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Update: Retail platform for purchase/ sale of foreign exchange
Update: Retail platform for purchase/ sale of foreign exchange

December 16, 2021

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As you may be aware,  the Clearing Corporation of India Ltd. (CCIL), at the behest of RBI, in 2019, had developed an electronic trading platform “FX-Retail”. The platform seeks to enhance transparency and fairness in customer foreign exchange transactions especially for smaller or less sophisticated customers through:

  1. Transparent disclosure of charges levied by the authorised dealer banks on the platform to customers; and
  2. Ensuring fairness in dealing through anonymous matching of orders placed by customers with other customers / Authorised Dealers on price-time priority.

The platform provides easy and flexible terms of registering, accessing the market, placing orders, obtaining deal information and getting reports. The purpose of the platform is to increase competition and thereby reduce transaction cost to customers. Currently, FX-Retail provides cash, tom, spot and forward transactions in the USD/IN pair.

While volumes of transactions on the FX-Retail platform are growing, the envisaged benefits are not being accrued to a wider set of customers due to low level of awareness about the platform.

In this regard, please find attached a handout providing more information about the FX-Retail platform and process for registration on the same. NASSCOM will be happy to organise a discussion/ demonstration of the platform by CCIL.

In case you are interested, please write to tejasvi@nasscom.in and apurva@nasscom.in

 


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Download Attachment

FX-Retail Platform_0.pdf

Tejasvi

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