Floating Rate Table - that contains the market rates for the day - is maintained in the ICCF sub-system so that the latest rates can be applied to contracts.

The market rates vary on a daily basis and are maintained in this table. The rates can be applied either every time they change or at periodic intervals. See the section on Specifying Rate Code Usage in the chapter Processing Interest, Charge or Fee. But in the case of commercial or corporate loans, these rates can be applied on a periodic basis so that you are in tune with the market rates. At the same time you do not have to apply the market rates on a daily basis.

You can specify whether the latest market rates have to be applied every time they change, or if they have to be applied periodically, by defining an attribute called the Rate Code Usage through the Product ICCF Details screen for a floating interest type. If you specify Auto rate code usage, all the rate changes made during the liquidation or accrual period is considered. If you specify Periodic rate code usage, the rates are periodically refreshed and applied according to the frequency you specify.