This has given a fillip to OIS trades in the market. Since liquidity has been under pressure for some time now, these auctions have set relatively higher cut-off rates, trigerring off a scramble for funds at higher rates. With the pressure on short term interest rates, the OIS market has given market participants greater flexiblity to manage their overnight exposures. Emecklai facilitated a swap book of Rs 200 crore since April 19, with the first Rs 100 crore taking nearly six weeks to conclude.