Hedge funds take nice pains to cover their interior workings. So a latest court docket case through which Jane Road sued two former workers and Millennium Administration, one other fund to which they’d jumped ship, was immensely pleasing to the agency’s rivals, because it provided a uncommon view into one of many business’s giants. Among the many revelations: Jane Road’s “most worthwhile technique” didn’t play out on Wall Road, however within the unglamorous Indian choices enterprise, the place the agency final 12 months earned $1bn.
This information has drawn consideration to India’s choices market, which is staggeringly massive. In accordance with the Futures Business Affiliation (FIA), a commerce physique, the nation accounted for 84% of all fairness choice contracts traded globally final 12 months, up from 15% a decade in the past. The quantity of contracts final 12 months touched 85bn and has greater than doubled yearly since 2020 (see chart). Many of the frenzy is targeted on the Nationwide Inventory Alternate (NSE), which handles greater than 93% of the transactions.
