Description

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

Summary

BSE has released BOLT Pro TWS version 12.40, introducing two major functionalities 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 strikes. Both features go live from Monday, December 8, 2025. The pre-open session follows the same modalities as the Equity Segment, while reserved option strikes will be activated intraday based on price movements.

Key Points

  • BOLT Pro TWS version 12.40 released with significant derivatives trading enhancements
  • Pre-Open Session introduced for current month futures contracts (both single stocks and indices)
  • Pre-open session follows same modalities as Equity Segment
  • Intraday activation of reserved option strikes based on price movement direction
  • New ‘Derivatives Pre-Open’ option added in Touchline window
  • Best Five window displays session status during pre-open (Order Entry, Matching, etc.)
  • New ‘Derv Pre-open Scrips’ option added in Scrip Profiling
  • New ‘Pre-open Status’ column added in Scrip Help screen showing ‘Pre-open’ or ‘Continuous’ status
  • Common Message Window (CMS) will notify members of intraday contract activations
  • New ‘Intraday Activated Contract Details’ window displays all contracts activated during trading
  • Reserved option strikes created at end of each trading day and included in contract master file

Regulatory Changes

This release implements changes per:

  • Circular 20251110-40 dated November 10, 2025 (Pre-Open Session in Equity Derivatives)
  • Circular 20251028-51 dated October 28, 2025 (Reserved Contracts activation)

The pre-open session introduces a new trading phase for derivatives similar to the equity segment, allowing price discovery before regular trading hours. The intraday strike activation mechanism provides dynamic expansion of tradable option strikes based on market movements.

Compliance Requirements

  • Trading members must upgrade to BOLT Pro TWS version 12.40 before December 8, 2025
  • Members should familiarize themselves with pre-open session workflow and timing
  • Trading systems must be configured to handle intraday contract activation notifications
  • Members should refer to circulars 20251110-40 and 20251028-51 for detailed operational guidelines
  • Existing order entry and risk management systems may need updates to accommodate pre-open session
  • Members must monitor Common Message Window for intraday contract activation alerts

Important Dates

  • December 4, 2025: BOLT Pro TWS version 12.40 release announcement
  • December 8, 2025: Go-live date for Pre-Open Session and intraday strike activation features

Impact Assessment

Market Operations Impact: High - This upgrade fundamentally changes the derivatives trading workflow by introducing a pre-open session, affecting all participants’ trading strategies and system integrations. The ability to discover opening prices through a call auction mechanism in derivatives will improve price efficiency.

Trading Members Impact: High - Members must upgrade their trading terminals and train users on new functionalities including pre-open order entry, session status monitoring, and intraday strike activation tracking. Risk management systems may need recalibration.

Liquidity Impact: Positive - Pre-open session is expected to improve price discovery and reduce opening volatility. Intraday strike activation will provide more trading opportunities during volatile market conditions.

Technology Impact: Significant - New windows, columns, and notification mechanisms require system integration and testing. The intraday contract activation feature requires real-time monitoring capabilities.

Operational Considerations: Trading members should conduct mock trading sessions if available, update internal procedures, and ensure all traders understand the pre-open session timing and mechanics before the December 8 go-live date.

Impact Justification

Major trading platform upgrade introducing significant changes to derivatives trading workflow including pre-open session and intraday strike activation affecting all derivatives market participants