Description

BSE extends go-live dates for enhanced market data broadcast streams across all segments due to market participant feedback requesting more implementation time.

Summary

BSE has extended the go-live dates for enhanced market data broadcast streams across all trading segments following feedback from market participants requesting additional time for trading application modifications. The delays range from 28 days to 49 days depending on the segment, with Equity segment having the longest extension to September 22, 2025.

Key Points

  • Go-live dates extended for all segments due to market participant feedback
  • Currency Derivatives and Commodities Derivatives delayed from August 11 to September 8, 2025
  • EGR segment delayed from August 11 to September 8, 2025
  • Equity Derivatives delayed from August 4 to September 15, 2025
  • Equity segment delayed from August 11 to September 22, 2025
  • Changes already available in test environment for testing
  • No further extensions will be provided beyond these revised dates

Regulatory Changes

This circular updates the implementation timeline for market data stream enhancements previously announced in circular 20250528-44 dated May 28, 2025. The technical specifications and requirements remain unchanged, only the implementation deadlines have been extended.

Compliance Requirements

  • Trading members must complete necessary system development before revised go-live dates
  • Third-party trading application vendors must undertake required modifications
  • All participants must test changes in the available test environment
  • Implementation must be completed by segment-specific revised deadlines

Important Dates

  • Currency Derivatives: September 8, 2025 (extended from August 11, 2025)
  • Commodities Derivatives: September 8, 2025 (extended from August 11, 2025)
  • EGR: September 8, 2025 (extended from August 11, 2025)
  • Equity Derivatives: September 15, 2025 (extended from August 4, 2025)
  • Equity: September 22, 2025 (extended from August 11, 2025)

Impact Assessment

The extension provides trading members and vendors additional time for system modifications, reducing implementation risk. However, BSE has explicitly stated no further extensions will be granted, making adherence to these revised deadlines critical. The staggered approach with Equity segment having the latest deadline acknowledges its complexity and trading volume significance. Market data manuals and technical documentation remain available at www.bseindia.com/nta.aspx with specified versions: Direct NFCAST Manual v5, EOBI Manual v1.4, and EMDI & MDI v1.4.4.

Impact Justification

System enhancement affecting all trading segments with extended implementation timeline - significant for technical infrastructure but operational continuity maintained