印度受挫的股票衍生品市场可能在监管机构恢复早期价格结算机制后，继续其初步复苏，从而缓解了一直拖累交易活动的混乱局面。
India’s battered equity-derivatives market may extend its nascent recovery after the regulator reverted to an earlier mechanism to settle prices, easing confusion that has weighed on trading activity.
这是市场参与者在印度证券交易所（SEBI）于周四晚间表示，到期日的衍生品结算将采用标的股票在连续交易最后30分钟的成交量加权平均价格后的初步反应。此举逆转了8月3日引入的收盘竞价会议的一个关键特征，该特征导致参考价格剧烈波动，使市场陷入混乱。
That’s the initial takeaway from market players after the Securities and Exchange Board of India said late Thursday that derivative settlements on expiration days would use the volume-weighted average prices of underlying stocks during the final 30-minutes of continuous trading. The move reverses a key feature of the closing auction session introduced on Aug. 3, which led to wild swings in the reference price and plunged the market into chaos.
“未来参与者将在到期日结算价格方面获得更大的清晰度和可预测性，”HDFC证券有限公司董事总经理Dhiraj Relli表示。“这应有助于恢复交易者信心，减少因不确定性驱动的交易行为变化，并可能在一段时间内使衍生品交易量逐步恢复至竞价会议（CAS）引入前的水平。”该逆转可能为正面临旨在遏制投机交易的监管限制的市场提供急需的提振。
“Participants going ahead will have greater clarity and predictability around expiry settlement prices,” said Dhiraj Relli, managing director of HDFC Securities Ltd. “This should help restore trader confidence, reduce uncertainty-driven changes in trading behavior and potentially bring derivatives volumes closer to pre-CAS levels over time.”The reversal could provide a much-needed boost to a market grappling with regulatory curbs aimed at reining in speculative trading.
在竞价系统引入的一个月内，印度国家证券交易所有限公司（NSE）股票衍生品的日均成交额降至18个月低点，而较小的孟买证券交易所有限公司（BSE）则下降了三分之一，随后在9月出现小幅反弹。
In the month the auction system was introduced, the average daily turnover in equity derivatives fell to an 18-month low on the National Stock Exchange of India Ltd., the nation’s leading bourse, and by one-third on smaller BSE Ltd., before a slight rebound in September.
尽管SEBI遏制过度行为的推动仍在继续，但市场观察人士预计，该举措将有助于在一段时间内提升期权和期货的交易活动。
While SEBI’s push to curb excesses remains, market watchers expect the move to help boost trading in options and futures over time.
杰富瑞金融集团（Jefferies Financial Group Inc.）的分析师在周五的一份报告中表示，最新变化应能降低到期日的波动性，可能使订单量仍低于竞价会议前水平的经纪商受益。该经纪商维持了对Billionbrains Garage Ventures Ltd.（印度最大零售经纪商Groww的运营商）的买入评级。
The latest change should reduce volatility on expiration days, potentially benefiting brokers whose order volumes remain below pre-auction levels, Jefferies Financial Group Inc. analysts said in a report on Friday. The brokerage maintained its buy rating on Billionbrains Garage Ventures Ltd., the operator of India’s largest retail brokerage, Groww.
更可预测的结算机制可能鼓励交易者恢复因CAS系统而被中断的策略。自营交易部门可能更容易管理到期风险，而活动的复苏可能提升经纪商和交易所的交易收入。套利交易者也可能受益，因为回归到之前的方法可能使对冲和套利策略更易执行，特别是对于同时管理现货股票和衍生品大额头寸的交易者而言。
A more predictable settlement mechanism could encourage traders to resume strategies disrupted by the CAS system. Proprietary trading desks may find it easier to manage expiry risk, while a recovery in activity could lift transaction revenue for brokers and exchanges. Arbitrageurs may also benefit as a return to the previous methodology could make hedging and arbitrage strategies easier to execute, particularly for traders managing large positions across cash equities and derivatives.
“CAS的流动性不足导致持仓规模相对较小的参与者能够影响收盘价，尤其是在交易稀少的品种上，”经纪公司021 Trade的创始人兼首席执行官Eshaan Lazarus表示。“恢复之前的VWAP系统将减少此类波动的空间，使流程更具可预测性，并可能吸引回因担心不公平的结算价格而离开的交易者。”
“Lower liquidity in the CAS was responsible for participants with relatively smaller book sizes being able to influence closing prices, especially in thinly traded instruments,” said Eshaan Lazarus, founder and chief executive officer of broker 021 Trade. “Reverting to the earlier VWAP system will reduce the scope for such swings, making the process more predictable and potentially bringing back traders who stayed away due to concerns of unfair settlement prices.”