Latest news with #SouthAsia
Zawya
3 hours ago
- Business
- Zawya
Global trading giants step up India presence, fuelling talent rush, exchange upgrades
MUMBAI - Half a dozen global trading giants, from Citadel Securities and IMC Trading to Millennium and Optiver, are ratcheting up their presence in India's booming derivatives markets, fuelling a hiring spree and pushing exchanges to improve technology. The firms' hiring plans, being reported for the first time, come amid expectations that large domestic consumer and investor bases will help shield India from global turmoil sparked by the trade policies of U.S. President Donald Trump. The South Asian nation made up nearly 60% of global equity derivative trading volumes of 7.3 billion in April, the Futures Industry Association says, while its regulators say notional turnover of the contracts has grown 48 times since March 2018. For Western firms, the gold rush is too big to ignore, particularly after U.S. trading firm Jane Street earned $2.34 billion from its India trading strategy last year, some of the firms' executives said. "We have seen competition increasing both on the trading front, where you see more players going for the same opportunities, and on the job market as well," said Jocelyn Dentand of global high-speed trader IMC Trading. The firm plans to grow its team by more than 50% by the end of 2026 to stand at more than 150, added Dentand, the managing director of its India unit. Foreign investors turned buyers of Indian stocks in April and May, purchasing a net $2.8 billion, as they abandoned their previous selling stance from October 2024 to March 2025, prompted by high valuations and slower growth in earnings. U.S.-based Citadel Securities, a market-making firm founded by well known investor Kenneth Griffin, runs a leaner team of around 10 in India but has ramped up capital allocation to its operations, said a source familiar with its plans. "In India, we're constantly looking for talent and constantly hiring," said the source, who sought anonymity in the absence of authorisation to speak to the media and declined to give details of the plan. Hedge fund Millennium is expanding its India desk via Dubai and Singapore, said a source with direct knowledge of the matter, who also sought anonymity on the same grounds. Millennium declined to comment for the story. Citadel Securities did not respond to an email seeking comment. Netherlands-based Optiver, which launched India operations in 2024, plans to grow its team to 100 by the end of 2025, a spokesperson said, up from 70 now. "Optiver is investing ambitiously in India, with a view to expanding to 100 FTEs by year-end and scaling further in the years ahead," the spokesperson added. Amsterdam-based trading firm Da Vinci and London-based Qube Research and Technologies are also recruiting for quantitative trading roles in India, public postings for jobs show. RUSH FOR TECH, TALENT Global trading firms are also looking to expand in India by recruiting aggressively from top domestic universities and poaching from home-grown competitors. They have hired about 300 people in India in the last two years across the trading, technology, compliance, risk, and legal functions, Hong Kong-based recruiter Aquis Search estimates. "We foresee a good run for the next few years," said Annpurna Bist, its head of quant and tech. Intensifying competition has driven up salaries, with even junior traders paid more than double the figure of three years ago, said Bhautik Ambani, head of AlphaGrep Investment Management, one of India's leading quant trading firms. India's top engineering schools have become the favoured hunting grounds for talent. "We almost solely hire our traders and software engineers from Indian Institutes of Technology (IITs)," said IMC's Dentand, referring to the country's chain of prestigious engineering schools. But hiring efforts are now being widened to the universities beyond the IITs, Dentand said. The influx of global trading firms has opened up opportunities for India's two main exchanges, which are both upgrading their tech infrastructure. The National Stock Exchange of India (NSE) plans to add 2,000 co-location racks over the next two years while older stalwart the Bombay Stock Exchange (BSE) aims to scale up to 500 by the end of fiscal 2026, from none in March 2024. Such racks are servers at exchanges that cut trade execution times to microseconds. "We are a late entrant and need to provide additional value for the unfulfilled demand from high-frequency trading firms and quant firms, amongst others, for co-location racks," said BSE Chief Executive Sundararaman Ramamurthy. The exchange has spent between 4.5 billion rupees and 5 billion rupees ($52 million to $58 million) on technology in the last two years, he said. The NSE and regulator the Securities and Exchange Board of India (SEBI) did not respond to queries for the report. ($1=85.9675 rupees) (Reporting by Jayshree P Upadhyay, Jaspreet Kalra; Editing by Ira Dugal and Clarence Fernandez)
Times of Oman
3 hours ago
- Politics
- Times of Oman
Bangladesh NSA in Washington to brief US about progress on holding elections
Dhaka : Bangladesh's National Security Adviser (NSA) Khalilur Rahman on Wednesday met with US Deputy Secretary of State Christopher Landau at the State Department in Washington, DC, Bangladesh Chief Adviser's Press Wing said in a statement on Thursday. "They discussed the Rohingya issue, ongoing tariff negotiations between Bangladesh and the US, developments in South Asia, and the democratic transition in Bangladesh", the statement said. "Deputy Secretary of State lauded the leadership of Chief Adviser Professor Muhammad Yunus at a critical juncture for Bangladesh and reiterated continued US support for Bangladesh", it added. "Dr. Rahman separately met Assistant US Trade Representative Brendan Lynch and had fruitful discussions on the agreement between the two countries on reciprocal tariffs", the statement said. Former Bangladesh Prime Minister Sheikh Hasina was ousted from power in a student-led uprising in August last year. Hasina fled to India, and an interim government led by Nobel Laureate Muhammad Yunus was formed. On June 14, Muhammad Yunus, the Chief Adviser of Bangladesh's interim government, hinted at holding national elections in early February next year. However, UN High Commissioner for Human Rights Volker Turk expressed concern over the ban on political parties in Bangladesh and stressed that the decision "unduly restricts the freedom of association, expression and assembly". He urged the Bangladesh's interim government to hold free and inclusive elections. Bangladesh's interim government earlier banned the activities of ousted Prime Minister Sheikh Hasina's Awami League and its affiliated organisations. Subsequently, in May, the Bangladesh Election Commission (EC) suspended the registration of Sheikh Hasina's Awami League as a political party. Muhammad Yunus, the Chief Adviser of Bangladesh's interim government, has hinted at holding national elections in early February next year." The Chief Adviser said that he has announced that the elections will be held by the first half of February next year. If all preparations are completed, the elections could be held even in the week before the start of Ramadan in 2026," said a joint statement issued after the talks between Muhammad Yunus and Acting BNP Chairman Tarique Rahman in London.
Arab News
3 hours ago
- Politics
- Arab News
Pakistan's defense minister says hybrid model ‘doing wonders' as army chief on solo US visit
ISLAMABAD: Pakistan's defense minister has described the country's governance as a 'hybrid model' in which military and civilian leaders share power — an open secret in political circles but a rare public admission by a serving official that has taken on added significance amid the army chief's solo visit to the United States and an unprecedented meeting with President Donald Trump. Officials have presented Field Marshal Asim Munir's trip as an effort to bolster security ties with Washington, particularly in light of last month's military standoff with India and escalating hostilities in the Middle East. But the army chief's meeting with Trump — without Pakistan's prime minister or foreign minister present — has also drawn renewed attention to how much Islamabad relies on its army to handle high-stakes foreign relations, economic ties and sensitive regional issues. The chief's visit comes on the heels of the most serious clash in years between nuclear-armed Pakistan and India in which they exchanged drone, missile and artillery fire until a ceasefire brokered by Washington on May 10 brought an end to hostilities. Pakistan has declared victory in the confrontation, saying it downed six Indian fighter jets and struck military facilities. Munir's leadership during the crisis has won him a rare promotion to field marshal and broad public support, reinforcing the military's standing as one of the country's most influential institutions despite past criticism of its outsized role in politics. In an interview this week conducted as the army chief visited the United States for talks with Trump, Defense Minister Khawaja Asif acknowledged that the military's prestige had 'skyrocketed' after the conflict with India, calling it a 'blessing in disguise,' but rejected that this would erode democratic authority or give the army unchecked control. 'No, it doesn't worry me,' he told Arab News when asked if Pakistan's history of direct and indirect military rule made him uneasy about the army's stronger image. 'This is a hybrid model. It's not an ideal democratic government … So, this arrangement, the hybrid arrangement, I think [it] is doing wonders,' Asif said, adding that the system was a practical necessity until Pakistan was 'out of the woods as far as economic and governance problems are concerned.' The long-running political instability and behind-the-scenes military influence in earlier decades had slowed democratic development, the defense chief argued, but the current arrangement had improved coordination. Pakistan's military has played a central role in national affairs since independence in 1947, including periods of direct rule after coups in 1958, 1977 and 1999, when General Pervez Musharraf toppled then-Prime Minister Nawaz Sharif is the elder brother of current Prime Minister, Shehbaz Sharif. Musharraf ruled until 2008 when elections restored civilian governance. Even under elected governments, however, the army is widely considered the invisible guiding hand in politics and in shaping foreign policy, security strategy, and often key aspects of governance. 'If this sort of [hybrid] model was adopted way back in the 90s, things would have been much, much better,' Asif said, 'because the confrontation between [military] establishment and the political government, it actually retarded the progress of our democracy.' By contrast, he said, the current 'de facto' hybrid arrangement had brought the army and elected leaders together on joint forums such as the Special Investment Facilitation Council (SIFC), a civil-military body tasked with setting and managing economic priorities jointly and overseeing big-ticket investments and trade reforms. 'We have common platforms, like SIFC and other platforms, where military leadership and civilian leadership, they sit together and decide about the business,' Asif said. 'So, this is something which is a de facto arrangement and it's working very well.' The military's media wing did not respond to a request for comments. 'TOTAL AGREEMENT' Asif's remarks about power-sharing with the army on an ever-expanding policy portfolio appear particularly relevant after Munir's rare White House meeting with Trump on Wednesday, the first time in years that a Pakistani army chief was received by a sitting US president without civilian leadership present. Munir was accompanied by National Security Adviser Lt Gen Muhammad Asim Malik, Pakistan's serving intelligence chief who now also holds the national security portfolio. This too is a first for the country: that a sitting ISI director general is serving as NSA. According to a statement from ISPR, the military's public relations wing, the Munir-Trump meeting lasted two hours instead of the scheduled one, and covered not only security cooperation and the ongoing Israel-Iran conflict but also wider collaboration in 'trade, economic development, mines and minerals, artificial intelligence, energy, cryptocurrency, and emerging technologies.' These are areas traditionally handled by civilian ministries. While independent analysts say this reflects the military's increasingly visible role in economic and financial initiatives and could permanently weaken civilian supremacy in these domains, Asif insisted PM Sharif remained firmly in charge of key decisions: 'It's something mutual, we have a co-ownership of the power structure … 'There is no superimposed system or superimposed organization on Shehbaz Sharif which dictates him and he acts accordingly … [He] is making his decisions independently and obviously he is in regular consultation with the establishment on all levels.' But were there 'crisis moments' in the relationships when the prime minister had not prevailed over the army chief in decision-making? Asif responded: 'Believe me, very honestly, we haven't had any moment where decisions were not made unanimously with total agreement. Things are moving very smoothly. And god willing, one day we will achieve the sort of democracy which is needed by our country.'
Yahoo
3 hours ago
- Business
- Yahoo
Exclusive-Global trading giants step up India presence, fuelling talent rush, exchange upgrades
By Jaspreet Kalra and Jayshree P Upadhyay MUMBAI (Reuters) -Half a dozen global trading giants, from Citadel Securities and IMC Trading to Millennium and Optiver, are ratcheting up their presence in India's booming derivatives markets, fuelling a hiring spree and pushing exchanges to improve technology. The firms' hiring plans, being reported for the first time, come amid expectations that large domestic consumer and investor bases will help shield India from global turmoil sparked by the trade policies of U.S. President Donald Trump. The South Asian nation made up nearly 60% of global equity derivative trading volumes of 7.3 billion in April, the Futures Industry Association says, while its regulators say notional turnover of the contracts has grown 48 times since March 2018. For Western firms, the gold rush is too big to ignore, particularly after U.S. trading firm Jane Street earned $2.34 billion from its India trading strategy last year, some of the firms' executives said. "We have seen competition increasing both on the trading front, where you see more players going for the same opportunities, and on the job market as well," said Jocelyn Dentand of global high-speed trader IMC Trading. The firm plans to grow its team by more than 50% by the end of 2026 to stand at more than 150, added Dentand, the managing director of its India unit. Foreign investors turned buyers of Indian stocks in April and May, purchasing a net $2.8 billion, as they abandoned their previous selling stance from October 2024 to March 2025, prompted by high valuations and slower growth in earnings. U.S.-based Citadel Securities, a market-making firm founded by well known investor Kenneth Griffin, runs a leaner team of around 10 in India but has ramped up capital allocation to its operations, said a source familiar with its plans. "In India, we're constantly looking for talent and constantly hiring," said the source, who sought anonymity in the absence of authorisation to speak to the media and declined to give details of the plan. Hedge fund Millennium is expanding its India desk via Dubai and Singapore, said a source with direct knowledge of the matter, who also sought anonymity on the same grounds. Millennium declined to comment for the story. Citadel Securities did not respond to an email seeking comment. Netherlands-based Optiver, which launched India operations in 2024, plans to grow its team to 100 by the end of 2025, a spokesperson said, up from 70 now. "Optiver is investing ambitiously in India, with a view to expanding to 100 FTEs by year-end and scaling further in the years ahead," the spokesperson added. Amsterdam-based trading firm Da Vinci and London-based Qube Research and Technologies are also recruiting for quantitative trading roles in India, public postings for jobs show. RUSH FOR TECH, TALENT Global trading firms are also looking to expand in India by recruiting aggressively from top domestic universities and poaching from home-grown competitors. They have hired about 300 people in India in the last two years across the trading, technology, compliance, risk, and legal functions, Hong Kong-based recruiter Aquis Search estimates. "We foresee a good run for the next few years," said Annpurna Bist, its head of quant and tech. Intensifying competition has driven up salaries, with even junior traders paid more than double the figure of three years ago, said Bhautik Ambani, head of AlphaGrep Investment Management, one of India's leading quant trading firms. India's top engineering schools have become the favoured hunting grounds for talent. "We almost solely hire our traders and software engineers from Indian Institutes of Technology (IITs)," said IMC's Dentand, referring to the country's chain of prestigious engineering schools. But hiring efforts are now being widened to the universities beyond the IITs, Dentand said. The influx of global trading firms has opened up opportunities for India's two main exchanges, which are both upgrading their tech infrastructure. The National Stock Exchange of India (NSE) plans to add 2,000 co-location racks over the next two years while older stalwart the Bombay Stock Exchange (BSE) aims to scale up to 500 by the end of fiscal 2026, from none in March 2024. Such racks are servers at exchanges that cut trade execution times to microseconds. "We are a late entrant and need to provide additional value for the unfulfilled demand from high-frequency trading firms and quant firms, amongst others, for co-location racks," said BSE Chief Executive Sundararaman Ramamurthy. The exchange has spent between 4.5 billion rupees and 5 billion rupees ($52 million to $58 million) on technology in the last two years, he said. The NSE and regulator the Securities and Exchange Board of India (SEBI) did not respond to queries for the report. ($1=85.9675 rupees)
Yahoo
4 hours ago
- Business
- Yahoo
Exclusive-Global trading giants step up India presence, fuelling talent rush, exchange upgrades
By Jaspreet Kalra and Jayshree P Upadhyay MUMBAI (Reuters) -Half a dozen global trading giants, from Citadel Securities and IMC Trading to Millennium and Optiver, are ratcheting up their presence in India's booming derivatives markets, fuelling a hiring spree and pushing exchanges to improve technology. The firms' hiring plans, being reported for the first time, come amid expectations that large domestic consumer and investor bases will help shield India from global turmoil sparked by the trade policies of U.S. President Donald Trump. The South Asian nation made up nearly 60% of global equity derivative trading volumes of 7.3 billion in April, the Futures Industry Association says, while its regulators say notional turnover of the contracts has grown 48 times since March 2018. For Western firms, the gold rush is too big to ignore, particularly after U.S. trading firm Jane Street earned $2.34 billion from its India trading strategy last year, some of the firms' executives said. "We have seen competition increasing both on the trading front, where you see more players going for the same opportunities, and on the job market as well," said Jocelyn Dentand of global high-speed trader IMC Trading. The firm plans to grow its team by more than 50% by the end of 2026 to stand at more than 150, added Dentand, the managing director of its India unit. Foreign investors turned buyers of Indian stocks in April and May, purchasing a net $2.8 billion, as they abandoned their previous selling stance from October 2024 to March 2025, prompted by high valuations and slower growth in earnings. U.S.-based Citadel Securities, a market-making firm founded by well known investor Kenneth Griffin, runs a leaner team of around 10 in India but has ramped up capital allocation to its operations, said a source familiar with its plans. "In India, we're constantly looking for talent and constantly hiring," said the source, who sought anonymity in the absence of authorisation to speak to the media and declined to give details of the plan. Hedge fund Millennium is expanding its India desk via Dubai and Singapore, said a source with direct knowledge of the matter, who also sought anonymity on the same grounds. Millennium declined to comment for the story. Citadel Securities did not respond to an email seeking comment. Netherlands-based Optiver, which launched India operations in 2024, plans to grow its team to 100 by the end of 2025, a spokesperson said, up from 70 now. "Optiver is investing ambitiously in India, with a view to expanding to 100 FTEs by year-end and scaling further in the years ahead," the spokesperson added. Amsterdam-based trading firm Da Vinci and London-based Qube Research and Technologies are also recruiting for quantitative trading roles in India, public postings for jobs show. RUSH FOR TECH, TALENT Global trading firms are also looking to expand in India by recruiting aggressively from top domestic universities and poaching from home-grown competitors. They have hired about 300 people in India in the last two years across the trading, technology, compliance, risk, and legal functions, Hong Kong-based recruiter Aquis Search estimates. "We foresee a good run for the next few years," said Annpurna Bist, its head of quant and tech. Intensifying competition has driven up salaries, with even junior traders paid more than double the figure of three years ago, said Bhautik Ambani, head of AlphaGrep Investment Management, one of India's leading quant trading firms. India's top engineering schools have become the favoured hunting grounds for talent. "We almost solely hire our traders and software engineers from Indian Institutes of Technology (IITs)," said IMC's Dentand, referring to the country's chain of prestigious engineering schools. But hiring efforts are now being widened to the universities beyond the IITs, Dentand said. The influx of global trading firms has opened up opportunities for India's two main exchanges, which are both upgrading their tech infrastructure. The National Stock Exchange of India (NSE) plans to add 2,000 co-location racks over the next two years while older stalwart the Bombay Stock Exchange (BSE) aims to scale up to 500 by the end of fiscal 2026, from none in March 2024. Such racks are servers at exchanges that cut trade execution times to microseconds. "We are a late entrant and need to provide additional value for the unfulfilled demand from high-frequency trading firms and quant firms, amongst others, for co-location racks," said BSE Chief Executive Sundararaman Ramamurthy. The exchange has spent between 4.5 billion rupees and 5 billion rupees ($52 million to $58 million) on technology in the last two years, he said. The NSE and regulator the Securities and Exchange Board of India (SEBI) did not respond to queries for the report. ($1=85.9675 rupees) Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
