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High-speed trading firms are rapidly increasing pay for entry-level jobs in India, with monthly pay reaching $14,000 for interns in the world’s biggest equity derivatives market, according to a report by Bloomberg.
Amsterdam-based IMC Trading BV has offered interns in India up to 1.25 million rupees a month ($14,182) this year, a threefold jump from 2024, Bloomberg reported quoting people familiar with the matter.
Quadeye, one of the biggest recruiters locally, paid new hires up to 750,000 rupees, up 50% from last year, the people said.
Indian finance professionals earn an average annual base pay of about 700,000 rupees, according to Glassdoor.
Indian regulatory push to protect the interests of local retail investors, helped curb derivatives trading by more than 40% from a peak last year.
Bloomberg said the the hiring and lavish pay packages continue even amid the curbs due to potential for gains in the world’s top equity derivatives market by volume.
Foreign funds and proprietary trading desks using algorithms made $7 billion in gross profits in India in the year to March 2024 alone.
Global giants and homegrown players aren’t backing away even as the Securities and Exchange Board of India looks set to further increase scrutiny of the market, particularly in the wake of its findings with regard to Jane Street Group LLC.
The regulator in July accused Jane Street entities of using their trading and technological might to influence prices in India’s stock and derivatives markets on expiry days, booking hefty profits in the process.
The New York-based trading firm — which was temporarily banned rom the market by SEBI — has disputed the allegations and is seeking to overturn the order, arguing that it has been denied access to crucial documents it needs to fight accusations of market manipulation.
Brokers providing high-speed trading services such as Estee Advisors and iRage Broking Services LLP say that while these recent events have made some potential clients cautious, there is still a steady pipeline of companies looking to enter this segment.
Billionaire Ken Griffin’s Citadel Securities hired an options trader in India last month and plans to add more staff to bolster its operations, Bloomberg reported.
The Miami-based firm opened its office in Gurugram in 2022 and has more than a dozen employees there after hiring a chief operating officer and head of trading this year.
Citadel and trading firm Tower Research are also buying minority stakes in India’s National Commodity & Derivatives Exchange Ltd.
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