Description

BSE announces phased rollout of enhanced market data streams with parallel support for existing format during transition period from September to October 2025.

Summary

BSE is implementing enhanced market data streams in phases from September 2025, with parallel support for existing NFCAST format to facilitate smooth migration. The rollout covers all segments with specific go-live dates and new multicast IP addresses.

Key Points

  • Phased approach provides parallel NFCAST streams in both existing and new formats during transition
  • EOBI/EMDI/MDI streams will switch directly to new format without parallel support
  • Mock trading sessions scheduled before each segment go-live
  • New multicast IP addresses and ports assigned for enhanced format
  • Extended timeline based on market participant feedback

Regulatory Changes

  • Market data broadcast format enhancements across all segments
  • New multicast IP and port assignments for enhanced streams
  • Parallel stream support only for NFCAST, not for EOBI/EMDI/MDI

Compliance Requirements

  • Trading members and third-party vendors must upgrade systems to support new data formats
  • System development and testing required before go-live dates
  • Participation in mock trading sessions recommended
  • Migration from existing to new format must be completed by discontinuation dates

Important Dates

  • September 6, 2025: Mock session for Currency Derivatives, Commodities Derivatives & EGR
  • September 8, 2025: Go-live for Currency Derivatives, Commodities Derivatives & EGR
  • September 13, 2025: Mock session for Equity Derivatives
  • September 15, 2025: Go-live for Equity Derivatives
  • September 20, 2025: Mock session for Equity segment
  • September 22, 2025: Go-live for Equity segment
  • October 6, 2025: Discontinuation of existing format for Currency/Commodities Derivatives & EGR (available till October 3)
  • October 13, 2025: Discontinuation of existing format for Equity (available till October 10)

Impact Assessment

  • High operational impact: All trading members and vendors must upgrade systems
  • Market continuity: Parallel streams ensure uninterrupted trading during transition
  • Technical preparation required: System development and testing needed across all participants
  • Segment-wise rollout: Reduces risk by implementing changes gradually across different market segments

Impact Justification

Critical system infrastructure changes affecting all trading members and vendors with specific migration timelines