For Europe, there is no doubt that Britain’s upcoming divorce from the EU is one of the biggest events in its economic history and will have lasting effects for both the UK and the remaining 27 member states.
Here in Ireland, we are still reeling from the decision and trying to understand what an EU without the UK is going to look like. March 2019 (when the UK officially leaves the EU) does not seem that far away, there are so many unknowns and speculation is rife.
There is no doubt that there will be a considerable level of physical restructure for financial institutions with major operations in the UK, due to the anticipated loss of their ‘EU passporting rights’, which allows companies to sell services across the whole EU, from one EU regulated base.
Already we have seen announcements from JP Morgan, Barclays, Legg Mason, Citadel Securities, Legal & General to name a few, on plans to move operations from London to Dublin pre and post Brexit.
The number of jobs which could potentially move to Dublin would make it one of the top 3 Brexit relocation destinations, along with Frankfurt and Paris, but the proximity to London, common language and thriving financial services and technology community makes Ireland a very attractive choice for further movement.
As I mentioned above, speculation is rife, however companies need to plan for all eventualities to ensure continuity of business. Now is the time to review your technology solutions and ensure you have raised your automation & processing levels.
OpenText™ STP for Securities is ideally placed to solve these issues. We have long proven experience handling multiple instruments, such as mutual funds, hedge funds, private equity, equities, ETF and fixed income, to name but a few.
In addition, as a cloud-based SaaS platform, quick and easy integration comes as standard, thus avoiding the need for large scale implementation projects in order to go live. The impressive STP rates and fully integrated client portal give full transparency to your underlying clients, which also helps your firm to meet your MIFID II requirements…..truly a win, win situation for once.
Message management, end-to-end order routing, reporting, payments, execution-to-settlement are just some of the services that can be handled centrally in the OpenText STP for Securities platform. A slick, dynamic interface, powerful processing engine & workflow, plus 24/7 support from the expert global OpenText team, makes this the right choice.