As India is a strategic location for global operations and the talent pool in the region drives multiple functions, CME Group, a US-based global derivates marketplace in a bid to expand its India operations, plans to hire 100 employees by March 2024 according to Kendal Vroman, chief transformation officer, CME Group
The company entered India in 2015 intending to expand its business presence globally. Over time, its employee base has grown to 570 people.
“India is the best talent pool, hence we are investing here. It’s not just a support function center, we have ownership here at various places with applications and processes,” Vroman told businessline.
Its India teams are involved in the post-US trade cycle functions such as trading clearance and asset management settlements. About 70% of the workforce for these systems is based in India. It is also building data and analytics functions, and platform practices in the region.
The company will be hiring both freshers and laterals across functions and roles such as data and analytics, cloud reliability engineering, product management, and others, noted Prabhuram Duraiswami, Executive Director, Center Head of India, and Global Head of Referential Services.
CME Group, with a daily volume of 23 million contracts clocks $5 billion in revenue and over $3 billion in operating profit.
To fuel the next phase of growth, the company is moving to the cloud, to facilitate faster traders with low latency, and improved user experience. The company forged a 10-year strategic partnership with Google Cloud for the same.
“Delivering ultra-low latency in the cloud is engineering that doesn’t exist yet, and we are in the process of developing it. With this, we can deliver a better experience, and facilitate the use of real-time data and analytics and easy access to markets. This we believe will be the next inflection point,” said Duraiswami.
It also plans to leverage Generative AI and machine learning. In line with technology advancements, it is also training and upskilling its talent base globally.