Hiring spree in India's derivatives sector
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 US President Donald Trump.
Billed as RM9.73 for the 1st month then RM13.90 thereafters.
RM12.33/month
RM8.63/month
Billed as RM103.60 for the 1st year then RM148 thereafters.
Free Trial
For new subscribers only
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Malay Mail
an hour ago
- Malay Mail
Even as markets rally, Trump's policy shifts keep investors on edge
Investors see rally to fresh highs as fragile Analysts describe environment of 'extreme policy uncertainty' Options market shows little sign of euphoria Wide bid/ask spreads, diminished liquidity characterise US stocks NEW YORK, June 28 — As Wall Street puts April's tariff shakeout in the rearview mirror and indexes set record highs, investors remain wary of US President Donald Trump's rapid-fire, sometimes chaotic policymaking process and see the rally as fragile. The S&P 500 and Nasdaq composite index advanced past their previous highs into uncharted territory on Friday. Yet traders and investors remain wary of what may lie ahead. Trump's April 2 reciprocal tariffs on major trading partners roiled global financial markets and put the S&P 500 on the threshold of a bear market designation when it ended down 19 per cent from its February 19 record-high close. This week's leg up came after a US-brokered ceasefire between Israel and Iran brought an end to a 12-day air battle that had sparked a jump in crude prices and raised worries of higher inflation. But a relief rally started after Trump responded to the initial tariff panic that gripped financial markets by backing away from his most draconian plans. JP Morgan Chase, in the midyear outlook published on Wednesday by its global research team, said the environment was characterised by 'extreme policy uncertainty.' 'Nobody wants to end a week with a risk-on tilt to their portfolios,' said Art Hogan, market strategist at B. Riley Wealth. 'Everyone is aware that just as the market feels more certain and confident, a single wildcard policy announcement could change everything,' even if it does not ignite a firestorm of the kind seen in April. Part of this wariness from institutional investors may be due to the magnitude of the 6 per cent S&P 500 rally that followed Trump's re-election last November and culminated in the last new high posted by the index in February, said Joseph Quinlan, market strategist at Bank of America. 'We were out ahead of our skis,' Quinlan said. A focus on deregulation, tax cuts and corporate deals brought out the 'animal spirits,' he said. Then came the tariff battles. Quinlan remains upbeat on the outlook for US stocks and optimistic that a new global trade system could lead to US companies opening new markets and posting higher revenues and profits. But he said he is still cautious. 'There will still be spikes of volatility around policy unknowns.' Overall, measures of market volatility are now well below where they stood at the height of the tariff turmoil in April, with the CBOE VIX index now at 16.3, down from a 52.3 peak on April 8. Unstable markets 'Our clients seem to have become somewhat desensitised to the headlines, but it's still an unhealthy market, with everyone aware that trading could happen based on the whims behind a bunch of' social media posts, said Jeff O'Connor, head of market structure, Americas, at Liquidnet, an institutional trading platform. Trading in the options market shows little sign of the kind of euphoria that characterised stock market rallies of the recent past. 'On the institutional front, we do see a lot of hesitation in chasing the market rally,' Stefano Pascale, head of US equity derivatives research at Barclays, said. Unlike past episodes of sharp market selloffs, institutional investors have largely stayed away from employing bullish call options to chase the market higher, Pascale said, referring to plain options that confer the right to buy at a specified future price and date. Bid/ask spreads on many stocks are well above levels O'Connor witnessed in late 2024, while market depth — a measure of the size and number of potential orders — remains at the lowest levels he can recall in the last 20 years. 'The best way to describe the markets in the last couple of months, even as they have recovered, is to say they are unstable,' said Liz Ann Sonders, market strategist at Charles Schwab. She said she is concerned that the market may be reaching 'another point of complacency' akin to that seen in March. 'There's a possibility that we'll be primed for another downside move,' Sonders addded. Mark Spindel, chief investment officer at Potomac River Capital in Washington, said he came up with the term 'Snapchat presidency' to describe the whiplash effect on markets of the president's constantly changing policies on markets. 'He feels more like a day trader than a long-term institutional investor,' Spindel said, alluding to Trump's policy flip-flops. 'One minute he's not going to negotiate, and the next he negotiates.' To be sure, traders seem to view those rapid shifts in course as a positive in the current rally, signaling Trump's willingness to heed market signals. 'For now, at least, stocks are willing to overlook the risks that go along with this style and lack of consistent policies, and give the administration a break as being 'market friendly',' said Steve Sosnick, market strategist at Interactive Brokers. — Reuters
The Star
4 hours ago
- The Star
ESG clock ticking away
A GROWING number of companies are facing deadlines for sustainability commitments they made to lenders years ago, testing a key corner of the market for environmental, social and governance (ESG) debt. More than 250 bonds globally will face deadlines this year to either meet their sustainability performance targets or face a coupon step-up, according to the Anthropocene Fixed Income Institute. Billed as RM9.73 for the 1st month then RM13.90 thereafters. RM12.33/month RM8.63/month Billed as RM103.60 for the 1st year then RM148 thereafters. Free Trial For new subscribers only
The Star
4 hours ago
- The Star
Act quickly: Lessons from the Semantan Estate decision
More than six decades after government surveyors first nailed acquisition notices to rubber trees at Ladang Batu, the Court of Appeal has tried to bring the Semantan Estate saga to a close. Its broad grounds handed down on June 24, 2025, read like a cautionary epic: they track a 1956 compulsory acquisition that paid RM5,282 an acre, a string of land references and writs that fizzled and a final reckoning over whether possession or compensation is the only lawful remedy. The story begins before Merdeka, when Gazette Notification 401 of July 26, 1956, authorised the Selangor government to take some 250 acres for a 'diplomatic enclave.' Billed as RM9.73 for the 1st month then RM13.90 thereafters. RM12.33/month RM8.63/month Billed as RM103.60 for the 1st year then RM148 thereafters. Free Trial For new subscribers only
