Tri-party Repo Market (TRM) Platform in Debt Segment is an online web based, anonymous, order matching & multilateral trading platform for tri-repo on eligible corporates debt securities
Under the tri-party repo mechanism participants would place borrow and lend orders on the platform provided by the Exchange. Before placing an order, participants desirous of borrowing would provide eligible collateral and participants desirous of lending would provide margins. Both borrowing and lending orders would be validated against the collateral limits and margins available in the respective borrowers and lenders account.
The TRM Platform shall consist of two types of users - ADMIN and 'USER/DEALER'. The Exchange shall provide ADMIN id to participants on request basis. Thereafter the ADMIN user shall create the USER/DEALER/Client log in for transactions on the platform. The detailed user manual of the platform shall be made available in the log-in screen.
The best borrow order would match with the best lend order. The best borrow order in the basket repo would be the one which seeks to borrow at the highest repo rate. The best lend order in the basket repo would be the one which seeks to lend at the lowest repo rate.
The best repo rate for a lend order would be the borrow repo rate equal to or more than the lend repo rate. The best repo rate for a borrow order would be the lend repo rate equal to or lesser than the borrow repo rate.
For Pro order (PRO): If an active Pro order is likely to match with a passive Pro order belonging to the same member-proprietary combination in the same order book, then active or passive order (full or partial as the case may be) as per the option set in order entry shall be cancelled by the exchange with rejection message "Self trade - Order cancelled."
Members can generate & download the current day trade confirmation slip from the USER/Dealer and ADMIN log in. The report generated from USER/Dealer level log in shall contain orders and trades of the respective user whereas the report downloaded from the ADMIN level login shall contain all the orders and trades of member.