Market Structure and Manipulation Risk in India's Derivatives Segment: A Leverage-Multiplier Framework Applied to the Jane Street Case
India's equity derivatives segment has become the largest in the world by contract volume, and by late 2024 its notional turnover reached roughly 400 times that of the cash market, a ratio that fell to around 300 times by early 2025 after regulatory intervention. On a premium basis, a more economically meaningful measu...