Jane Street ban triggers 21% crash in NSE derivatives turnover, exposes market dependence

The National Stock Exchange’s turnover in the equity derivatives segment plunged by nearly 21 percent on Thursday, the first weekly expiry after the Securities and Exchange Board of India (Sebi) cracked down on Jane Street. This exposed the market’s heavy reliance on the US firm’s aggressive trades. The sharp drop, compared to the previous expiry on July 3, highlights just how deeply the allegedly manipulative player was embedded in the system.

The overall turnover in the bourse’s derivatives segment on Thursday stood at Rs 476.39 lakh crore, down 21.29 per cent, compared to Rs 605.23 lakh crore on July 3, a day ahead of Sebi’s interim order against Jane Street was released.

According to NSE data, the number of contracts traded on the NSE’s derivatives segment was down 21 percent to 25.25 crore on July 10, compared to 31.92 crore on July 3.​