LSEG eyes SL capital markets system

New headquarters at Expert City:

By Chandani Jayatilleke

London Stock Exchange Group (LSEG), a leader in global markets infrastructure, is keen on developing markets infrastructure business in Sri Lanka when the country is ready with such initiatives.

LSEG is currently in the process of setting up the new headquarters of the group’s Business Services Division at the Expert City precinct, formerly known as Tripoli Market.

“Given the focus that we have in Sri Lanka, it is pretty much a home market for us now.

We are already working with the Colombo Stock Exchange (CSE) and hopefully we will be called upon to help with other market infrastructure initiatives, the government initiates,” Executive Director of Exchanges Technology of LSEG, Duminda Liyanwela told the Business Observer.

“With the group’s know-how and capabilities, we are more than happy to be part of such initiatives,” he said.

“Sri Lanka should develop a service economy to move forward and to elevate the people’s living standards. Market infrastructure initiatives should happen as all these skills are needed for a country to grow.”

The CSE is a long standing client of LSEG. CSE has benefitted from the LSEG technology and know-how already and that relationship will continue to grow, Liyanwela added.

“The CSE has got the latest plans for the clearing house project. And we are having discussions with them and hopefully we will get an opportunity to work with the CSE again soon.”

CSE capital market development initiatives, that aim to enhance the capacity and size of the capital market, include developing the bond, derivatives and commodity markets, and improving legal and regulatory structures and electronic systems.

Working with the Lankan corporate sector is another opportunity for LSEG although not an immediate need. “They can come under our external clients,” Liyanwela said. “If the corporates need our skills we have the capability to work with them. We may want to work with all other market infrastructure initiatives happening in the country.”

LSEG’s new Business Services division in Sri Lanka will provide support to the Group’s operating entities across the globe. The venture will provide the best and brightest technology talent in the country with the opportunity to be a part of an ever expanding, innovative knowledge hub. The new LSEG facility will directly employ 400 people in high-technology jobs, with an additional 1,200 employed indirectly. These employees will be tasked with providing technical support services that are central to the Group’s global network. LSEG’s investment and recruitment drive in Sri Lanka will also provide an immediate boost for the IT sector of the country. Liyanwela said LSEG’s increased presence in Sri Lanka will also ensure it is one of the significant employers in the country. “Ideally we would like to be one of the top employers in terms of the skills that we hire. We are not just offering jobs for young people. We offer careers with great prospects,” he said.