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SEBI has banned the firm from India’s securities markets. The drama has thrown a bright light on Jane Street, a company of legendary opacity even in an industry that prioritises secrecy. And it could carry political and regulatory consequences, not just for Jane Street, but for an entire, ascendant industry of marketmakers.

India’s fear gauge has slid to its lowest in nearly a year, signaling that concerns over a regulatory probe into Jane Street’s trades and delays in a US trade deal are unlikely to hurt broader equity market sentiment.