May 19, 2016 (LBO) – International markets infrastructure provider London Stock Exchange Group will hire up to 400 highly skilled Sri Lankans as it has decided to shift part of its technology and business functions here.
The new company to be formed under the name of London Stock Exchange Business Services Colombo limited is currently looking at high end tech and biz skills required for capital markets.
Duminda Liyanwela, executive director, Exchanges Technology told reporters Colombo yesterday that this is the first time the Group is building this kind of centre anywhere in the world.
“These are not back office functions. We are really talking about high end technology skills and servicing clearing houses and exchanges from Colombo,” Liyanwela said.
The representatives of London Stock Exchange Group yesterday met Prime Minister to update him on the latest situation.
“We are working with the government agencies and this will be a part of country’s intention to become a knowledge economy.”
The Centre will be set up under a 10-year lease agreement in a two acre land with world class office spaces at the Tripoli market area where some of the technology companies are already located.
Speaking to media, the group head of shared services, Martin Ryan said the London Clearing House and outside vendors will be the first to benefit from the new centre.
“We are in a hurry to deliver the sort of efficiency. So we have to hire people in quite a hurry,” Ryan added.
Country head of its Business Services limited, Rohan Paulas said necessary agreements with the BOI and UDA are to be signed soon and they intend to open the centre by September.
The Group also intends to keep the Research and Development of software arm with the well-known MillenniumIT which is already located in Sri Lanka.
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“We are looking for the rest of the infrastructure that needs to operate on it like core capital market skills,” Paulas said.
“We also want to attract Sri Lankans living in other countries looking for a high end life style back to our country.”
London Stock Exchange Group currently operates a broad range of international equity, bond and derivatives markets, including London Stock Exchange.
In addition to the Group’s own markets, over 35 other organisations and exchanges use the Group’s MillenniumIT trading, surveillance and post trade technology.
Headquartered in London, with significant operations in North America, Italy, France and Sri Lanka, the Group employs approximately 4,700 people.
Our best brains should be making products that can be sold in millions in foreign markets, not working for clearing houses of London for a monthly pay.