![]() ![]() Traders say graduates hired from Australian schools excel at handling the kind of issues they face in the job.Īnd the city’s sunny weather, beautiful beaches and strong quality of life meant experienced traders were also happy to move there. The market-making companies have benefited from a flow of math, science and engineering graduates from the top universities, such as the University of Sydney, UNSW Sydney and the University of Melbourne. Sydney is also a major forex trading hub, and Macquarie Group Ltd., which is based in the city, has a longstanding trading business that helped its profits hit a record last year. Tax breaks on offshore trading revenues, which are in the process of being phased out, also contributed. Sydney traces its roots in the computer-driven trading business back to the 1990s, when Australia’s stock exchange had one of the biggest options markets in Asia-Pacific, which helped entice firms to the city. While Citadel Securities is boosting hiring in Sydney, Hong Kong remains its hub for Asia-Pacific. It’s planning to add about 60 graduates this year in trading and technology across Asia-Pacific, according to Matthew Benney, acting managing director for Asia-Pacific. Around 90% of its more than 300 employees in the region are based there. ![]() IMC, which was started in 1989 by two traders working on the floor of the Amsterdam Equity Options Exchange and employs more than 1,300 people, has been in Sydney since 2002 and now counts the city as its Asia-Pacific headquarters. The hiring spree is focused more on becoming a hub for regional markets than building capability for Australia itself, with the timezone proximity allowing traders to cover Japan, South Korea and other large Asian markets. “We are excited about the pipeline of talent that we’ve seen coming out of schools in Australia,” Culek said in an interview. Dutch rivals Optiver and IMC have also had big expansions in Australia and are planning to hire more staff, according to representatives for the region at the two firms. The company has more than 60 people in Sydney. ![]() “Trading firms offer extraordinary grad salaries,” said James Meade, head of employability at UNSW Sydney, one of the country’s top universities.Ĭitadel Securities, the US market maker founded by billionaire Ken Griffin, may increase staff in Australia by 50% to 100% over the next two years, according to Matt Culek, its chief operating officer. Observers say the city has attracted the high-paying roles thanks to a university system that churns out candidates who adapt well to the business, favorable tax policies and a long history in the trading industry. Sydney has become an unlikely Asia-Pacific hub for tech-driven trading companies, a part of finance that’s bucking the global trend of layoffs and pay cuts. Elite recruits with math and science backgrounds can command up to that amount, people familiar with the matter said, asking not to be identified as the information is private. It’s Sydney, where firms including Citadel Securities, IMC Trading BV and Optiver BV have established bases, hired rapidly and plan to employ even more. Sri Lanka Rupee to Reverse and Plummet 23%, Fitch Solutions Saysīut this isn’t New York, London or Hong Kong. Rookie Traders Are Earning $400,000 in One Unlikely Markets Hub Your Next Holiday Flight Will Cost a Fortune Meta Plans Thousands More Layoffs as Soon as This Week (Bloomberg) - Graduate traders are earning salaries of as much as $400,000 straight out of school.īiden to Urge 25% Billionaire Tax, Levies on Rich Investors ![]()
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