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As India’s largest stock exchange heads to the public markets, it may need to rethink its excessive reliance on transaction revenue.
The central bank’s shift to a 100% collateral requirement threatens to erode leverage, reduce volumes and force a consolidation across prop desks.
As growth in equities cools, asset managers are looking to embed themselves in payrolls, payments, and credit. This raises their influence, but also the stakes.
April data suggests the slide may be moderating, even as the UAE accelerates moves to derisk its future.