Stuart Egerton at Skillfinder

The Banking Migration To Ireland

The Banking Migration To IrelandEver since the Brexit vote in 2016 Dublin has seemed to come out on top. Dublin still benefits from certain tax laws (that have slowly been eroded in Luxembourg over the past few years) making it a favourable place for any company to set up its HQ there. In addition, Dublin is a European English speaking country that is still in the London time zone making a transition between the two cities relatively simple and cost effective.It is no secret that large name banks such as JP Morgan are pushing hard and spending lots of money to setup and build Operations in Dublin; Credit Suisse will be moving their Prime Brokerage function; CITI Bank will build up their operations team; State Street Bank will push for more Transfer Agency new client business and the vendor organisations such as Multifonds & Temenos, will benefit from increased revenues.Is the future of European Banking going to be in Ireland or will it move to the continent?Only time will tell but it is best to prepare for both outcomes.Whether it is moving people within the EU or outside the EU Skillfinder International has successfully placed thousands of senior & graduate candidates over 15 years.OUR MISSION: To leverage our European offices to become the most reliable and successful firm in placing candidates in and out of the EU. - post Brexit climateWe are specialist providers of technology & business professionals across the Banking and Financial Services industry.We provide permanent and contract professional staffing solutionsWe find perfect solutions for both our clients and candidates; our people go the extra mile to make the recruitment process simple, efficient and stress free.Develop existing client relationship we have in other countries to ensure we can build a further presence in IrelandDo business development with specific Irish clients such as the central bank of IrelandDo get in touch with us; we go the extra mile to deliver a high level of satisfaction, knowledge and expertise in everything we do. - Call us On: +44 (0)203 763 9500 / info@skillfindergroup.com

Recruitment & Brexit: Our Advantage

Compliance & RegulationSkillfinder International operates in numerous compliance and regulations projects; The FCA (Financial Conduct Authority) continues to bring out European regulations that impact the post-Brexit infrastructures. There is great anticipation for companies worldwide as to what their regulatory scope is going to look like and where the hubs for those projects are going to be based, whereas before they might have been heavily based in London. Risk Mitigation is becoming ever more prevalent as institutions are starting to spread that over the other European headquarters.State of RecruitmentContractor or freelance setup within London has always faced difficulties; many of London’ central banks are facing quite large detanglement projects. Passporting rules are changing; infrastructure is changing off the back of that leading to a slowdown in permanent on-boarding but a little bit of a ramp up in specific contracting positions.Location StrategyWe have encountered several organisations that are looking at different options now, with Dublin being in the limelight. Ireland is likely to see a lot of action regardless of the outcome from Brexit; many of our clients are moving their operations over there being in the same time zone as the UK and being predominantly English speaking.Alongside Dublin, Berlin, Frankfurt and potentially Paris are viable contenders for current UK financial (and non-financial) institutions. Trading StrategyControversially and more recently a lot of the broker dealers within London have begun to think about a different strategy: Keep the headcount in London the same as it is and the projects the same as they ever would be and look at doing a back to back trading model.Back to Back Trading: Under the Back to Back trading Model trades on the ground in the EU, with their EU clients, would be booked in the EU entity then replicated by matching trades that happen in the UK, in essence the organisation can apply the risk on EU trades on the UK balance sheet to allow time to pass for post-Brexit decisions to be made. This would allow a risk mitigation strategy whilst also maintaining headcount for the back and middle office team in London until a further future proofed strategy is developed. Skillfinder International’s Support As ever we are working very hard to support our clients post-Brexit in Europe. One main area of focus is obtaining a PSF license in Luxembourg ensuring that we can operate legally and fully support our Luxembourg clients. In congruence we have worked very hard to obtain our AUG license again allowing us to fully operate in Germany and adhering to the new legislation.