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India International Clearing Corporation receives recognition as a Third-Country Central Counterparty

India International Clearing Corporation (IFSC) Limited (India ICC), a wholly owned subsidiary of BSE Limited, has received recognition as a Third – Country Central Counterparty (“TC-CCP”) by the European Securities and Markets Authority (“ESMA”) in accordance with the European Market Infrastructure Regulation (“EMIR”) vide their letter dated April 24, 2019. EMIR was adopted by the European Parliament on July 4, 2012, and entered into force on August 16, 2012.  A TC-CCP recognized under the EMIR process receives the Qualified Central Counterparty (“QCCP”) status across the European Union. A QCCP member is subjected to lower capital requirements/charges under the Basel III Framework introduced by the Basel Committee on Banking Supervision. A European clearing member registered with a QCCP like India ICC will be a beneficiary of the enhanced risk management framework of India ICC and will also benefit from the application of concessional risk weightings to their group’s novated exposures to QCCPs.

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 QCCP and has been rated “AAA (Is)” by Care Ratings Limited. India ICC aims to provide 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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