FIMMDA (Fixed Income Money Market and Derivatives Association of India)
Fixed Income Money Market and Derivatives Association of India (FIMMDA) is an association of Scheduled Commercial Banks, Public Financial Institutions, Primary Dealers and Insurance Companies in India representing the Market for the Bond, Money and Derivatives Products. It functions as the principal interface and works closely with the regulators, RBI, SEBI, Ministry of Finance, IRDA and other important domestic and International associations. It has 120 members as on date. We completed 20 years of service to the industry in India.
FIMMDA seeks to achieve its objective by establishing specific working groups. It is represented in the Technical Advisory Committee (TAC) of RBI on Government Securities, Money Market and on Foreign Exchange Markets. CEO, of FIMMDA is also on the Advisory Board of PFRDA (Pension Fund Regulatory and Development Authority). It conducts Seminars, training programs and Symposia to facilitate the achievement of its objectives.
RBI identified FIMMDA as the benchmark administrator for all Indian rupee interest rates. A new company named as Financial benchmarks India Pvt Ltd is formed in association with two more banking associations, FEDAI and IBA.
FIMMDA is the Calculation agent for all valuation rates for Government securities under the administration of FBIL. We provide daily Corporate Bond matrix for use by the industry. RBI mandated FIMMDA’s Code of conduct as well it’s Dispute resolution mechanism for trading on G-Sec Platform. Our handbook of market practices is followed by the industry.
We issued Operational Guidelines on Commercial paper (CP) in October 2017 which is followed by all stake holders. FIMMDA evolved a Code of Fair practices for Debt markets in March 2018 in line with the Global forex code of conduct and members gave their statement of commitment to adhere to these standards.
