CJC Expands Into Asia Pacific Opening New Office On Hong Kong
CJC, the leading independent market data consultancy, announced March 19 its expansion into Asia Pacific with the opening of its first office in the region, in Hong Kong’s Central business area. CJC has experienced mounting interest for its consultancy service and a huge demand for market data hosting services from buy- and sell-side institutions throughout Asia and Australasia. The new office will allow CJC to deliver support to both new and existing clients on both a local and cross-regional basis and to provide fully coordinated coverage across all time zones to its global clients with a true ‘follow the sun’ model.
Financial institutions in Asia, while perhaps impacted less by the global financial crisis than many of their European and US counterparts, are also looking to reduce unnecessary expenditure. Market data, renowned as the second highest cost for companies after personnel, is an area where these institutions can generate significant cost reductions through outsourcing the required functionality. Financial institutions in the region are demanding lower latency; remote hosting and management; and cost and efficiency savings.
Paul Gow, CEO of CJC said: “Our clients operate across the globe and as such, they require an integrated global approach to their market data needs. Market data hosting is a niche business and our research concludes that the Asian market has long been under served – there is a gap in the market for high-end consultancy, support and engineering and with our deep technical expertise and vision, we intend to fill it. Opening our first office in Asia is a strategic move for CJC, to grow our presence and client base in the region. We plan to roll out further offices across the Asia Pacific region, from which we will also be supporting our clients in Australia – another growth market for us.”
Heading up the Asia team is Steve Moreton, director of operations for Asia – a CJC consultant of over five years. Moreton’s team will initially consist of three senior consultants, servicing CJC’s new and existing Asia-based clients. The team will also provide out-of-hours support to clients in Europe and the Americas. Moreton comes from a market data engineering background, and is a true expert in large-scale infrastructure implementations and migrations. Previously employed at Reuters Ltd, Moreton was responsible for installation projects in various investment banks and their affiliates worldwide.