1. CCIL is an institution that clears outright and repo trades on a guaranteed basis, handling products like government securities, repos, forex spots, and forwards. It has introduced an FX trading platform called FX Clear that enables straight through processing. 2. CLS operates the largest multicurrency cash settlement system to mitigate settlement risk for FX transactions, settling payments in 17 major currencies. Settlement risk is recognized as one of the most significant systemic risks to participants in the FX market. 3. Nostro accounts are foreign currency accounts a bank maintains with correspondent banks, while vostro accounts are rupee accounts maintained by foreign banks in India. Mirror accounts maintained by banks replicate transactions in nostro accounts.