☕️Basic Arbitrage

Jane Street deposits over US$550m in efforts to resume India trading.

July 15, 2025

Good morning.

US hedge fund Jane Street deposited US$567 million ($866 million) of what India’s markets watchdog dubbed “illegal gains” into an escrow account to comply with a trading ban in the country.

The storied quant fund is squaring up for a fight with the Securities and Exchange Board of India after the regulator last week accused the firm of a “sinister scheme” to manipulate stocks and derivatives in the country.

Jane Street has vehemently denied wrongdoing, arguing that its exceedingly lucrative business in India (which has bagged the firm over US$4 billion in profits in the past two years) is merely the pursuit of “basic index arbitrage,” the FT reports.

The deposit is a precursor to lifting the trading ban, with the request from Jane Street still under consideration.

ASX as at market close. Commodities and crypto in USD.

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Market movers

Shares in Macquarie Technology rose almost 10% after its data centre unit secured a $240m land option in Sydney for a future 150MW campus build, with construction expected in a few years.

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The quick sync

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Trading floor

M&A

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  • Humm board delays due diligence access on Abercrombie’s $286m bid. (AFR)

  • Kiwibank seeks a NZ buyer and $500m boost ahead of possible IPO. (The Australian)

  • Macquarie signs $240m land deal for new 150MW Sydney data centre campus. (Capital Brief)

  • Network 10 and Sky News sign new deal to extend regional broadcasts. (Capital Brief)

  • Bidding for Keyton has been delayed, with buyers including Scape and major investors eyeing a potential full sale if the offer is strong. (The Australian)

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VC

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People moves

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☝️ Know about a deal or people move we don’t? Hit reply.

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The watercooler