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of <h1>Phased Shift from Cash to Physical Settlement for Stock Derivatives Based on Market Capitalization</h1> All stock derivatives currently settled in cash shall transition to mandatory physical settlement in phases based on their average daily market capitalization for December 2018. The lowest 50 stocks will shift to physical settlement from April 2019 expiry, the next 50 from July 2019 expiry, and the remainder from October 2019 expiry. New derivatives introduced after this circular must also be physically settled if they meet enhanced eligibility criteria. Stock exchanges are required to update their systems, amend relevant rules, notify brokers and clearing members, and report implementation status monthly to the regulator. Existing conditions from the prior related circular remain applicable. This directive is issued under statutory powers to protect investors and regulate the securities market.
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