CAS fights teething troubles; will VWAP return on expiry days?

These traders execute both buying and selling simultaneously, but under CAS, the final price is known only at 3:35 pm, preventing such arbitrage trades. Retail investors, meanwhile, often place limit orders outside the 3% upper or lower band for CAS stocks, based on their reference rates determined at 3:15 pm. This leaves the short 20-minute window dominated by thin, institutional orders (passive funds), and prone to divergences between stocks and indices on the two exchanges.