Under the Badla System:

-- Stock trading requires little upfront cash

-- Trades settle every five days, but position can be rolled forward for a fee

-- Retail investors lend to stock traders

-- Regulation is minimal

-- Payment crises occur periodically

The New Regs:

-- Require one-day settlement, delivery of shares and cash by day's end

-- Introduce regulated margin trading

-- Introduce formal stock futures and options contracts

-- Require traders to make expensive investments in technology

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