Complex financial transactions important for SL, says LSE
View(s):International markets infrastructure provider London Stock Exchange (LSE) Group said that Colombo had to compete with other regional countries to shift part of LSE’s technology and business functions to Sri Lanka. The London Stock Exchange Business Services Colombo Ltd has now already hired 60 highly skilled staff and is aiming to up this to 400. Duminda Liyanwela, Executive director, Exchanges Technology, part of LSE told media recently that this is the first time that LSE has opted out for this kind of centre in the world. LSE Group Head of Shared Services Martin Ryan was quoted in a media release saying,
“Given our extensive experience of working in Sri Lanka with MillenniumIT, it seemed the natural destination for our new venture, LSE Group Business Services. This is an exciting opportunity for the local technology community to join a truly global organisation and we look forward to working with the Government of Sri Lanka to build a strategic partnership and a world leading technology hub in the country.” The country head of these operations, Rohan Paulas told the Business Times on the sidelines of this media conference that the lease agreements with the UDA are to be signed soon and their office at Tripoli Market, a precinct of Colombo is to be opened by September.
The LSE Group is an international markets infrastructure business and a leading developer and operator of high performance technology solutions, including trading, market surveillance and post trade systems for over 40 organisations and exchanges, including the Group’s own markets. Additional services include network connectivity, hosting and quality assurance testing. London Clearing House, GATElab and Exactpro are among the Group’s subsidiaries.
Mr. Paulas said that complex financial transactions are the future and Sri Lanka can capitalise on this as it produces more accountants in the world than anywhere else with many British and American qualifications. ”It’s important that our talent pool has the access and systems to deal with complex financial transactions,” he said noting that the Certified Financial Analyst (CFA) qualification is important to promote in Sri Lanka. “We hope that Colombo can encourage CFA and put in place the exposure to the capital market.” -(Duruthu)