Description

BSE releases BOLT Pro TWS version 12.40 with support for 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 to support two major functionalities going live from Monday, December 8, 2025: (1) Introduction of Pre-Open Session in Equity Derivatives Segment for current month futures contracts on single stocks and indices, and (2) Intraday activation of Reserved Contracts (strikes) in Equity Derivatives. The upgrade includes new windows, columns, and notification features across multiple trading interfaces.

Key Points

  • BOLT Pro TWS version 12.40 released to support new derivative trading features
  • Pre-Open Session functionality for equity derivatives following same modalities as equity segment
  • Pre-open applies to current month futures contracts on both single stocks and indices
  • New ‘Derivatives Pre-Open’ option in Touchline window for market watch
  • Best Five Window will display session status during Pre-Open phases (Order Entry, Matching)
  • New ‘Derv Pre-open Scrips’ option added to Scrip Profiling
  • New ‘Pre-open Status’ column in Scrip Help showing ‘Pre-open’ or ‘Continuous’ status
  • Common Message Window (CMS) will notify members of intraday contract activations
  • New ‘Intraday Activated Contract Details’ window with Contract Name, Asset Name, and Timestamp
  • In-column search filters provided for Contract Name and Asset Name

Regulatory Changes

This release implements functionality mandated by two previous circulars:

  1. Circular 20251110-40 (dated November 10, 2025): Introduction of Pre-Open Session in Equity Derivatives Segment

    • Pre-open session will be conducted on current month futures contracts
    • Follows same modalities as Equity Segment pre-open session

  2. Circular 20251028-51 (dated October 28, 2025): Reserved Contracts (Strikes) activation in Equity Derivatives

    • Exchange will create additional reserved options contracts (strikes) at end of each trading day
    • Contracts included in contract master file available to market participants
    • Exchange may enable contracts intraday based on price movement direction

Compliance Requirements

  • Trading Members: Must upgrade to BOLT Pro TWS version 12.40 before December 8, 2025
  • System Updates: Members need to ensure compatibility with new windows and features
  • Training: Trading staff should familiarize themselves with:
    • New Derivatives Pre-Open market watch option
    • Pre-open session phases displayed in Best Five window
    • Scrip profiling for derivative pre-open scrips
    • Pre-open status column in Scrip Help
    • Common Message Window notifications for intraday activations
    • Intraday Activated Contract Details window functionality
  • Operational Readiness: Members should test new features and integrate them into trading workflows
  • Reference Materials: Members should review circular 20251110-40 and 20251028-51 for complete functionality details

Important Dates

  • December 8, 2025 (Monday): Go-live date for both Pre-Open Session in Equity Derivatives and Intraday Reserved Contracts activation
  • December 4, 2025: Release date of BOLT Pro TWS version 12.40

Impact Assessment

High Impact on Derivative Trading Operations:

  • Pre-Open Session: Introduces price discovery mechanism in derivatives segment similar to equity segment, potentially reducing volatility at market open
  • Market Microstructure: Call auction process in derivatives will allow better price formation before continuous trading begins
  • Liquidity: Pre-open session may consolidate opening liquidity and provide better price transparency
  • Intraday Strike Activation: Enables Exchange to activate additional option strikes during trading hours based on price movements, ensuring adequate strike availability
  • Risk Management: Traders will need to monitor intraday contract activations through new notification systems
  • Trading Strategies: Opening strategies for derivative traders will need adjustment to incorporate pre-open session
  • Technology Infrastructure: All trading members must upgrade systems before go-live date to maintain trading capabilities
  • Operational Workflow: New windows and features require updates to trading desk procedures and monitoring systems

Market Segments Affected:

  • Equity Derivatives (Futures and Options)
  • Current month futures contracts on single stocks
  • Current month futures contracts on indices
  • Reserved options contracts (strikes)

Impact Justification

Major trading platform upgrade introducing pre-open session in derivatives and intraday strike activation, affecting all derivative traders and requiring system updates before December 8, 2025 go-live date.