SEBI's proposed changes to the Closing Auction Session could reduce expiry-day volatility.
The consultation paper addresses option traders' concerns through proposed adjustments to settlement prices.
It also proposes restricting limit-order cancellations and handling unexecuted iceberg orders.
Jefferies and analyst Anand James say the measures may improve derivatives trading participation.
Jefferies says initial option turnover declines after the August introduction of CAS have begun to recover in September.
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Analysts broadly agree that the proposed Closing Auction Session changes are aimed at easing expiry-day volatility and addressing option traders' concerns. The reporting also agrees that brokers and exchanges may benefit if participation improves.
The final effect of the proposals is still uncertain, since the consultation paper is only a proposal. The reporting notes that option turnover had declined after the August introduction of CAS and has begun to recover in September.
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Experts view the proposed regulatory measures as positive developments for brokers and exchanges. The changes are described as potentially reducing expiry-day volatility while improving derivatives trading participation. The report highlights three areas of adjustment: settlement prices, limit-order cancellations, and unexecuted iceberg orders. It also says initial option turnover declines after the August introduction of CAS have started to recover in September.
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According to Jefferies and analyst Anand James, SEBI's proposed changes to the Closing Auction Session could reduce expiry-day volatility and improve derivatives trading participation. The consultation paper addresses option traders' concerns by proposing adjustments to settlement prices, restricting limit-order cancellations, and handling unexecuted iceberg orders. Jefferies reports that initial option turnover declines following the August introduction of CAS have begun to recover in September. Experts view these proposed regulatory measures as positive developments for brokers and exchanges.