RBI Authorised Electronic Trading Platform

I-Stream

Electronic trading for interest rate derivatives and FX products, built for institutional market participants.

Platform Overview

I-Stream: Digital Trading Platform

ICAP India runs I-Stream, an RBI authorised electronic trading platform covering interest rate derivatives and FX products. ICAP India is also a member of NSE and BSE across market segments, providing execution services on the exchange.

OIS
MOD-MIFOR
INR Spot Fixing

Platform Capabilities

Three Platform Products

01Live

OIS

Overnight Indexed Swaps (OIS) are among the most actively traded interest rate derivatives in India, widely used for hedging and managing short- to medium-term interest rate exposure. These instruments are linked to overnight benchmark rates, making them a core component of the INR interest rate market.

ICAP India provides deep institutional liquidity and supports real-time electronic execution in OIS across the yield curve. Through its platforms, participants gain access to transparent pricing, efficient trade matching and seamless execution in one of the market’s most critical benchmark products.

As a key driver of price discovery in interest rate markets, OIS trading on ICAP India’s platforms enables banks and institutional investors to respond effectively to changing monetary conditions and manage risk with confidence.

02Live

MOD-MIFOR

Mod-MIFOR (Modified Mumbai Interbank Forward Offered Rate) is a key benchmark used in INR interest rate and cross-currency derivative markets. It reflects the relationship between global USD interest rates and the USD/INR forward premium, making it an important reference point for pricing FX-linked interest rate products.

ICAP India supports real-time price discovery and execution in Mod-MIFOR through its electronic platforms, enabling institutional participants to manage exposures that span both currency and interest rate markets. Widely used in cross-currency swaps and structured transactions, MOD-MIFOR plays a critical role in linking domestic and global funding conditions.

By facilitating transparent liquidity and efficient execution in this benchmark, ICAP India helps market participants navigate the intersection of FX and interest rate dynamics with precision.

03Live

SpotFix

SpotFix is ICAP India’s electronic platform for facilitating FX benchmark price discovery in the USD/INR market. It provides a structured and transparent environment where institutional participants can agree on trades that are settled at the official daily reference rate.

Designed for high participation and reliability, SpotFix supports the market’s need for a consistent and trusted fixing mechanism. By enabling efficient order interaction and capturing market consensus during the fixing window, the platform plays a key role in supporting benchmark formation.

Through SpotFix, ICAP India enhances transparency, improves execution certainty and contributes to the integrity of FX benchmark processes used widely across valuation, settlement and risk management.

Technology & Architecture

Built for Institutional Markets

Every feature of I-Stream is designed for the specific requirements of India’s wholesale market participants.

Real-Time Price Transparency

Live price discovery across all instruments with institutional-grade transparency and anonymity.

Direct Market Access

Minimal latency, no intermediary delay. Straight-through processing from order to execution.

Seamless Electronic Execution

Full electronic execution with straight-through processing and automated confirmation.

RBI Compliant Architecture

Architecture designed for RBI requirements applicable to institutional electronic trading.

I-Stream Product Team

See I-Stream in Action

Book a personalised demo with our I-Stream product specialists. This enquiry is handled separately from general ICAP India desk enquiries.

I-Stream product enquiriesinfo@icapindia.com