Heard on the Street
Amid the mayhem on bourses, it’s bonus time at many foreign investment banks. And the buzz is that it is not as bad as was feared.
By ET Bureau |
It���s bonus time at foreign i-banks
Amid the mayhem on bourses, it���s bonus time at many foreign investment banks. And the buzz is that it is not as bad as was feared. Last week, Merry Lunch and Murugan Stanley are said to have paid out the bonuses to their staff.
Of course, the payouts would have been far higher, had market conditions been favourable. Over the next week or so, City and JP, too, are expected to announce bonuses.
Officials at local brokerages feel there could be some churn at the middle-management level, once the season of bonuses ends. A key reason is that most players think the turmoil in global financial markets is far from over. That being the case, foreign investment banks may not be the best of places to be in. Most of these firms are cutting back on staff periodically.
Last week, the Indian arm of a leading US-based financial services group awaiting regulatory clearances is said to have sacked 11 people in its broking business.
Sri Lankan firm wants to be BSE���s tech partner
While India���s very own TCS is one of the names shortlisted, the other name is bound to surprise many. Sri Lanka���s MillenniumIT has also shown its intent to be BSE���s technology partner. According to MillenniumIT���s website, the company���s bundle of capital market products include smart-order router, integrated clearing, settlement and depository functions and multi-product trading platform.
Contributed by Santosh Nair & Ashish Rukhaiyar
Amid the mayhem on bourses, it���s bonus time at many foreign investment banks. And the buzz is that it is not as bad as was feared. Last week, Merry Lunch and Murugan Stanley are said to have paid out the bonuses to their staff.
Of course, the payouts would have been far higher, had market conditions been favourable. Over the next week or so, City and JP, too, are expected to announce bonuses.
Officials at local brokerages feel there could be some churn at the middle-management level, once the season of bonuses ends. A key reason is that most players think the turmoil in global financial markets is far from over. That being the case, foreign investment banks may not be the best of places to be in. Most of these firms are cutting back on staff periodically.
Last week, the Indian arm of a leading US-based financial services group awaiting regulatory clearances is said to have sacked 11 people in its broking business.
Sri Lankan firm wants to be BSE���s tech partner
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With BSE���s proposed technology deal with OMX having been called off, Asia���s oldest stock exchange is now looking at a new entity to provide it with the latest technology platform to get it on an equal footing with the NSE. According to people familiar with the development, two names were considered at the recent board meet held on Saturday (January 10). While India���s very own TCS is one of the names shortlisted, the other name is bound to surprise many. Sri Lanka���s MillenniumIT has also shown its intent to be BSE���s technology partner. According to MillenniumIT���s website, the company���s bundle of capital market products include smart-order router, integrated clearing, settlement and depository functions and multi-product trading platform.
Contributed by Santosh Nair & Ashish Rukhaiyar
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