印度证券交易委员会（SEBI）决定恢复使用成交量加权平均价（VWAP）方法来确定衍生品合约在到期日的结算价格，分析师称此举可能降低波动性并有助于恢复交易量。
M The Indian markets regulator's decision to revert to the volume-weighted average price method to determine settlement prices of derivatives contracts on expiry days could reduce volatility and help revive volumes, according to analysts.
印度证券交易委员会表示，自12月7日起，衍生品合约在到期日将再次采用常规交易最后30分钟的成交量加权平均价进行结算。
The Securities and Exchange Board of India said that from December 7, derivatives contracts on expiry days will once again be settled using the volume-weighted average price of the last 30 minutes of regular trading.
此举是在交易者对8月3日收盘竞价交易（CAS）实施后股票和指数出现剧烈波动的反作用下提出的，这促使一些交易者缩减了交易活动。
The move follows backlash from traders amid sharp swings in stock and index levels after the closing auction session (CAS) was implemented on August 3, which prompted some to scale back on trading activity.
在CAS引入后，印度国家证券交易所（NSEI.BO）的衍生品总成交额环比下降19.2%，至34.48万亿卢比（3633.7亿美元），这加剧了因对自营交易者的贷款监管收紧和交易税增加而导致的交易量下降趋势。
Total derivatives turnover on the National Stock Exchange of India (NSEI.BO) fell 19.2% month-on-month to 34.48 trillion rupees ($363.37 billion) in August, following the introduction of CAS. This added to a decline in volumes due to tighter regulations on lending to proprietary traders and higher transaction taxes.
“此次对CAS的调整应能降低收盘竞价交易下的到期日波动性，有利于那些订单仍低于CAS实施前水平的经纪商，”经纪公司Jefferies表示。
"This (changes to CAS) should reduce expiry-day volatility under the closing auction session, benefiting brokers whose orders remain below pre-CAS levels," brokerage firm Jefferies said.
分析师现在预计交易量将恢复至CAS实施前的水平，尽管恢复幅度仍存在不确定性。
Analysts now expect volumes to return to pre-CAS levels, although the extent of the recovery remains uncertain.
“之前因该系统而离场的期权交易者可能开始回归，”ICICI Direct衍生品和量化研究副总裁Raj Deepak Singh表示。
"The options traders who had moved away from the system may start coming back," said Raj Deepak Singh, vice president of derivatives and quantitative research at ICICI Direct.
根据修订后的规则，指数衍生品的交易将继续至印度标准时间下午3:45，但到期日除外，届时交易将在印度标准时间下午3:30结束，SEBI称。
Under the revised rules, trading in index derivatives will continue until 3:45 p.m. IST, except on expiry days when trading will end at 3.30 p.m. IST, SEBI said.
周五，交易所运营商孟买证券交易所（BSEL.NS）和印度国家证券交易所的股价分别下跌1.7%和0.6%，而经纪公司股票表现分化。天使一号（ANGO.NS）下跌2.7%，而Groww（BILO.NS）上涨1.2%。
Shares of exchange operators BSE (BSEL.NS) and National Stock Exchange of India fell 1.7% and 0.6%, respectively, on Friday, while those of brokerage firms were mixed. Angel One (ANGO.NS) fell 2.7% and Groww (BILO.NS) rose 1.2%.