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Indian Clearing Corp. takes counter-party default cover

March 11, 2014 - 6:26am

The clearing corporation of Bombay Stock Exchange, Indian Clearing Corp. Ltd., has taken an insurance cover of 3.75 billion Indian rupees ($61.2 million) to protect against counter-party defaults, The Mint reported.

The insurance cover was provided by United India Insurance Co. Ltd.

BSE said the insurance amount is more than double the projected one-day loss for ICCL in all open positions combined.

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