RBI Issues Master Direction on ‘Margining for Non-Centrally Cleared OTC Derivatives’
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- Last Updated on 10 May, 2024
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Master Direction No. RBI/FMRD/2024-25/117 FMRD.DIRD.01/14.01.023/2024-25; Dated: 08.05.2024
RBI has issued master direction on ‘Margining for Non-Centrally Cleared OTC Derivatives’. ‘Non-centrally cleared derivatives (NCCDs) mean derivative contracts whose settlement is not guaranteed by a central counterparty. A Central counterparty means an entity that interposes itself between counterparties to contracts traded in one or more financial markets, becoming the buyer to every seller and the seller to every buyer, thereby ensuring the performance of open contracts.
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