Six Capital, a Singapore-based company that specialises in formal training on foreign exchange trading, recently inaugurated their first-ever training programme in Mumbai. In this interview, Patrick Teng, founder and chief dealer, Six Capital, tells FE?s Abhishek Chakraborty that it is always necessary to have a thorough understanding of the mechanics of the FX markets for trading purposes. Excerpts:
What was the reason behind venturing into the Indian market?
The global financial crisis has resulted in huge volatility amongst the major currency pairs. The need for FX trading talent in the coming decade, worldwide, is increasing. And the Indian market has a large pool of fresh and young graduates who are looking for their first career in the finance industry that has a huge growth potential.
How do you think is the current situation in India in terms of forex training?
Globally, and not just in India, there is a need to increase efforts in forex training. One of the most critical aspects of FX trading, for both financial firms and independent traders, is the complete skill set to trade under all market conditions. As the market for currencies is subject to constant fluctuations within very short timeframes (measured in seconds), especially during London trading hours, it is necessary to have a thorough understanding of the mechanics of the FX markets.
On what basis do you choose individuals to be trained?
We welcome individuals with economics, finance, mathematics and statistics majors, including engineering and psychology graduates. A bachelor?s degree is preferred, and any experience in a trading environment is valued, as is any work that demonstrates the ability to work hard, make fast and accurate decisions and familiarity with numbers. We also look at decision-making skills.
What are your plans for Indian market?
Currently, Six Capital collaborates with institutes like the Thakur Institute of Management Studies & Research as well as NMIMS. Soon, we will be extending across other cities in India. Over the next two to three years, Six Capital will also be training and hiring a total of 1,000 Spot FX dealers for their Utility Trading Centre located in Mumbai.