FX-CLEAR, a forex dealing system, which was launched by Clearcorp on August 7, 2003, offers two modes of dealing i.e. Order Matching mode and Negotiation mode. FX-CLEAR covers the inter-bank US Dollar-Indian Rupee (USD- INR) Spot and Swap transactions and transactions in major cross currencies (EUR/USD, USD/JPY, GBP/USD etc.) The USD-INR deals constitute about 85% of the transactions of the total Forex transactions in India in terms of value.
The new version of FX-CLEAR platform launched w.e.f. 6th April 2015, offers guaranteed settlement from the point of trade for all the trades concluded on the Order Matching Mode of the platform, wherein these trades shall be automatically sent to Clearing Corporation. Accordingly, Clearing Corporation (CCIL) shall be the Counterparty for these Trades.