5.2: Develop clearing house infrastructure

Measurement

Legal and regulatory framework supportive of derivatives clearing in place.

Working Group
Implementation Progress

The Capital Markets (Derivatives Markets ) Regulations 2015 is in place to address derivatives clearing.

Status
Completed
Measurement
Size of OTC derivatives market established
Working Group
Implementation Progress

Preliminary studies conducted by CMA and NSE in 2016.
The TORs developed were harmonized with the Derivatives consultancy TORs to capture the survey.
Phase 1 and 2 of the survey to establish the size of the OTC derivatives market was undertaken by the Authority's Derivatives Unit and completed in June 2018. Post-hoc survey(phase 3)is marked for completion by June 2019.

Status
Time Barred
Measurement
Approval requirements and guidelines for CCP published
Working Group
Implementation Progress

A concept paper on CCP was developed by the Authority in 2018 and is developing a policy paper to guide requirements for establishment of a CCPs by June 2019.

Status
In Progress
Measurement
New derivatives market structure
Working Group
Implementation Progress

The current derivatives framework prescribes the structure.

Status
Completed
Measurement
Approval requirements and guidelines for CCP published
Working Group
Implementation Progress

NSE Clear approved as a CCP for Financial Derivatives.

Status
Completed
Measurement
Degree of compliance with principles
Working Group
Implementation Progress

Licensed derivatives exchanges’ settlement infrastructure is expected to follow a CCP model. Assessment for compliance will be carried out once the market is launched.

Status
In Progress

Key

No Progress
Behind Schedule
Ahead of Schedule