Citadel Securities’ India unit saw a jump in trading revenue and profit in its first full year of operations, highlighting the strong growth that has lured global trading firms to the country’s $4.6 trillion stock market.
Citadel Securities India Markets Pvt. reported total revenue of Rs 2,900 crore ($344 million) for the 12-month period ended March, according to a filing last month with the ministry of corporate affairs. Net income stood at Rs 1468 crore.
US-based Citadel Securities, which began its Indian trading business in June 2022, previously posted a revenue of Rs 783 crore and net income of Rs 312 crore for nine months ended March 2023.
India’s booming equity market has attracted several high-speed trading firms including Optiver BV, IMC Trading and Jane Street Group. However, regulatory measures aimed at curbing excessive speculation in a market rife with retail investors may threaten growth after they take effect later this month.
The turnover in equity derivatives has fallen more than 20% from a record of about $6 trillion in February. This comes amid an outflow of global capital, which pushed the main NSE Nifty 50 Index close to correction territory last week.
Citadel Securities has a presence in cash equities and stock derivatives in India. A spokesperson for the firm declined to comment on its financial results. India requires private firms to file annual financial statements with the Ministry of Corporate Affairs.
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