Closing Auction Session (CAS) from 3 August: What Changes at the Close — Cash and Derivatives

From 3 August 2026, CAS-eligible cash stocks stop continuous trading at 3:15 PM and enter the Closing Auction Session. Futures and options continue trading until 3:40 PM. This note maps what changes for late-day derivative positions, how stock-futures price bands reset, what remains visible in Orderflow, and why the actual index and indicative closing value must be read separately during the final 25 minutes.