Drashti Chheda In a surprising yet composed move, the National Stock Exchange (NSE) of India has acknowledged that it no longer holds the crown as the world’s busiest derivatives exchange by volume. Brazil’s B3 has inched ahead for the first seven months of 2025, but the NSE isn’t exactly losing sleep over it.
During the quarterly earnings call, NSE CEO Ashishkumar Chauhan explained that contract size plays a huge role in these rankings. B3’s contracts are even smaller than India’s already bite-sized options, naturally pushing its numbers higher. More contracts don’t necessarily mean more value, just more slices of the same pie.
In July alone, the NSE saw an average of 112.7 million contracts traded daily. The drop in global rank hasn’t dampened its rhythm. Chauhan reminded everyone that India remains one of the most active and accessible derivatives markets in the world. And while the volume race makes for catchy headlines, it’s not the only game in town.
Behind the scenes, the Indian derivatives space is going through much-needed reforms. With rising concerns about individual investors facing steep losses and a handful of global players making outsized gains, regulators are stepping in. Measures like limiting weekly expiries and eliminating certain spread benefits are already in play, with five out of six planned reforms implemented.
Meanwhile, NSE isn’t standing still. India VIX futures and power derivatives are on the launchpad. These products are expected to add depth to the market and reduce its overreliance on just index options.
So, while NSE may have momentarily stepped out of the number-one slot, it’s clearly not backing down. It’s choosing to focus on quality, sustainability and investor protection over raw volume. Brazil might be leading the scoreboard for now, but NSE is playing the long game.
In the end, it’s not about shouting the loudest. It’s about lasting the longest.
