Financial Benchmarks India (FBIL) has introduced two new benchmarks — FBIL-T-Bill and FBIL-Certificates of Deposit (FBIL-CD) — which will come into effect from August 23. FBIL-TBILL will be calculated on the basis of secondary market trades executed and reported up to 5 pm on the NDS-OM Platform and settling on T+1 basis. All trades having a value of Rs 5 crore and above and a minimum of three trades in each tenor will be considered for calculating the benchmark for each tenor.
If there are less than three trades in a particular tenor, the data will be augmented by including the executable orders on the NDS –OM Platform.
FBIL-CD will be calculated on the basis of traded data reported on the FTRAC platform of the Clearing Corporation of India (CCIL) up to 5 pm. All trades having a value of Rs 5 crore and above and a minimum of three trades in each tenor will be considered for calculating the benchmark for each tenor.
In the event of the threshold criteria not being met for any tenor, the benchmark rate thereof will be calculated using the FBIL-TBILL for that tenor plus a spread, as explained in the methodology document. The CCIL will be the calculating agent for both the benchmarks which will be published on each working day at 5.30 pm on the websites of FIMMDA, CCIL and also the FBIL website when launched. Both the benchmarks will be published for the seven tenors of 14 days, one month, two months, three months, six months, nine months and 12 months.