India’s Derivatives Market: From Record Volumes to a New Era of Regulation and Market Structure
India’s derivatives market has long been among the most active in the world. Over the past two years, however, the landscape has undergone rapid and consequential change. Record retail participation, a string of regulatory interventions, high-profile market-manipulation probes and an expanding interest-rate–derivatives ecosystem have together forced exchanges, clearinghouses and regulators to rethink market design, risk…