INR options)* was launched 8. Trading on [ASTROID](https://www.clearcorp.co.in/web/clearcorp/astroid1) 1. ==Only MIBOR-OIS and instruments with 6M MIFOR benchmark are available.== 2. Rest of the OTC derivatives are traded bilaterally, and reported to CCIL. 3. [FAQs](https://www.clearcorp.co.in/web/clearcorp/astroid) on ASTROID 9. Participants: IRS can be offered to even retail users. 1. Scheduled Banks, Primary Dealers (PDs) and All India Financial Institutions (AIFIs) are eligible to act as market makers for IRD products in the OTC market, and may offer following products to retail users: 1. Forward Rate Agreement (FRA), 2. Interest Rate Swap (IRS), and 3. European Interest Rate Options (IRO) including caps, floors, collars and reverse collars 1. Interest Rate Cap - It is like a call option on a floating rate, and pays when floating rate exceeds the strike rate. Here rate is fixed at start of the period for the payoff at the end of the period. 2. Interest Rate Floor - It is like a put options on a floating rate, and pays when floating rate falls below the strike. 3. Interest Rate Collar -  It involves buying an interest rate cap (protection against rising rates) and simultaneously selling an interest rate floor, to make the hedge cheaper 10. Tenor 1. Tenor for MIBOR and MIOIS Benchmark: Trades with original maturities ranging from 1month to 10 years 11. MIBOR is the most common benchmark for IRDs in India 12. **Based on MIBOR, IRDs are:** 1. **OTC** 1. MIBOR OIS 2. MIBOR (Other than OIS) 3. Swaption 4. FRA 2. **Exchange-traded** 1. MIBOR Futures *(not OTC but traded on exchanges) 13. ==[List](https://rbi.org.in/scripts/Bs_viewcontent.aspx?Id=4278) of ‘significant benchmarks’== ## Instruments ### 1. Interest Rate Swaps (IRS) 1. IRS are contracts where two parties exchange interest payments (fixed or floating) on a notional principal. 2. IRS swaps in India were introduced in **1999** 3. Instruments: 4. **Rupee interest rate swaps (INR IRS)** 1. Fixed-Float 1. MIBOR-OIS, which is referenced to the (O/N) overnight [[MIBOR|MIBOR]] 2. [MIBOR (Other than OIS)](https://www.ccilindia.com/interbank-inr-interest-rate-swaps), which is referenced to the TERM MIBOR 3. MIOIS - an OIS using actual trades in the IRS market for different tenors *(old/legacy system, not traded)* 4. [[Modified MIFOR|MMFOR]] (Modified MIFOR) with maximum residual maturity of 10 years, which is referenced to the Adjusted SOFR rate (which is compounded in arrears), but WITHOUT ANY spread adjustment value, and the FBIL Forward Premia Curve. 5. [SORR](MIBOR.md#SORR) - It is referenced to the overnight Secured Overnight Rupee Rate (SORR) as the underlying floating rate benchmark. 6. T-bills IRS 2. Float-Float 1. MIBOR (basis swap) 5. **Foreign Currency settled interest rate swaps (FCY-settled IRS)** 1. MIBOR-OIS (Foreign currency settled) - It is just like INR IRS, that is based on MIBOR rate, but the currency is not INR but a foreign currency (single currency). 1. [Feb 10, 2022](RBI_Notification_20220210_Rupee%20Interest%20Rate%20Derivatives%20(Reserve%20Bank)%20Directions%20-%20Review.pdf) - RBI allowed regarding permitting banks in India to deal in foreign currency settled Overnight Indexed Swaps (OIS) 2. [Rupee Interest Rate Derivatives (Reserve Bank) Directions, 2019](RBI_Directions_20190626_Rupee%20Interest%20Rate%20Derivatives%20(Reserve%20Bank)%20Directions,%202019_Updated%20as%20on%20August%2008,%202022.pdf) (Updated as on August 08, 2022)*(withdrawn) ### 2.1 Interest Rate Options 1. [December 29, 2016](RBI_Notifications_20161229_Introduction%20of%20Interest%20Rate%20Options%20in%20India.pdf) - RBI introduced Rupee Interest Rate Options (IRO), following the recommendations of the [Working Group on Interest Rate Options, 2018](RBI_Group-Committee_20160208_Report%20of%20the%20Working%20Group%20on%20Interest%20Rate%20Options.pdf) chaired by P.G. Apte. 2. Interest Rate Options are contracts whose value is based on Rupee interest rates or Rupee interest rate instruments. 1. As of now, RBI allows: 1. European interest rate call option (single caplet) 2. European interest rate put option (single floorlet) 3. interest rate caps (series of interest rate call options), 4. interest rate floors (series of interest rate put options), 5. interest rate collars (buy cap and sell floor on the same interest rate) and 6. interest rate reverse collars (sell cap and buy floor on the same interest rate) 7. Interest Rate Options on Swaps (Swaption) 3. The underlying is Rupee interest rates or interest rate instruments, but they are traded based on MIBOR OIS (O/N MIBOR compounded daily). 4. [July 2022](FIMMDA_202207_Interest%20Rate%20Options_Cap_Floor%20(IROs)–INR.pdf) - Product brief for IROs by FIMMDA 5. **Interest Rate Options on Swaps** ^1b6d9e 1. They are also called Interest Rate Swaption in Rupees or Options on Interest Rate Swaps in Rupees. 1. They are not allowed for retail users 2. After introduction of interest rate options in 2016, subsequently, market participants including corporates also expressed the need for swaptions to effectively manage interest rate risk. FIMMDA has conveyed a similar request on behalf of its members. 3. [April 5, 2018](RBI_MPS_SDRP_20180405.pdf) - RBI decided to permit Interest Rate Swaptions in Rupees, to enable better timing flexibility for those seeking to hedge interest rate risk. 1. Only plain vanilla Interest Rate Options, like caplet (European calls) or floorlet (European puts) were allowed initially. [^2] 2. RBI also proposed to allow non-residents access to the Rupee IRS market in India. 4. [June 14, 2018](RBI_Notification_20180614_Interest%20Rate%20Options%20(Reserve%20Bank)%20Directions,%202018.pdf) - RBI permit Interest Rate Swaptions in Rupees, and issued guidelines enabling the same. 5. They are [options on FBIL MIBOR-OIS](https://www.ccilindia.com/interbank-swaptions-trades-on-mibor-ois1) or term MIBOR swaps 2. A swaption, also called Interest Rate Swaption is an option on interest rate swaps. A swaption gives the buyer the right, but not the obligation, to enter into an interest rate swap. 3. Payer Swaption give the right to pay fixed/receive floating and are like a CALL on interest rates, and Receiver Swaption give the right to receive fixed/pay floating and are like a PUT on interest rates. 1. If the MIBOR-OIS rate rises above the fixed rate (strike rate) at option expiry, Receiver Swaption is out of money, and Payer Swaption is in the money. If the rate falls, then Payer Swaption is out of the money, and Receiver Swaption is in the money. 4. [Swaption on CCIL](https://www.ccilindia.com/interbank-swaptions-trades-on-mibor-ois1) have MIBOR-OIS as the underlying swap. 5. European, Bermudan and American swaptions on MIBOR OIS are permitted. 6. Operational Guidelines on Interest Rate Swaptions by FIMMDA 1. [August 25, 2025](https://www.fimmda.org/UploadPopupPageFiles/FIMCIR_2025_26_18.pdf) ### 3. Forward Rate Agreement (FRA) 1. FRA is a forward rate contract, and is single-period forward agreement on interest rate. 2. They are reported on [CCIL](https://www.ccilindia.com/fra1) 3. FRAs are linked to [[MIBOR#Forward Rate Agreement (FRA)|MIBOR]] or MMFOR 4. FRA in [Handbook of Market Practices by FIMMDA](FIMMDA_20250804_Handbook%20of%20Market%20Practices%20–2025%20(Revised%20Version)-%20(DRAFT).pdf) **Settlement** 5. ==All trades referenced to the MIBOR, MIOIS and Modified MIFOR (MMFOR) benchmarks shall be eligible for guaranteed settlement.== 6. Since March 28, 2014, November 19, 2018, April 3, 2023, CCIL offers the guaranteed settlement in IRS and FRA referenced to the [[MIBOR#Interest Rate Swaps (IRS)|MIBOR]] and MIOIS, MIFOR *(discontinued)*, and Modified MIFOR [[Modified MIFOR|(MMFOR)]] benchmarks respectively. 1. Aug 2007 - Inter-bank Rupee Interbank Interest Rate Swaps (IRS) and Forward Rate Agreements (FRA) are reported on CCIL since August 2007. 2. Oct 24, 2008 - In its Mid-term Review of Annual Policy for the year 2008-09, RBI announcement the commencement of non-guaranteed settlement of OTC trades in Rupee Derivatives Segment by CCIL from Nov 27, 2008. **Tenor** 3. Tenor for MIBOR and MIOIS Benchmark: Trades with original maturities ranging from 1 month to 10 years. 4. Tenor for Modified MIFOR (MMFOR) Benchmark: The trades having residual maturity of less than or equal to five years as on the date of acceptance for CCP clearing. **Reporting** 7. August 2007 - CCIL started its Trade Repository services, with facilitating reporting (inter-bank) of Rupee denominated Interbank Interest Rate Swaps (IRS) and Forward Rate Agreements (FRA) 1. [FAQs](https://www.ccilindia.com/documents/d/ccil/faq_tr) on Trade Repository by CCIL 2. [Jul 11, 2012](RBI_Speech_20120709_Launch%20of%20the%20OTC%20Derivatives%20Trade%20Repository.pdf) - reporting platform for some OTC forex derivatives, that is, inter-bank USD-INR forwards, FX swaps and FCY-INR options was launched 8. Dec 2013 – Mandatory reporting of all client-level IRS/FRA transactions to CCIL’s Trade Repository began. 9. RBI has also mandated reporting of all OTC forex, interest rate and credit derivative transactions to CCIL’s trade reporting platform. ### 4. Bond Forward Rate Agreement (Bond FRA) 1. They are not based on MIBOR. Here the underlying is G-Secs 2. A Client-Bond Forward Rate Agreement (Bond FRA) is a derivative contract where a client and a bank agree today on a fixed price (or yield) to buy or sell a specific bond on a future date. 3. It allows financial institutions to hedge against future interest rate fluctuations, *locking in returns or costs for future investments/borrowings without immediate cash outlay. 1. Example: If party A wants to lock the G-Sec yield of 7% as they wish to buy the bond 3 months later, they sell the Bond FRA, that is sell the yield (fixed rate) of the underlying specified security for a future date. Here the price (yield) is (fixed) agreed between the two parties. It is the cost incurred by party B to hold the bond minus the coupon income (till the settlement of the bond) 2. Party A is the receiver of fixed rate, payer of the future/floating yield (rate) of G-Sec, and is the seller of the yield/buyer of the bond price. 3. Party B is the payer of fixed rate, receiver of the future/floating yield (rate) of G-Sec, and is the buyer of the yield/seller of the bond price. 4. Settlement happens based on the price 5. On start date/settlement date (S), $\text{Settlement Amount} = F(\text{notional amount or Face Value of Trade)} \times \dfrac{\text{Price}_{\text{final (S-1)}} - \text{Price}_{\text{FRA}}}{100}$ 6. Price is determined on fixing day (S-1) and funds are settled on next day (S 4. Trading: 1. [Client-Bond FRAs on CCIL](https://www.ccilindia.com/web/ccil/client-bondfra) 2. [Inter-bank Bond FRA on CCIL](https://www.ccilindia.com/interbank-inr-bond-fra-real-time-trade-by-trade-dissemination) 3. The underlying bonds are Government securities as defined in Government Securities Act 2006 and excludes Treasury Bills. 5. Operational guidelines on Bond FRA by FIMMDA 1. [February 29, 2024](https://www.fimmda.org/UploadPopupPageFiles/FIMCIR2023_24_40_Bond_FRA_OperationalGuidelines.pdf) ### 5. Bond Forward (Forward contract in G-Secs) 1. On February 21, 2014, effective May 2, 2025, RBI allowed forward contracts in G-Secs. Before this, only spot delivery and contracts on exchanges were allowed. 2. Bond forward means a rupee interest rate derivative contract in which one counterparty (buyer) agrees to buy a specific government security from another counterparty (seller) on a specified future date and at a price determined at the time of the contract. 3. They are forward contracts with G-Secs (excluding T-Bills) being the underlying asset. 4. So an investor can hedge their interest rate risks, or take speculative positions based on their view of movement in interest rates. 5. FRAs in G-Secs involve only cash settlement of price differences, while bond forwards require actual transfer (physical delivery) of the underlying securities. 6. ==They are conceptually similar to IRF futures,== in that both lock in a future price and are price-based. But IRF futures are exchange-traded, MTM-settled price contracts covering both dated G-Secs and T-Bills. 7. Reporting - All Bond Forwards are to be reported to CCIL TR. 8. Operational guidelines on Bond Forwards by FIMMDA 1. [April 30, 2025](https://www.fimmda.org/UploadPopupPageFiles/FIMCIR_2025_26_04.pdf) 9. Master Directions: 1. [February 21, 2025](https://rbi.org.in/scripts/NotificationUser.aspx?&Id=12784) - Reserve Bank of India (Forward Contracts in Government Securities) Directions, 2025 2. [September 16, 2021](https://www.rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=12163) - Reserve Bank of India (Market-makers in OTC Derivatives) Directions, 2021 3. [May 08, 2024](https://www.rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=12682) - Reserve Bank of India (Margining for Non-Centrally Cleared OTC Derivatives) Directions, 2024 ## By Benchmark ### OTC Rupee IRDs based on MIBOR 1. Here is note on [[MIBOR|MIBOR]] ### OTC IRDs based on Modified MIFOR (MMFOR) 1. Here is note on [[Modified MIFOR|Modified MIFOR]] ### OTC IRDs based on G-Secs 1. T-bills IRS, where the floating rate payments are linked to T-bills. 2. Bond FRAs 3. Bond Forwards ### Foreign Currency IRDs 1. Here "foreign currency interest rate” means the reference benchmark is a foreign benchmark rate like SOFR, EURIBOR, SONIA, etc., usually administered/published in that foreign currency jurisdiction. 2. They are different from FCY-*settled* Rupee IRDs. 3. RBI allows ADs to offer foreign currency interest rate derivatives to users without any restriction in terms of purpose 4. Settlement - For purposes other than hedging, 1. resident users - cash-settled in INR, 2. non-resident users - cash-settled in INR or any foreign currency. 5. Authorised Dealers may [offer](https://www.rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=10485#:~:text=(iv)%20Authorised%20Dealers%20may%20offer%20the%20following%20foreign%20currency%20interest%20rate%20derivative%20contracts%20to%20retail%20users%3A) the following foreign currency interest rate derivative contracts: 1. FRAs, IRS Swaps, IR Options (including caps, floors, collars, reverse collars) # Exchange Traded IRDs 1. Jan 2003 - The RBI committee headed by Jaspal Bindra, former CEO of Standard Chartered Bank, submitted the [[RBI_Group-Committee_20030131_Report of the Working Group on Rupee Derivatives.pdf|Report of the Working Group on Rupee Derivatives]] suggesting introduction of the Exchange Traded Interest Rate Futures 2. June 2003 - The following IRD instruments were launched: 1. IRF on 10-year zero-coupon and 6% coupon rate GoI security 2. June 24, 2003 - IRF on 91-day (or 3 months) Treasury bill 3. August 2009 - futures were re-introduced, with underlying 7% 10Y bond of Government of India were re-introduced 4. [Aug 13, 2012](RBI_Group-Committee_20120813_Report%20of%20the%20Working%20Group%20on%20Enhancing%20Liquidity%20in%20the%20Government%20Securities%20and%20Interest%20Rate%20Derivatives%20Markets.pdf) - Working Group on Enhancing Liquidity in the Government Securities and Interest Rate Derivatives (Chairman: Shri R. Gandhi), submitted its report recommending introduction of interest rate futures based on the overnight call money borrowing rate. 5. December 3, 2018 - NSE started trading in futures on overnight call rate (MIBOR).The contract will begin trading from _December 3, 2018_ 6. As on Dec-2025, following Rupee IRDs (price based) are traded on exchanges: 1. Interest Rate Futures 1. IRF on Government (dated G-Secs) Securities (different ISINs) 2. IRF on 91-Day T-Bill (short-term) 3. MIBOR (O/N) Futures (short-term) 1. The underlying Overnight MIBOR is calculated using trades from the first hour of market open (9 am to 10 am) and is announced by FBIL exactly once a day at around 12:45 pm. However, MIBOR Futures contracts trading on the exchange (like the NSE) _do_ change price every second during trading hours, because market participants are constantly buying and selling based on their fluctuating _expectations_ of where future daily MIBOR announcements will land. 2. Interest Rate Options 1. European Options on Government Securities (different ISINs) 5. [IRDs on NSE](https://www.nseindia.com/static/products-services/about-interest-rate-derivatives) 6. ==NSE - [Circulars](https://www.nseindia.com/resources/exchange-communication-circulars#) ## IRDs to Non-Residents 1. Cross-Border (with non resident and also other market makers) Rupee Interest Rate Derivatives 1. RBI also allows banks to undertake Rupee IRD transactions with by non-resident, which can be settled either in Rupee or in foreign currency (called the FCS-IRD) 2. June 2019 - RBI allowed Rupee interest rate derivatives to non-residents to hedge their interest rate risk, aiming to improve liquidity in the domestic OIS market, promoted diversity in participation and reduced the segmentation between the onshore and offshore markets (but settlement in foreign currency was still not allowed) 3. [Feb 10, 2022](RBI_MPS_SDRP_20220210.pdf) - RBI allowed banks to undertake Foreign Currency Settled Overnight Indexed Swap (FCS-OIS), that is rupee based interest rate swap but settled in foreign currency, with non-residents and other market makers, to further remove the segmentation between onshore and offshore markets and improving the efficiency of price discovery. 2. Market hours for IRD transactions in OTC market is from 9:00 AM to 5:00 PM on each business day or as specified by the Reserve Bank from time to time. A market-maker may undertake FCS-IRD transactions beyond onshore market hours. # Related Notes 1. Credit Derivatives - Credit Default Swaps (CDS) # Master Directions 1. [Reserve Bank of India (Rupee Interest Rate Derivatives) Directions, 2025](https://rbi.org.in/scripts/NotificationUser.aspx?&Id=13214), dated Dec 08, 2025 1. It contains directions on Rupee interest rate derivatives transactions undertaken on recognized stock exchanges and Over-the-Counter (OTC) markets, including on electronic trading platforms (ETPs). 2. It supersedes [June 26, 2019](https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=11602) - Rupee Interest Rate Derivatives (Reserve Bank) Directions, 2019 2. [Reserve Bank of India (Forward Contracts in Government Securities) Directions, 2025](https://rbi.org.in/scripts/NotificationUser.aspx?&Id=12784), dated February 21, 2025 3. [FEM (Foreign Exchange Derivative Contracts) Regulations, 2000](https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=179&Mode=0), dated May 3, 2000 1. [Master Direction – Risk Management and Inter-Bank Dealings](https://www.rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=10485), dated July 05, 2016, as amended from time to time, for foreign exchange derivatives. 4. ==[Master Directions for OTC derivatives](Forex%20Markets.md#^eca5a1)== 5. ==[List](https://rbi.org.in/scripts/Bs_viewcontent.aspx?Id=4278) of ‘significant benchmarks’== by RBI 6. [FAQs](https://www.ccilindia.com/documents/d/ccil/faq_tr) on Trade Repository by CCIL # References ### [[Speeches & Media Interactions|Speeches]] 1. Mohammad Tahir. (Feb 1, 2003). *Bonds & Derivatives - The Road Ahead*. Speech by Shri Mohammad Tahir, Executive Director, Reserve Bank of India,,organized jointly by FIMMDA and PDAI at Goa on February 1, 2003. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=126) 2. Y.V. Reddy (former Governor). Mar 11, 2005. ==*The Roadmap for Fixed Income and Derivatives Market*==. A Speech by Dr. Y.V. Reddy, Governor, Reserve Bank of India ,at the Fixed Income and Money market & Derivatives Association of Indian and Primary Dealers Association of India at Mumbai on March 11, 2005). [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=185) 3. Oct 24, 2007. ==*Indian Derivatives Market - A Regulatory and Contextual Perspective.*== (Keynote address delivered by Smt. Shyamala Gopinath, Deputy Governor at the Euromoney Inaugural India Derivatives Summit, 2007, Mumbai on October 24, 2007). [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=360) 4. Subir Gokarn. (May 4, 2011). ==*Regulatory Perspectives on Derivatives Markets in India==.*(Keynote address by Dr. Subir Gokarn, Deputy Governor, Reserve Bank of India at the International Options Market Association, World Federation of Exchanges Annual Conference organised by the National Stock Exchange at Mumbai on May 4, 2011). [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=564) 5. Harun R Khan. (Mar 28, 2012). ==*Towards Vibrant Debt Markets – A 7iFramework*==. (Keynote address delivered by Shri Harun R Khan, Deputy Governor, Reserve Bank of India at the 13th FIMMDA-PDAI Annual Conference on Asian Money, Bond & Derivatives in The New Global Economy on January 27, 2012 at Kuala Lumpur, Malaysia). [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=680) 6. Subir Gokarn. (Jul 11, 2012). ==Launch of the OTC Derivatives Trade Repository by Subir Gokarn.== [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=701) 7. Harun R Khan (Feb 4, 2013). ==Regulation of G-Sec & Interest Rate Derivatives Market : Recent Developments & Emerging Issues.== Speech by Shri Harun R Khan, Deputy Governor, Reserve Bank of India, in Colombo on February 2, 2013). [Link](http://rbidocs.rbi.org.in/rdocs/content/ppts/RDMEIS04022013.ppt) 8. Harun R Khan. (Jan 29, 2015). ==Derivatives Dynamics: Looking Back & Looking Ahead==. (Keynote address delivered by Shri Harun R Khan, Deputy Governor, Reserve Bank of India at the Finance Conclave 2015 on ‘Indian Derivatives Markets – Striking a Balance between Risk Protection and Liquidity’ organized by the SP Jain Institute of Management & Research, Mumbai on January 17, 2015). [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=937) 9. RBI. (Sept 10, 2015). ==Financial Market Regulation in India – Looking Back, Looking Ahead==. A Speech by Harun R. Khan Harun, Deputy Governor, Reserve Bank of India at the FIMMDA – PDAI 16th Annual Conference 2015 at Prague on August 17, 2015. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=970) 10. Viral V Acharya (Deputy Governor). (Jan 15, 2018). ==Understanding and Managing Interest Rate Risk at Banks== - Viral V Acharya, Deputy Governor – January 15, 2018 – at the FIMMDA Annual Dinner, 2018 at Hotel Taj Mahal Palace, Mumbai | [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=1053) 11. Nov 30, 2022. *==Financial Benchmarks in India: A Coming of Age==*. (Speech delivered by Shri T. Rabi Sankar, Deputy Governor, Reserve Bank of India - November 28, 2022 - at a seminar organised by Financial Benchmarks India Private Limited (FBIL) in Mumbai). [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=1341) ### [[Publications (Data Releases) & Research#Research|Research]] [Groups/Committees](Groups%20and%20Committees.md) 1. RBI. (Dec 31, 2003). Report of the Working Group on Rupee Interest Rate Derivatives-Product development and rationalisation of accounting and risk reporting (Chairman-G. Padmanabhan). [Link](https://rbi.org.in/scripts/PublicationReportDetails.aspx?ID=344) | [[RBI_Group-Committee_20031231_Report of the Working Group on Rupee Interest Rate Derivatives-Product development and rationalisation of accounting and risk reporting.pdf|pdf]] 2. RBI. (Feb 22, 2008). Report on Interest Rate Futures (Chairman-V. K. Sharma). [Link](https://rbi.org.in/scripts/PublicationReportDetails.aspx?ID=536)| [[RBI_Group-Committee_20080303_Report of the Working Group on Interest rate Futures.pdf|pdf]] 3. RBI. (May 25, 2011). Report of the Working Group on Reporting of OTC Interest Rate and Forex Derivatives (Chairman-P Krishnamurthy). [Link](https://rbi.org.in/scripts/PublicationReportDetails.aspx?ID=633) | [[RBI_Group-Committee_20110525_Report of the Working Group on Reporting of OTC Interest Rate and Forex Derivatives.pdf|pdf]] 4. RBI. (May 31, 2012). Report of the Working Group on Enhancing Liquidity in the Government Securities and Interest Rate Derivatives Markets. [Link](https://rbi.org.in/scripts/PublicationReportDetails.aspx?ID=661) 5. RBI. (Feb 7, 2014). Report of the Committee on Financial Benchmarks (Chairman-P.Vijaya Bhaskar). [Link](https://rbi.org.in/Scripts/PublicationReportDetails.aspx?ID=761) | [[RBI_Group-Committee_20140207_Report of the Committee on Financial Benchmarks.pdf|pdf]] 6. RBI. (Mar 6, 2014). Implementation Group on OTC Derivative Market Reforms (Chairman-R. Gandhi, former Executive Director, RBI). [Link](https://rbi.org.in/scripts/PublicationReportDetails.aspx?ID=762) | [[RBI_Group-Committee_20140306_Implementation Group on OTC Derivatives Market Reforms.pdf|pdf]] 7. RBI. (Feb 8, 2016). Report of the Working Group on Interest Rate Options (Chairman-Prof. P.G. Apte). [Link](https://rbi.org.in/scripts/PublicationReportDetails.aspx?UrlPage=&ID=839) | [[RBI_Group-Committee_20160208_Report of the Working Group on Interest Rate Options.pdf|pdf]] 8. RBI. (October 1, 2024). Report of the Committee on MIBOR Benchmark. [Link][https://rbi.org.in/scripts/PublicationReportDetails.aspx?ID=1277] | [[RBI_Group-Committee_20241001_Report of the Committee on MIBOR Benchmark.pdf|pdf]] ### [[Publications (Data Releases) & Research#Publications|Publications]] 1. Shyamala Gopinath. (Aug 11, 2010). Over-the-Counter Derivative Markets in India: Issues and Perspectives. Financial Stability Review, Bank of France, July 2010. RBI Bulletin-Aug 2010. [Link](https://rbi.org.in/scripts/BS_ViewBulletin.aspx?Id=11439) ### Others 1. Golaka C Nath, Sahana Rajaram and Manoel Pacheco. (April 2018). *Methodology for Computation of Benchmark Forward Premia and MIFOR Curve.* [[CCIL_Working Papers_201804_Methodology for Computation of Benchmark Forward Premia and MIFOR Curve.pdf|pdf]] 2. Golaka C Nath. (Aug, 2018). *Repo Market and Market Repo Rate as a Collateralized Benchmark Rate.* Economic Research Department (The Clearing Corporation of India Ltd.). [Link](https://www.ccilindia.com/documents/d/ccil/WP007_Repo_Market_And_MROR_As_Collateralized_Benchmark_Rate_7-pdf) 3. Golaka Nath Manoel Pacheco. (Nov, 2020). *SOFR Index- A Plausible Tool for Computing the Modified MIFOR Curve in India.* Economic Research Department The Clearing Corporation of India Ltd., November 2020. [Link](https://www.ccilindia.com/documents/d/ccil/WP012_SOFR%20Index-A%20Plausible%20Tool%20For%20Computing%20the%20Modified%20MIFOR%20Curve%20in%20India_12-pdf) 4. RBI. (May 26, 2022). *Box V.1-Roadmap for LIBOR Transition in the Annual Report 2022*. [[RBI_Annual Report_2022.pdf#page=138&selection=4,0,5,28|pdf]] 5. Chherawala, Tasneem (2023). *End of the LIBOR Era and the Road Ahead for Financial Markets*. NIMB Working Paper Series: Policy Research Paper WP25/May. (National Institute of Bank Management (NIBM) in Pune is an autonomous institution established by the RBI in 1969). [Link](https://www.nibmindia.org/static/working_paper/NIBM_WP25_TC.pdf) 6. RBI. (Oct 1, 2024). *Report of the Committee on MIBOR Benchmark.* [Link][https://rbi.org.in/scripts/PublicationReportDetails.aspx?ID=1277] | [[RBI_Group:Committee_20241001_Report of the Committee on MIBOR Benchmark.pdf|pdf]] 7. CCIL. *CCIL Factbook 2025*. [Link](https://www.ccilindia.com/documents/d/ccil/Clearing_Corporation_of_India_Limited%20Annual-pdf) 8. FIMMDA. (Aug 25, 2025) Annual Report 2024-25. [Link](https://www.fimmda.org/PageContent.aspx?Iid=MTA=) 9. FIMMDA. FAQs. [Link](https://www.fimmda.org/PageContent.aspx?Iid=NTg=) [^1]: RBI. (Feb 22, 2008). *Report on Interest Rate Futures* (Chairman-V. K. Sharma). [Link](https://rbi.org.in/scripts/PublicationReportDetails.aspx?ID=536)| [[RBI_Group:Committee_20080303_Report of the Working Group on Interest rate Futures.pdf|pdf]] [^2]: RBI. April 5, 2018. Statement on Developmental and Regulatory Policies (First Bi-monthly Monetary Policy Statement for 2018-19) on April 5, 2018. [Link](https://www.rbi.org.in/commonman/Upload/English/PressRelease/PDFs/PR264205042018.PDF) [^3]: Golaka C Nath. (Aug, 2018). *Repo Market and Market Repo Rate as a Collateralized Benchmark Rate.* Economic Research Department (The Clearing Corporation of India Ltd.). [Link](https://www.ccilindia.com/documents/d/ccil/WP007_Repo_Market_And_MROR_As_Collateralized_Benchmark_Rate_7-pdf)