Latest news with #Davison
Time of India
14 hours ago
- Business
- Time of India
This $120-billion financial services company says it needs tech to win business
AI- Representative Image In April of last year, StoneX employees in Bengaluru moved out of a cramped WeWork setup and into a purpose-built office that seats 830 people. The transition summed up a six-year journey for the $120-billion global financial services giant that describes itself as 'one of the biggest names no one's heard of.' The company's chief operating officer Stuart Davison, on a recent trip to India, told us that when the firm established an Indian global capability centre (GCC) in 2019, it fielded barely a dozen engineers testing a payments idea; today Davison calls the twin hubs in Bengaluru and Pune 'one of the engines of innovation powering the whole group'. StoneX's experience mirrors a broader industry trend where technology and financial services have become intricately intertwined. 'For me, I don't even consider them separate services. It's very symbiotic,' Davison says. 'If you want to be a leader in financial services, you need to be tech driven.' This philosophy has driven StoneX's aggressive expansion in India. The crown jewel of the innovation drive in India is Xpay, a proprietary payments platform developed primarily by teams in Pune and Bengaluru over many years. Previous systems from outside vendors struggled during highvolume trading days, Davison says, creating artificial ceilings on business capacity. 'That's not a ceiling we want to have on our business.' Since its February launch, Xpay has processed over $50 billion in transactions, mostly from high-value institutional, corporate, banking, and NGO clients. The technological imperative inherent in the financial services sector has driven StoneX to build comprehensive engineering capabilities across its India centres. Beyond payments technology, the facilities now house teams working on financial crime prevention, cybersecurity, derivatives trading support, and core IT infrastructure. The Pune office operates with a 90 per cent technology focus, drawing talent predominantly from regional banking institutions to develop and maintain these critical systems. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Villas Prices In Dubai Might Be More Affordable Than You Think Villas In Dubai | Search Ads Get Quote Undo Cybersecurity operations out of India are particularly big. StoneX's India teams monitor thousands of daily phishing attempts and operate a security operations centre that protects the company's global infrastructure. Organic evolution Rather than following a predetermined expansion plan, StoneX has allowed different business units to discover how Indian talent could address their specific challenges. This organic evolution has created a unique multi-functional hub that supports diverse aspects of StoneX's global operations. Teams in India, Davison says, now assist with derivatives trading, bullion operations, securities trading, compliance, legal support, and a variety of development projects. We started off (StoneX's India operations) with a payments division as a proof of concept in 2019. That went really well, and then we started with other functions, now we do everything from derivatives trading, securities trading, bullion operations, and so on. The good thing is that because our centres here have been open for six years now, people are starting to have real institutional knowledge of our company. And we're just at the cusp where we think we're going to start to have global leaders based out of the India offices as well. Stuart Davison | Chief operating officer STONEX The expansion, he says, reflects a structural change in finance rather than simple labour arbitrage. 'Ten years ago you won business on price; today you win it on technology,' he says. Clients accustomed to one-click experiences on their phones will not tolerate clunky interfaces or three-hour settlement windows. StoneX therefore hires engineers first and financiers second, confident that market mechanics are easier to teach than clean code. With every employee – including executives – working in open-plan seating, newcomers absorb conversations from trading, compliance and cyber security, completing a steep learning curve in months rather than years. The feedback loop now runs both ways. Indian colleagues possess enough institutional memory to lead global projects, and StoneX intends to base whole product lines in the country. The first on-shore revenue unit – a gold-trading desk that builds on the firm's status as the world's largest non-bank bullion broker – is pencilled in once regulators approve. AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Axios
a day ago
- Politics
- Axios
Seattle city attorney candidates clash over crime policy
A competitive four-way race pits Seattle City Attorney Ann Davison against three challengers who say her approach is too punitive and fails to address the root causes of crime. Why it matters: The Aug. 5 primary will decide which two candidates move on to the November general election. Context: The city attorney prosecutes misdemeanors and helps shape the city's criminal justice policies, while representing the city in civil cases. State of play: Davison, who was elected in 2021, faces three opponents, all running to her left. Although the city attorney role is nonpartisan, Davison ran for statewide office as a Republican in 2020. All of her opponents identify as Democrats. Zoom in: Former U.S. assistant attorney Erika Evans left her job as a federal prosecutor earlier this year, citing opposition to Justice Department changes under President Trump. Nathan Rouse, a public defender who previously worked in private practice, has made ending cash bail for low-level offenses a key piece of his campaign platform. And Rory O'Sullivan, who represents workers seeking unemployment benefits, says his work on Seattle's Democracy Voucher program and successful ranked-choice voting push show he can help deliver big reforms. What they're saying: All three challengers disagree with Davison's 2023 decision to shut down Seattle's community court, which offered people resources and a chance to get their cases dismissed. They've emphasized the need for additional services — such as housing and drug treatment — to help reduce recidivism. They also have criticized Davison's push to create "stay out" zones that ban people accused of prostitution or drug offenses from certain areas, calling the policy ineffective. The other side: Davison said her efforts have helped "eliminate open air drug markets" and combat sex trafficking, particularly on Aurora Avenue North. Between the lines: While campaigning, Davison has emphasized ways she's opposed Trump, including joining a lawsuit over the administration's threats to cut funding to cities that don't comply with federal immigration enforcement. The big picture: It's unusual to have a four-way primary race that's this competitive, political consultant Crystal Fincher told Axios. All three challengers are credible and "could have a really good shot" at beating Davison in the general election, she said.
NZ Herald
6 days ago
- Business
- NZ Herald
Butter prices to keep increasing, say industry experts and analysts
That's been driven by a rise in wholesale prices at Global Dairy Trade auctions, which have doubled in the past five years and tripled in the past decade. High Ground Dairy consultant Stu Davison, who provides regular analysis of global prices on Gold Sport's Country Sport Breakfast, said the biggest factor was long-term growth in demand from China and Southeast Asia. 'Diets have been developing in Asia. The premise of including butter in a more Western diet in these Asian nations has been a big driver, especially New Zealand butter as they value the taste and they see the difference in the colour.' Davison said Europe had also been producing consistently less butter since the start of last year, prompting many European countries to stockpile more and export less. 'You get to the situation we're in now where butter is at extraordinary heights and everyone wants their butter on toast. We don't see it running right back to where we were five years ago.' Infometrics principal economist Brad Olsen, who produces an annual index of Foodstuffs' supply costs, said New Zealand was impacted by those global factors because it exports so much of its product overseas. 'It's a bit of a double-edged sword. Although clearly households are paying more at supermarkets, those higher prices internationally are also bringing forward better gains and returns for farmers domestically.' Fonterra chief financial officer Andrew Murray told The Country wholesale prices weren't expected to fall any time soon. 'If you look at [New Zealand butter], it's still a lot less than you're paying in Europe, so I think that will put a floor on butter prices for a while.' Michael Sergel is a senior reporter, usually based in Auckland. He has been covering business, politics, local government and consumer affairs for more than a decade.
North Wales Chronicle
07-07-2025
- Sport
- North Wales Chronicle
Goodwood and York beckon for She's Quality
The four-year-old led for the majority of the Group Three contest but was just headed by her nemesis Rumstar at the top of hill to go down by three-quarters of a length. It was the third time in succession that the daughter of Acclamation had to settle for silver after also hitting the crossbar in the Palace House at Newmarket and Temple Stakes at Haydock. County Meath handler Davison said: 'I think the stiffness of the track was probably the difference between her winning and losing really. I think's she's probably put in a lifetime-best so you have to take the positives out of it. 'The winner, it's the second time he's beaten us so take nothing away from him. He just finished the trip a bit stronger, didn't he? 'It's one of those things. We just need to get a quick five furlongs and we'll have her day.' Davison is determined to get his stable star her Group-race victory and has turned his attention to Goodwood and York. He added: 'She's very fast so we're going to try to stick to a fast five furlongs. Goodwood (King George Qatar Stakes) would be high on the agenda and the Nunthorpe. They're the two obvious targets for the next couple of races.'
Rhyl Journal
07-07-2025
- Sport
- Rhyl Journal
Goodwood and York beckon for She's Quality
The four-year-old led for the majority of the Group Three contest but was just headed by her nemesis Rumstar at the top of hill to go down by three-quarters of a length. It was the third time in succession that the daughter of Acclamation had to settle for silver after also hitting the crossbar in the Palace House at Newmarket and Temple Stakes at Haydock. County Meath handler Davison said: 'I think the stiffness of the track was probably the difference between her winning and losing really. I think's she's probably put in a lifetime-best so you have to take the positives out of it. 'The winner, it's the second time he's beaten us so take nothing away from him. He just finished the trip a bit stronger, didn't he? 'It's one of those things. We just need to get a quick five furlongs and we'll have her day.' Davison is determined to get his stable star her Group-race victory and has turned his attention to Goodwood and York. He added: 'She's very fast so we're going to try to stick to a fast five furlongs. Goodwood (King George Qatar Stakes) would be high on the agenda and the Nunthorpe. They're the two obvious targets for the next couple of races.'
