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The headlines are about the scale of the proprietary trading firm’s alleged manipulation when they ought to be about how easily and effectively it engineered profits for itself.

The central bank’s shift to a 100% collateral requirement threatens to erode leverage, reduce volumes and force a consolidation across prop desks.
With competition in the segment intensifying, the chief business development officer of India’s largest exchange unpacks the bourse’s strategy going forward.
While rivals lost users, India’s largest broker leaned on lending and derivatives to deliver strong growth.