Why Citadel Securities is hiring options trader in India post Jane Street saga

Billionaire Ken Griffin’s Citadel Securities has hired an options trader in India this week and plans to add more staff to bolster its operations in the South Asian nation, according to people familiar with the matter.

The market-making giant has tapped Prajual Maheshwari to join Citadel Securities India Markets Pvt. in Gurugram from high-frequency trading firm Aakraya Research in Mumbai, one of the people said, asking not to be named discussing private information. The Miami-based company aims to recruit more traders and senior roles at its Indian operations, the people added.

Citadel Securities declined to comment on its India hiring plans, while Maheshwari did not respond to an email request for comment.

Citadel Securities’ expansion in India comes at a time when high-frequency trading firms have been jolted by the crackdown on Jane Street Group, which was temporarily banned by the nation’s securities regulator last month on allegations of market manipulation that the firm has denied. That, plus severe curbs to halt an options frenzy that led to billions of dollars in losses for retail investors, raised concerns that global trading giants may hold back on their investments.

Still, a deepening stock and options market, booming share sales and billions of dollars in inflows from retail investors have made India a standout opportunity for traditional market makers such as Citadel Securities and its peers Optiver, IMC Trading and Jump Trading. The nation remains the world’s top destination for exchange-traded derivatives despite the Securities and Exchange Board of India’s clampdown.

Citadel Securities opened its Gurugram office in 2022 and has more than a dozen employees there after hiring a chief operating officer and head of trading for the country earlier this year. The Indian unit deals both in cash equities and derivatives, with revenue climbing to 29 billion rupees ($333 million) in its first full year of operations.

The market-maker is also expanding in Hong Kong. Earlier this year, people familiar with the matter said the firm was adding Mayank Narang to its Asia chief operating officer team, while Redha Achour joined in April to head regional credit trading.