The Reserve Bank of India updated regulations on reporting of trades related to over-the-counter foreign exchange derivative contracts and foreign currency interest rate derivative contracts to the trade repository of Clearing Corp. of India.
Inter-bank foreign exchange derivative contracts involving the rupee, except currency swaps and structured derivatives, should be reported in hourly batches within 30 minutes from the completion of the hour, according to a master circular issued by RBI on Friday.
Contracts executed 30 minutes before the CCIL’s reporting platform closes must be reported by 10:00 a.m. the next business day.
Further, inter-bank foreign exchange derivative contracts in other currencies except the Indian rupee executed up to 5:00 p.m. must be reported by 5:30 p.m. the same day. Transactions executed after 5:00 p.m. must be reported by 10:00 a.m. the following business day, RBI said.