• Equity derivatives performance: Actual growth remained strong year-on-year and quarter-on-quarter, supported by heightened volatility from the Iran war, with the post-regulation customer base growing steadily over the past four quarters.
• STT hike impact: Management observed no significant impact on options trading and only minor effects on futures within the first 15 days, expecting no major disruption to retail trading volumes.
• Revenue mix outlook: Equity derivatives contributed 55% of revenue this quarter (up from 53% last quarter), but this share is expected to drop below 50% in the medium term as MTF and commodity derivatives grow at a faster pace.