India’s CCIL Distributes FX Rates Through Bloomberg Terminal

This new offering allows CCIL’s member banks to extract more value from the Bloomberg terminal.

The Clearing Corporation of India (CCIL), a provider of clearing and settlement for transactions in India’s securities, forex and money markets, has teamed up with Bloomberg to make real-time foreign exchange rates from CCIL available to interbank participants via the Bloomberg terminal.

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This new offering allows CCIL’s member banks to extract more value from Bloomberg terminal, enabling existing and potential clients to access live interbank pricing data, including currency trading activity among banks and financial institutions in India.

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CCIL’s posting on Bloomberg means that its users can more easily view FX-Clear quotes and trades on the interbank spot market, with no additional charge.

Founded in 2001, the Clearing Corporation of India Ltd. (CCIL) was set up to provide guaranteed clearing and settlement functions along with added benefits like reduced operational risk, savings on costs, etc. CCIL also provides non-guaranteed settlement for rupee interest rate derivatives and cross currency transactions through the CLS Bank.

Kamal Singhania, Senior Vice President at CCIL, commented: “As India’s financial markets continue to develop, it is increasingly becoming important to improve market efficiency and transparency to interbank participants. 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.”

Sunny Chhabria, Bloomberg’s Head of South Asia, added: “We are pleased to partner with CCIL to offer this valuable service to the interbank community. 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.”

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