Description
BSE announces changes to contract expiry dates for currency derivative contracts (FUTIRD, OPTIRD, FUTCUR, OPTCUR) effective December 31, 2025, for March, May, and June 2026 contracts.
Summary
BSE has announced revisions to the contract expiry dates for currency derivative contracts effective December 31, 2025. This notice modifies expiry dates for FUTIRD (Futures on Indian Rupee Derivatives), OPTIRD (Options on Indian Rupee Derivatives), FUTCUR (Currency Futures), and OPTCUR (Currency Options) contracts expiring in March, May, and June 2026. The changes are being implemented in connection with the 2026 trading holiday calendar.
Key Points
- Contract expiry date changes effective from December 31, 2025
- Affects currency derivative contracts expiring in March, May, and June 2026
- Changes apply to FUTIRD, OPTIRD, FUTCUR, and OPTCUR segments
- Updated contract master files available end of day on December 30, 2025
- Related to previously published 2026 trading holiday schedule (notice 20251223-12)
Regulatory Changes
No regulatory framework changes. This is an operational adjustment to align contract expiry dates with the 2026 trading holiday calendar.
Compliance Requirements
- Trading Members: Review and note the revised expiry dates for affected currency derivative contracts
- Risk Management Teams: Update systems and position monitoring for the revised expiry schedule
- Operations Teams: Download updated contract master files on December 30, 2025
- Traders: Plan positions and rollovers according to new expiry dates
Important Dates
| Segment | Original Expiry Date | Revised Expiry Date |
|---|---|---|
| FUTIRD and OPTIRD | March 26, 2026 | March 25, 2026 |
| FUTCUR and OPTCUR | March 27, 2026 | March 25, 2026 |
| FUTIRD | March 31, 2026 | March 30, 2026 |
| FUTCUR | May 27, 2026 | May 26, 2026 |
| FUTCUR and OPTCUR | June 26, 2026 | June 25, 2026 |
Effective Date: December 31, 2025
Contract Master File Update: December 30, 2025 (end of day)
Impact Assessment
Market Impact: Medium - Affects all participants trading currency derivatives with March, May, and June 2026 expiries. Market participants must adjust their trading strategies, hedging programs, and position management to account for earlier expiry dates.
Operational Impact: Medium - Trading members need to update their systems, risk management tools, and client communications. The one-to-two day advancement in expiry dates may affect settlement planning and position rollover strategies.
Liquidity Impact: Low to Medium - Earlier expiry dates may shift liquidity patterns slightly as traders adjust rollover timings, particularly for the March contracts where multiple segments are affected simultaneously.
Risk Management: Trading members should ensure their risk monitoring systems reflect the updated expiry dates to avoid unwanted position carrying or forced settlement on incorrect dates.
Impact Justification
Operational change affecting currency derivative traders. Important for position management and expiry planning but limited to specific contract months in Q2 2026.