Description

BSE releases BOLT Pro TWS version 12.40 introducing Pre-Open Session in Equity Derivatives Segment and intraday activation of reserved contracts, effective December 8, 2025.

Summary

BSE has released BOLT Pro TWS version 12.40, introducing two significant features for the Equity Derivatives Segment: (1) Pre-Open Session for current month futures contracts on single stocks and indices, and (2) Intraday activation of reserved option contracts (strikes). Both features will go live from Monday, December 8, 2025. The update includes new interface elements in Touchline Window, Best Five Window, Scrip Profiling, Scrip Help, and introduces a new Common Message Window and Intraday Activated Contract Details Window.

Key Points

  • BOLT Pro TWS version 12.40 introduces Pre-Open Session in Equity Derivatives Segment
  • Pre-Open Session will be conducted on current month futures contracts for both single stocks and indices
  • Pre-Open Session follows same modalities as Equity Segment
  • New ‘Derivatives Pre-Open’ option added in Touchline Window’s User-defined dropdown
  • Best Five Window will display session status during Pre-Open Session (Normal Call Auction Order Entry, End of Entry Session, End of Matching Session)
  • New ‘Derv Pre-open Scrips’ option added in Scrip Profiling’s Scrip Set dropdown
  • New ‘Pre-open Status’ column introduced in Scrip Help screen showing ‘Pre-open’ or ‘Continuous’ status
  • Exchange will create additional reserved options contracts at end of each trading day
  • Reserved contracts may be activated intraday based on price movement direction
  • Common Message Window will notify members of intraday contract activations
  • New ‘Intraday Activated Contract Details’ window displays all contracts activated during the day with Contract Name, Asset Name, and Timestamp
  • In-column search filters provided for Contract Name and Asset Name columns

Regulatory Changes

This release implements:

  1. Pre-Open Session Framework (Reference: Circular 20251110-40 dated November 10, 2025)

    • Introduces Pre-Open Session mechanism for Equity Derivatives Segment
    • Applies to current month futures contracts only
    • Uses same modalities as existing Equity Segment Pre-Open Session

  2. Reserved Contracts Activation (Reference: Circular 20251028-51 dated October 28, 2025)

    • Enables creation of additional reserved option strikes at end of trading day
    • Allows intraday activation of reserved contracts based on price movements
    • Contracts included in master file available to market participants

Compliance Requirements

For Trading Members:

  • Upgrade to BOLT Pro TWS version 12.40 before December 8, 2025
  • Familiarize trading staff with new Pre-Open Session interface elements
  • Monitor Common Message Window for intraday contract activation notifications
  • Review referenced circulars 20251110-40 and 20251028-51 for detailed functionality
  • Update internal systems and procedures to handle Pre-Open Session orders
  • Configure monitoring for Intraday Activated Contract Details Window
  • Test new Touchline Window ‘Derivatives Pre-Open’ market watch feature
  • Verify Scrip Profiling and Scrip Help new features are functioning correctly

Important Dates

  • December 4, 2025: Release date of BOLT Pro TWS version 12.40
  • December 8, 2025: Go-live date for Pre-Open Session in Equity Derivatives Segment
  • December 8, 2025: Go-live date for intraday activation of reserved contracts feature

Impact Assessment

Market Impact:

  • Enhanced price discovery mechanism through Pre-Open Session for derivatives
  • Improved liquidity management with intraday activation of additional option strikes
  • Better alignment between equity and derivatives trading sessions
  • Increased trading opportunities with dynamic contract availability

Operational Impact:

  • Trading members must upgrade systems before December 8, 2025 deadline
  • Trading workflows modified with additional Pre-Open Session phase
  • New monitoring requirements for intraday contract activations
  • Enhanced market watch and scrip profiling capabilities
  • Real-time notifications through Common Message Window for contract activations

Technology Impact:

  • Multiple interface enhancements across Touchline, Best Five, Scrip Profiling, and Scrip Help windows
  • New dedicated window for tracking intraday activated contracts
  • Search filter functionality added for improved usability
  • Session status display during Pre-Open phases

Risk Management:

  • Pre-Open Session provides better opening price discovery, reducing volatility
  • Intraday contract activation allows better hedging opportunities during volatile movements
  • Clear visual indicators for contract status and session phases

Impact Justification

Major trading platform upgrade introducing Pre-Open Session for equity derivatives and intraday contract activation, requiring all trading members to update their systems before December 8, 2025.