India International Clearing Corporation (IFSC) Limited (India ICC) receives recognition as a Third-Country Central Counterparty (TC-CCP) from the Bank of England
India International Clearing Corporation (IFSC) Limited (India ICC), the first clearing corporation in GIFT City, IFSC and a wholly owned subsidiary of BSE Limited (BSE), has been granted recognition by Bank of England as a third- country CCP that will offer clearing services and activities in the United Kingdom (UK) under the Temporary Recognition Regime (TRR) of the Central Counterparties (Amendments, etc., and Transitional Provision) (EU Exit) Regulations 2018, if the UK leaves the European Union with no implementation period. The TRR will enable India ICC to provide clearing services and activities to the UK based entities for up to three years from the commencement of the TRR, extendable by HM Treasury in increments of twelve months.
About India ICC
India ICC is a wholly owned subsidiary of
BSE Limited and carries out the functions of clearing, settlement, collateral
management and risk management from the IFSC, GIFT City, Gandhinagar. India ICC
is a recognised clearing corporation under Regulation 4 and 12 of Securities
Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations,
2012. India ICC is recognised by SEBI as a Qualified Central Counterparty
(QCCP), by European Securities and Markets Authority (ESMA) as a Third
Country Central Counterparty (TC-CCP) and has been rated “AAA (Is)”
by Care Ratings Limited. India ICC provides a secure, capital-efficient
counterparty risk management and post-trade services and has put in place a
robust risk management framework to mitigate the risk it undertakes in its
capacity as a clearing corporation.
About India INX
As India’s first international exchange, India INX has pioneered several firsts at GIFT IFSC since launch in January 2017. India INX is the first exchange to introduce a single platform across multi assets i.e. equities, commodities, currencies and interest rate derivatives. India INX is also the first exchange in India to launch Gold Options. To address the requirements for Indian and foreign issuers to raise debt from global investors, India INX has been the first to set up a primary market platform, the Global Securities Market. India INX’s clearing arm, the India International Clearing Corporation (IFSC) Limited (India ICC) is the first to offer international market participants an ability to settle trades seamlessly through ICSDs (International Central Securities Depositories). This has been enabled through Clearstream, which also facilitates accepting foreign securities as collateral. India INX derivatives trading turnover has crossed USD 130+ billion as on date.
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