19-Apr-2024 | 83.4500

12-Apr-2024 17:00

Lac Crs 396.56 | Tn $ 4.76

12-Apr-2024

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Request for Quote


Brief Description

‘Request for Quote’ (RFQ) is a trade execution platform, launched in 2020 as per the guidance from regulator. This platform is a direct participation model where all participants trade in their own account. With recent SEBI’s circular to permit participation through brokers from 01 Jan 2023, participants are now allowed to use the services of SEBI registered brokers of the NSE’s debt segment for executing deals on their behalf on RFQ Platform. The Platform uses RFQ protocol where an initiator may request other participants for a quote in corporate bonds, securitized debt instruments, municipal debt securities, Government securities, State development loans, Treasury bills, Commercial papers and Certificates of deposit or any other security as specified by Exchange from time to time. The RFQ platform shall provide users a range of options to seek a quote and to respond to a quote, while keeping an audit trail of all the interactions i.e. quoted yield, mutually agreed price, deal terms etc.

NSE would manage the RFQ platform, setting terms & conditions to operate on the RFQ platform and specifying various parameters for dealing with related interactions amongst the participants. The RFQ platform would be hosted in the existing NSE Corporate Bond Reporting and Integrated Clearing & Settlement (CBRICS) environment.

Eligible Participants

All regulated entities, listed corporates, Institutional Investors as defined under SEBI ICDR Regulations, 2018, All India Financial Institutions and any other entity as allowedby Exchange from time to time will be eligible to participate on the RFQ platform. These participants shall have RFQ Platform access directly and/or through Eligible Trading Members. Existing participants using CBRICS log-in credentials from Admin user, shall need to accept the ‘Terms and Conditions’ of the platform through click wrap undertaking. New participants shall need to complete the registration procedure of CBRICS and thereafter using CBRICS log-in credentials from Admin user, shall need to accept the ‘Terms and Conditions’ of the platform through click wrap undertaking.

Other Participants include the ones who are not covered above, including retail investors. These participants shall have RFQ Platform access only through Eligible Trading Members. These participants shall have to contact Eligible Trading Members for registration and further execution of transaction on RFQ Platform.

Eligible Trading Members

  • SEBI stockbrokers registered under Debt Segment of NSE and registered as Online Bond Platform Providers
  • Other SEBI stockbrokers registered under Debt Segment of NSE


Working Hours

The deals may take place on all days in line with the CBRICS holiday calendar. The G-sec, T-bills and SDLs will be available only with settlement mode of T+1. The typical working hours are as under:

Market Hours

Instruments

Business / Working Days

09:00 am to 05:00 pm for T+0, T+1 settlement

CP / CD

Monday to Friday

09:00 am to 04:00 pm for T+0 settlement

Bonds*

Monday to Friday

09:00 am to 05:00 pm for T+1 settlement

Bonds, G-sec, SDL and T-bills

Monday to Friday

*Bonds (Corporate Bonds, Securitized debt instruments, Municipal Debt securities)
Exchange may revise the market timings after providing prior notification to the market Participants.

 

RFQ Platform Specifications

Parameters

Specifications for RFQ Platform

Registration

Existing CBRICS registration to access RFQ Platform

Instruments

Bond, CP, CD, G-sec, SDL, T-bill

Trading

Direct or through Broker

Reporting

Automated reporting for Corporate Bond

Separate reporting required on F-trac for CP, CD

Settlement Type

Direct or through Custody

Security Settlement

Demat (All Instruments)

Settlement Options

T+0 (Bond, CP, CD) , T+1 (All Instruments)

Settlement Mechanism

Existing CBRICS settlement mechanism using DVP-1

Identity

Anonymous/Disclosed

Quote Access

OTM/OTO

Quotation

Yield/Price & Yield

Minimum RFQ Size

Face Value of the security (Subjected to payment mode related restrictions)

Payment Modes

RTGS, NEFT, IMPS, Net banking, UPI (Subjected to existing bank level limits)

 

Download RFQ Brochure (.pdf)

Operating guidelines for Request for Quote (RFQ) platform (.pdf)

Download NSE circular for RFQ (.pdf)

Download circular for Settlement of RFQ deals on CBRICS platform (.pdf)

Download Process flow for Request for Quote Platform (.pdf)

Download FAQs on Request for Quote Platform (.pdf)

Updated on: 05/04/2024