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
Deutsche Börse democratizes data with Marketplace offering
Deutsche Börse Group is set to unveil its Marketplace, a one-stop data shop designed to simplify and streamline data acquisition and consumption for its clients, while also surfacing data from across the firm to its own users. Jan Stiebing and Sven…
DSB says industry is ready to meet UPI mandate ahead of deadline
The Unique Product Identifier will be required for certain OTC derivatives in the EU at the end of April, following US adoption in January.
Mapping a successful data journey: strategy, execution and sustainability
A well-planned data journey can positively impact an organization’s long-term trajectory. However, it is important to have clarity not only in the strategy but also in successful execution and sustainability for the long haul, argues data veteran Subbiah Subramanian.
The IMD Wrap: The growing data catalogue space
With their potential to manage costs and surface strategic datasets, it’s no wonder Max gets excited about data catalogs. This week, he takes a look at a new startup entering the space.
LSEG to sunset Redi EMS in favor of Tora
Sources say competitors will look to seize on the decision to win over Redi’s sizeable US client base.
The IMD Wrap: Taking stock of inventory management
With market data and associated costs typically representing a firm’s third-largest expense, there’s a lot of incentive to manage data and its usage more efficiently. Max flings open his fridge to illustrate what’s new in this space.
Hub to lay off 20% of staff, sources say
Hub’s CEO says this is simply a case of a startup trying to stay nimble and efficient; others say it points to deeper issues.
Most read
- Sell-Side Technology Awards 2024: All the winners
- Systematic tools gain favor in fixed income
- Sell-Side Technology Awards 2024: Best sell-side front-office platform—Bloomberg