Golden Copy: Brexit, Trump and the Silver Lining For Data Management
If the UK's departure from the European Union is carried out, its financial data professionals will still have plenty to do
Now that the Brexit vote to leave the European Union has come to pass, I recall a few months back attending a briefing on what the referendum result was likely to mean. The experts who spoke all seemed to think it was highly unlikely the UK would really vote to leave the EU, because it would not be sensible economically.
Similarly, a year ago almost no experts or media observers thought it would be likely that Donald Trump would become the Republican nominee for president, yet now the world has both these outcomes.
It's unlikely that the combination of Brexit and a Trump presidency – still dependent on the UK government actually implementing the referendum result, as Victor Anderson writes, and the US general election going Trump's way – will bring about the zombie apocalypse. But could Brexit, especially, reshape the UK's fortunes as a financial center compared to another European city that would try to take its place?
In the data management corner of the financial industry, carrying out Brexit will complicate, but not end the importance or enforcement of EU regulations that have been instituted or set to take effect in the next couple years, including Solvency II and MiFID II. These could even become more important and inspire quicker compliance efforts if capital starts leaving the UK for EU countries.
Assuming the UK financial services industry still retains significant size – again, if the UK does actually leave – there will still be plenty of work for data management professionals, especially those concerned with compliance issues. That is because the UK will either have to draft its own comparable regulations to the aforementioned EU provisions or work out how its firms, or UK-based arms of global firms, will remain compatible with MiFID II and the like, to maintain transactions with countries in the European single market.
So, if the worst geopolitical outcomes do come to pass, data management professionals can rest assured that there will be plenty of challenging work coming their way – and keeping them afloat.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@waterstechnology.com or view our subscription options here: http://subscriptions.waterstechnology.com/subscribe
You are currently unable to print this content. Please contact info@waterstechnology.com to find out more.
You are currently unable to copy this content. Please contact info@waterstechnology.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@waterstechnology.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@waterstechnology.com
More on Data Management
$135.6m fines prompt Citi to modernize infrastructure, controls
The bank was hit with a combined $135.6 million fine on Wednesday for failing to resolve “longstanding internal controls and risk issues,” amid continued internal work across the enterprise.
SocGen pushes data, analytics use cases for SG Markets
The bank is letting a handful of clients experiment with its proprietary data and models to inform their research.
Finra clears hurdle with CAT launch, but several others remain
Two major components of the consolidated audit trail are now in place. But wrangling over the CAT’s future continues.
Ace high or busted flush? Digital Asset’s mixed fortunes mirror DLT adversity
The vendor hoped to remodel post-trade using blockchain technology—and it still might—but its bumpy progress raises questions over the future of DLT in finance.
The IMD Wrap: It’s the data, Cupid!
As BlackRock buys Preqin, and LSEG strikes a data deal with Dow Jones, Max notes that in data, strange bedfellows breed valuable offspring.
This Week: BlackRock/Preqin, Trading Technologies, FIA Tech and more
A summary of some of the past week’s financial technology news.
US banks seek to open vendors’ black box on green data
Inaugural Fed climate scenario analysis flags lack of transparency around third-party models.
IEX Cloud closure forces fintech clients to seek data alternatives
IEX says it is ditching its unprofitable data arm to focus on its core exchange business, but other vendors believe they can turn a profit from its former client base of fintechs, retail investors and some institutions.