Bank of England Deputy Governor visits First Derivatives | Latest Newry News, Newry Sport and Newry Business for Newry City

Bank of England Deputy Governor visits First Derivatives

First Derivatives, the leading provider of software and consulting services to the capital markets industry, has revealed that the company was visited recently by Deputy Governor of the Bank of England, Charlie Bean, as part of his visit to Northern Ireland.

The visit to Northern Ireland formed part of the Deputy Governor’s tour of a range of enterprises across the region.

The Deputy Governor was keen to understand First Derivatives’ view of the economy, the challenges facing the company in terms of wage inflation, transport costs and the steps needed to transition Northern Ireland from a public sector dominated economy to an export led private sector economy.

In addition, the Deputy Governor was keen to understand the challenges and opportunities facing the company as a consequence of its close proximity to the land border with the Republic of Ireland / European Union.

First Derivatives was included as a part of the tour as it is a key employer of highly skilled and paid staff involved in the financial IT sector within Ireland.

The Deputy Governor took an interest in First Derivatives technology platform and its Delta suite of software products, particularly those solutions deployed in a regulatory and market surveillance capacity.

The company demonstrated its Delta software, which was recently adopted by the Australian Securities and Investment Commission (ASIC) to meet the “Big Data” challenge in its statutory obligation to oversee Australia’s licensed financial markets.

The Delta software enables real-time and post-trade detection of trading anomalies and irregularities that may indicate disorderly or prohibited trading across the range of asset classes and products traded.

As a key graduate employer within Northern Ireland, First Derivatives discussed with the Deputy Governor how its location has been a key element in its success.

Reasons behind this include ready access to a supply of talent in the fields of technology and finance, particularly in terms of graduates from the high quality universities in Ireland (North and South); lower costs than might be incurred if operating directly from the world’s financial centres of, for example, London or New York; and the support provided from the Northern Ireland Economic Development Agency, Invest NI.

These advantages are further exploited in its Near Shore service that combines the benefits of low cost location and resource availability with proximity to the major financial centres and cultural alignment.

First Derivatives also explained the significance and uniqueness of its Capital Market Training Programme (CMTP) that all consultants undertake in advance of on-site engagement to provide them with the practical knowledge and skills required to make immediate contribution on client projects.

Commenting on the Deputy Governor’s visit Adrian Toner, COO of First Derivatives, said; “We are delighted to have hosted the Deputy Governor at our Newry headquarters today and to have had the opportunity to introduce him to our talented staff and to demonstrate our products.

“The Deputy Governor took a real interest in the potential for First Derivatives, both as a fast growing global business within the investment banking industry and as a company providing sustainable jobs to the local community and supporting the Northern Ireland economy.”

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Posted by on Aug 14 2013. Filed under Business. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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