Current Affairs - Business - Discussion

Metropolitan Clearing Corporation of India Ltd (MCCIL) has become the first clearing corporation in India to receive recognition as a Third-Country Central Counterparty (TC-CCP) by Bank of England for offering various clearing services to UK-based entities.The recognition has been granted under United Kingdom's Temporary Recognition Regime (TRR). In the year 2017, the European Securities and Markets Authority (ESMA) also recognized the Metropolitan Clearing Corporation of India Ltd (MCCIL) as a third Country Central Counterparty. A financial institution which provides clearing and settlement services for trading in foreign exchange, securities, and derivative contracts as well as deals with the counter party credit risk between the two parties known as Central counterparty clearing (CCP).