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.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
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. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@waterstechnology.com
More on Data Management
Stocks are sinking again. Are traders better prepared this time?
The IMD Wrap: The economic indicators aren’t good. But almost two decades after the credit crunch and financial crisis, the data and tools that will allow us to spot potential catastrophes are more accurate and widely available.
In data expansion plans, TMX Datalinx eyes AI for private data
After buying Wall Street Horizon in 2022, the Canadian exchange group’s data arm is looking to apply a similar playbook to other niche data areas, starting with private assets.
Saugata Saha pilots S&P’s way through data interoperability, AI
Saha, who was named president of S&P Global Market Intelligence last year, details how the company is looking at enterprise data and the success of its early investments in AI.
Data partnerships, outsourced trading, developer wins, Studio Ghibli, and more
The Waters Cooler: CME and Google Cloud reach second base, Visible Alpha settles in at S&P, and another overnight trading venue is approved in this week’s news round-up.
A new data analytics studio born from a large asset manager hits the market
Amundi Asset Management’s tech arm is commercializing a tool that has 500 users at the buy-side firm.
One year on, S&P makes Visible Alpha more visible
The data giant says its acquisition of Visible Alpha last May is enabling it to bring the smaller vendor’s data to a range of new audiences.
Accelerated clearing and settlement, private markets, the future of LSEG’s AIM market, and more
The Waters Cooler: Fitch touts AWS AI for developer productivity, Nasdaq expands tech deal with South American exchanges, National Australia Bank enlists TransFicc, and more in this week’s news roundup.
‘Barcodes’ for market data and how they’ll revolutionize contract compliance
The IMD Wrap: Several recent initiatives could ease arduous data audit and reporting processes. But they need buy-in from all parties if all parties are to benefit.