The London Stock Exchange Group PLC (LSEG) will set up a technology centre of excellence in Hyderabad, which will create about 1,000 jobs a year. The announcement was made after Telangana IT and Industries Minister KT Rama Rao’smeeting with LSE Group CIO Anthony McCarthy in London on Friday.

A memorandum of understanding (MoU) was also signed by Jayesh Ranjan, Principal Secretary of IT and Industries Departments (Govt of Telangana), and McCarthy. “The CoE will boost the banking, financial services and insurance (BFSI) ecosystem in the city,” a government official said in a statement.

The Minister is on a four-day visit to the United Kingdom, leading a delegation of officials. The LSEG is a global financial market infrastructure and data provider, operating in 70 countries, serving customers in 190 countries.