{"id":125279,"date":"2025-08-28T13:58:58","date_gmt":"2025-08-28T17:58:58","guid":{"rendered":"https:\/\/www.bloomberg.com\/professional\/insights\/regulation\/august-global-regulatory-brief-trading-and-markets\/"},"modified":"2025-08-28T14:39:07","modified_gmt":"2025-08-28T18:39:07","slug":"august-global-regulatory-brief-trading-and-markets","status":"publish","type":[3762],"link":"https:\/\/www.bloomberg.com\/professional\/insights\/regulation\/august-global-regulatory-brief-trading-and-markets\/","title":{"rendered":"August Global Regulatory Brief: Trading and markets"},"content":{"rendered":"<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a09a516dbf0c'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-7\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer bbg-spacer--lg\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p class=\"small\"><strong><span style=\"font-size: 14px; letter-spacing: 1px; color: #0062dd;\">ARTICLE<\/span><\/strong><\/p>\n\n<\/div>\n<div\n    class=\"bbg-spacer bbg-spacer--sm\"\n    >\n<\/div>    <h1 class=\"bbg-metadata bbg-metadata--title\">August Global Regulatory Brief: Trading and markets<\/h1>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 50px !important\"\n    >\n<\/div>    <ul class=\"bbg-categories_list\">\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/markets\/\" rel=\"category tag\">\n                    Markets\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/regulation\/\" rel=\"category tag\">\n                    Regulation\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/risk\/\" rel=\"category tag\">\n                    Risk\n                <\/a>\n            <\/li>\n            <\/ul>\n<\/p>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-5\"\n    style=\"\"\n    >\n    <div id=\"\" class=\"wpb_content_element bbg-single-image align-left\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"1200\" height=\"800\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/3643684401.jpg\" class=\"bbg-single-image__image attachment-full\" alt=\"Stock market curve\" title=\"Stock Market Curve\" \/>\n        \n            <\/figure>\n<\/div>\n\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a09a516e6563'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-6 bbg-column--m-width-6\"\n    style=\"\"\n    >\n    <p>    <p class=\"bbg-metadata bbg-metadata--date\">August 28, 2025<\/p>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><strong>Bloomberg Professional Services<\/strong><\/p>\n\n<\/div>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2 bbg-column--valign-middle bbg-column--m-width-2 bbg-column--s-padding-right-2\"\n    style=\"\"\n    >\n    <div class=\"bb-tts\"\n\tdata-selector=\"main\"\n\tdata-label=\"Speak this page\"\n\tdata-custom-play=\"Play\"\n\tdata-custom-pause=\"Pause\"\n\tdata-custom-stop=\"Stop\"\n\tdata-overlay=\"false\"\n\tdata-invert=\"false\"\n\tdata-no-time=\"false\"\n\tdata-no-button-text=\"false\"\n\tdata-one-button=\"true\"\n\tdata-one-style=\"true\"\n\tdata-hide-stop=\"true\"\n\tdata-voice=\"Gordon\"\n\tdata-pitch=\"1\"\n\tdata-speed=\"1\"\n\tdata-align=\"flex-start\"\n>\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-compact bbg-row--full-bg-bleed\" data-anchor='row-6a09a516e8a3e'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><em>The Global Regulatory Brief provides monthly insights on the latest risk and regulatory developments. This brief was written by Bloomberg\u2019s Regulatory Affairs Specialists.<\/em><\/p>\n<p><span style=\"font-weight: 400;\">Regulatory authorities continue to advance initiatives to improve financial market structures. The following market structure policy developments represent a sample of wider regulatory and policy coverage available to Bloomberg Terminal customers. Run REGS &lt;GO&gt; to find out more or contact your Bloomberg representative to learn more:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>UK:<\/b><span style=\"font-weight: 400;\"> FCA Publishes Findings on Off-Channel Communications at Wholesale Banks<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>EU:<\/b><span style=\"font-weight: 400;\"> Commission consults on updated technical rules implementing the MiFIR Review<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Brazil:<\/b><span style=\"font-weight: 400;\"> Central Bank launches new framework for Credit, Financing and Investment Companies (SCFIs)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>India:<\/b><span style=\"font-weight: 400;\"> SEBI proposes introduction of Closing Auction Session (CAS) in equity cash market<\/span><\/li>\n<\/ul>\n<h2>FCA publishes findings on off-channel communications at wholesale banks<\/h2>\n<p><b>Summary: <\/b><span style=\"font-weight: 400;\">The UK Financial Conduct Authority (FCA) has <\/span><a href=\"https:\/\/www.fca.org.uk\/publications\/multi-firm-reviews\/multi-firm-review-off-channel-communications\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">published<\/span><\/a><span style=\"font-weight: 400;\"> its findings from a review into how eleven wholesale banks monitor and manage off-channel communications. While not proposing new rules, the FCA found firms have significantly enhanced their governance frameworks, surveillance practices, and use of management information in the past two years.<\/span><\/p>\n<p><b>Context:<\/b><span style=\"font-weight: 400;\"> The FCA considers effective communication surveillance and record-keeping critical to market integrity and dispute resolution. The review followed an information request and subsequent discussions with selected firms.<\/span><\/p>\n<p><b>Key takeaways:<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Policy Enhancements: Firms updated policies to reflect new technologies (e.g., smartwatches), restricted personal numbers in corporate directories, and created helplines and training resources to guide staff on compliant communication.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Surveillance Capabilities: Lexicons were broadened to detect emerging risks such as \u201cchannel hopping,\u201d and to capture emojis, GIFs, voice notes, and video messages. Natural language processing and AI were introduced to improve detection accuracy.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Monitoring Gaps: Low usage of approved apps was sometimes used as a proxy for potential off-channel activity.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Device Strategy: Most firms issued corporate devices, some using colour-coding to distinguish them in sensitive areas like trading floors.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Third-Party Risks: Increased reliance on third-party surveillance vendors was noted, with challenges including outages, data reconciliation failures, and incomplete recordings. The FCA reminded firms that oversight responsibility remains with them.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Management Information: Sophisticated MI included breach tracking, project updates, and analysis of device usage and trends.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Breach Data: Across 12 months, 178 policy breaches were reported by eight firms, with three accounting for 131. Not all breaches involved violations of FCA rules.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Enforcement: Sanctions for internal policy breaches included bonus caps, promotion delays, and dismissals, though the FCA found no use of the most severe penalties.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Training: Role-specific, scenario-based training using real incidents was a key compliance driver.<\/span><\/li>\n<\/ul>\n<p><b>Next steps: <\/b><span style=\"font-weight: 400;\">The FCA will continue engagement with firms on breach data and oversight practices. Firms are encouraged to assess whether staff understand their record-keeping responsibilities and whether senior leaders are setting appropriate behavioral expectations.<\/span><\/p>\n\n<\/div>\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--margin-top-compact bbg-row--margin-bottom-compact bbg-row--full-bg-bleed\" data-anchor='row-6a09a516ea626'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <div\n    class=\"bbg-column\"\n    style=\"\"\n    >\n    <div class=\"bbg-interstitial\" aria-label=\"interstitial\" tabindex=\"0\">\n\t<style>\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\tbackground: url(https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Interstitial_bg.png);\n\t\t\t\tbackground-repeat: no-repeat;\n\t\t\t\tbackground-position: center center;\n\t\t\t\tbackground-size: cover;\n\t\t\tpadding: 104px;\n\t\t\t\n\t\t\t\n\t\t}\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content, .bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content p{\n\t\t\tcolor:white;\n\t\t}\n\t\t@media (max-width: 768px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 32px;\n\t\t\t}\n\t\t}\n\t\t@media (max-width: 480px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 18px;\n\t\t\t}\n\t\t}\n\t<\/style>\n\t<div class=\"wpb_content_element bbg-card  bbg-card-dark bbg-card_hasCta has_interstitial\" id=\"card_1\" data-card_type=\"no_image\">\n  \n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n      \n                      <h3 class=\"bbg-card__title\">Explore the latest regulatory insights with our outlooks, webinars, research and analysis.<\/h3>\n      \n              <div class=\"bbg-card__wysiwyg bb-wysiwyg\"><p>Sign up<\/p>\n<\/div>\n          <\/div>\n\n          \n<div\n  id=\"cta_3318522757995750426\"\n  class=\"wpb_content_element bbg-cta icon icon-arrow\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p right\">\n      <a\n        class=\"bbg-cta-link link interstitial_cta\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/insights\/regulation\/regulatory-insights\/\"\n        target=\"\"\n        rel=\"\"\n        data-section-name=\"\"\n                role=\"button\"\n        aria-label=\"Learn more\"\n        >\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n\n      <\/div>\n\n  <\/div>\n\n<\/div>\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a09a516eeca0'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2><b>EU Commission consults on updated technical rules implementing the MiFIR Review<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The EU Commission is <\/span><a href=\"https:\/\/ec.europa.eu\/info\/law\/better-regulation\/have-your-say\/initiatives\/14814-Markets-in-financial-instruments-MiFIR-post-reform-changes-on-RCB-liquid-markets-for-equity-instruments-and-PTRR_en\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">consulting<\/span><\/a><span style=\"font-weight: 400;\"> on amendments to align technical rules with recent changes to MiFIR on the obligation to provide market data on a reasonable commercial basis, the determination of what constitutes a liquid market for equity instruments, and the definition of and disclosure for post-trade risk reduction services.\u00a0<\/span><\/p>\n<p><b>In detail:<\/b><\/p>\n<p>The draft rules propose:<\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Amending the definition of \u2018liquid market\u2019 by replacing the \u2018free float\u2019 criterion with the \u2018market capitalisation\u2019 criterion, in line with the amendments to the definition of \u2018liquid market\u2019 laid down in MiFIR, and clarify certain other issues around the liquidity assessment for equity instruments;<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Deleting provisions that clarify what constitutes a \u2018reasonable commercial basis\u2019 for trading venues and SIs in line with the changes introduced to Article 13 of MiFIR and the specific regime for the concept of RCB;<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Deleting the provision which specifies the size specific to the financial instrument for the purposes of the requirements applicable to SIs in respect of non-equity instruments. This follows from the deletion of pre-trade transparency requirements for Sis in respect of non-equity instruments.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Specifying what constitutes PTRR services for the purposes of the exemption of Article 31(1) MiFIR. ESMA will deliver future technical advice on the issue.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Deleting publication requirements for portfolio compression services. This follows from the deletion of the obligation for investment firms and market operators who provide portfolio compression services to make public through an APA the volumes of transactions subject to portfolio compressions and the time they were concluded.<\/span><\/li>\n<\/ul>\n<p><b>Next steps: <\/b><span style=\"font-weight: 400;\">The consultation closes on 5 September 2025. Then, the EU Commission will adopt the final text, to be subject to scrutiny by the Council and European Parliament before finalisation and entry into force.\u00a0<\/span><\/p>\n<h2>New Brazilian framework for credit, financing and investment companies (SCFIs)<\/h2>\n<p><span style=\"font-weight: 400;\">The regulation is the <\/span><a href=\"https:\/\/www.bcb.gov.br\/estabilidadefinanceira\/exibenormativo?tipo=Resolu%C3%A7%C3%A3o%20CMN&amp;numero=5237\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">result<\/span><\/a><span style=\"font-weight: 400;\"> of a consultation launched by the Central Bank of Brazil in 2024, and comes into force from September 2025. The aim is to modernise and consolidate rules that have become outdated and resulted in a fragmented, inefficient set of legislation.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The new rules keep the minimum paid-in capital of 7 million reals but offer a 30% reduction in this requirement should an institution be headquartered outside of S\u00e3o Paulo or Rio de Janeiro. This is part of a wider government initiative to encourage financial firms to grow in other cities in Brazil.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The focus of the new regulation is still credit but widens the scope of activities that SCFIs can undertake to include the following:<\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">The issue of electronic money and post-paid instruments.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">To function as an initiator of payment transactions &#8211; for example, via Pix.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">To participate in foreign exchange markets <\/span><span style=\"font-weight: 400;\">to trade securities, and manage securities portfolios.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">To serve as regulated fiduciary agents and insurance representatives.\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">This means that an SCFI can deliver credit and payment services, and asset management offerings, with a single license instead of multiple ones.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As well as streamlining the regulation for SCFIs this new legislation creates a more competitive, transparent landscape for the regulatory evolution of fintechs and digital financial services.<\/span><\/p>\n<h2>Vietnam to launch central clearing counterparty system in 2027<\/h2>\n<p><span style=\"font-weight: 400;\">Vietnam&#8217;s State Securities Commission (SSC) has released a detailed roadmap to implement a central counterparty (CCP) clearing system for its cash equity market, targeting an official launch in the first quarter of 2027. The plan, approved by the Ministry of Finance, outlines a multi-year, phased approach that includes finalising the legal framework this year, establishing a new clearing entity under the Vietnam Securities Depository and Clearing Corporation (VSDC), and conducting extensive market-wide testing throughout 2026. This initiative represents a major step in modernising Vietnam&#8217;s market infrastructure to reduce settlement risk and align with international standards.<\/span><\/p>\n<p><b>In more detail:<\/b><span style=\"font-weight: 400;\"> The initial phase of the roadmap, which took place in the first half of 2025, focused on finalising the legal and accounting frameworks by drafting new circulars to replace existing regulations. The current phase, for the second half of this year, is dedicated to corporate structuring. This will involve establishing a new, dedicated subsidiary of the Vietnam Securities Depository and Clearing Corporation (VSDC) named the \u201cVietnam Securities Clearing One Member Company Limited,\u201d which will be responsible for all CCP functions.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The full year of 2026 is designated for market-wide operational readiness. During this period, the VSDC will issue &#8220;clearing member certificates&#8221; to qualified participants and conduct extensive system testing, training, and workshops in collaboration with all market members. The roadmap explicitly requires market participants, such as brokerages and investment firms, to review and prepare their own IT infrastructure to ensure full compatibility with the new system ahead of the launch.<\/span><\/p>\n<p><b>Next steps:<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">H2 2025 &#8211; establishment of the New CCP Entity:<\/span><span style=\"font-weight: 400;\"> the primary focus for the remainder of this year is the formal establishment of the \u201cVietnam Securities Clearing One Member Company Limited\u201d as a subsidiary of the VSDC, including the finalisation of its charter and operational rulebooks.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Full Year 2026 &#8211; Market Preparation and Testing:<\/span><span style=\"font-weight: 400;\"> the VSDC will work with all market participants on system integration, user training, and comprehensive testing to ensure operational readiness. Market members will be required to obtain their clearing member certificates during this period.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Q1 2027 &#8211; Official Launch:<\/span><span style=\"font-weight: 400;\"> the CCP mechanism for the cash equity market is scheduled to go live, with the newly established VSDC subsidiary leading the official implementation.<\/span><\/li>\n<\/ul>\n<h2>SEBI proposes introduction of closing auction session (CAS) in equity cash market<\/h2>\n<p><span style=\"font-weight: 400;\">The Securities and Exchange Board of India (SEBI) has <\/span><a href=\"https:\/\/www.sebi.gov.in\/web\/?file=https:\/\/www.sebi.gov.in\/sebi_data\/attachdocs\/aug-2025\/1755871630612.pdf#page=1&amp;zoom=page-width,-15,842\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">released<\/span><\/a><span style=\"font-weight: 400;\"> a revised consultation paper proposing the implementation of a Closing Auction Session (CAS) for the equity cash segment. The objective is to improve transparency, reduce end-of-day volatility, and enhance price discovery quality\u2014particularly important for index-tracking passive strategies. The proposal reflects SEBI\u2019s earlier consultations and aligns India\u2019s practices with leading global exchanges such as NYSE, LSE, Euronext, and HKEX.<\/span><\/p>\n<p><b>Scope<\/b><span style=\"font-weight: 400;\">: The proposed CAS will apply to all stocks eligible for trading in the derivatives segment, expanding coverage beyond the initially suggested Nifty 50\/Sensex 30 set. This broader scope responds to stakeholder feedback and is intended to reduce tracking error for passive funds, where precision in closing prices is critical.<\/span><\/p>\n<p><b>Key design elements:<\/b><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">Session design and timing:<\/span><\/i><span style=\"font-weight: 400;\"> SEBI has proposed that the CAS will run from 3:15 pm to 3:35 pm, comprising four phases intended to balance liquidity concentration with orderly price discovery.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">Price band:<\/span><\/i><span style=\"font-weight: 400;\"> A \u00b13% price band around the reference price to contain excessive volatility during the auction window.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">Order execution priority:<\/span><\/i><span style=\"font-weight: 400;\"> Market orders will be given execution priority to improve fill certainty, particularly for passive funds and institutional traders. This approach may also be adopted for pre-open session.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">Disclosures:<\/span><\/i><span style=\"font-weight: 400;\"> Real-time publication of indicative prices, cumulative quantities, and market order imbalances to enhance transparency and promote informed participation.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">Extension of derivatives trading time:<\/span><\/i><span style=\"font-weight: 400;\"> The equity derivatives market will remain open until 4:00 pm even though CAS concludes at 3:35 pm. This is intended to help participants hedge residual or unmatched positions that may arise from closing auction outcomes, and to ensure better risk alignment across markets.<\/span><\/li>\n<\/ul>\n<p><b>Additional proposal:<\/b><span style=\"font-weight: 400;\"> Flexibility for passive mutual funds SEBI has also proposed allowing passive mutual funds (ETFs and index funds) to borrow overnight for liquidity management, specifically to handle temporary shortfalls on index rebalancing days. Currently, borrowing is permitted only for redemptions or distribution-related purposes. The change is intended to ease operational constraints created by CAS implementation.\u00a0<\/span><\/p>\n<p><b>Next steps: <\/b><span style=\"font-weight: 400;\">SEBI has invited public comments on 13 specific proposals contained in the paper. The deadline for submissions is September 12, 2025.<\/span><\/p>\n\n<\/div>\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-6a09a516f0c48]::before {\n\t\t\t\tbackground-color: #f4f4f9;\n\t\t\t}<\/style>\n    <section class=\"bbg-row bg--custom-color  bg--f4f4f9 text--black bbg-row--full-bg-bleed\" data-anchor='row-6a09a516f0c48'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h3>Related Content<\/h3>\n\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-4 bbg-column--halign-right\"\n    style=\"\"\n    >\n    \n<div\n  id=\"cta_8877013425401262815\"\n  class=\"wpb_content_element bbg-cta icon icon-arrow\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    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