For financial services, Brexit presents two distinct considerations.

brexit-latest-blogFirstly, the nature of the relationship between the UK and EU27 post-Brexit (i.e., a ‘soft’, a ‘hard’ withdrawal; loss of passporting and the like). Uncertainty, confusion, and opacity continue to permeate the political, relational aspects. And, clarity isn’t emerging over the horizon. If anything, matters have become more contentious with a longer impasse on key issues. Couple the state of negotiation with looming EU parliamentary elections in May 2019 and a new EU Commission starting in October 2019, and the matter becomes more puzzling.

Secondly, the practicalities of Brexit uncertainty. That is, firms must contemplate starting the Brexit transformation independent of the political discussion due to the time needed to execute transition plans. Having applied for new licences and analysing locations, products and clients, most firms are now moving the next stage of Brexit readiness: planning for implementing a strategy based on a ‘hard Brexit’. Resorting to this assumption is necessary to avoid disruption to business activities and avoid a regulatory breach come March 2019.

As it was with MiFID II and other paradigm-shifting transformation programmes, the difficulty will lie in executing and implementing plans. This is something First Derivatives experienced first-hand as it supported clients through transformational change spurred from new regulatory initiatives.


Brexit: Status Update and Practical Challenges

First Derivatives plc is delighted to host an upcoming briefing on Brexit: Status and Practical Challenges for Financial Services. This is the first in a series on Brexit running through 2018.

FD will offer the event in London, 27th June 2018; and in Dublin, 28th June 2018.

Our objective is to provide attendees with an update on the negotiation state of play and what that means for financial services firms in their preparation for Brexit. We have an excellent slate of speakers, including Graham Bishop, a well-known consultant on EU integration issues and who regularly presents on Brexit and its implications for pan-European business; and Michael Gorman, FD’s Global Head, Regulatory and Compliance Practice, who has been leading FD’s efforts in assisting clients with transformational, market-structural reforms (like MiFID II).

Hosted over a continental breakfast, the sessions are short and concise expositions to stay updated on the most recent Brexit machinations, as well as what the industry as a whole is contemplating as it prepares for the post-Brexit reality in financial services.

Post Event Presentations

Speaker Bios

Graham Bishop is renowned for his vision and the courage to propose radical ideas, yet ground them in a mastery of the technical details of the financial system… to the extent that he has even been referred to as a one-man think tank. Over the years, he has advised Select Committees of both the House of Commons and Lords as well as the European Commission and European Parliament. As a result, his monthly ‘Brussels for Breakfast‘ meetings (now the 142nd)  in the City of London attract a wide array of senior officials and government affairs specialists from major financial institutions. Following the meeting,  the Chartered Institute of Securities and Investment (CISI) conducts a live webinar (now the 33rd) to assist its members’ Continuing Professional Development (CPD)  – a major activity of Graham Bishop. As Vice-Chairman of the UK branch of the European Movement, he has his finger strongly on the Brexit pulse.

A lawyer by trade, Michael has worked in multiple jurisdictions globally where his prior orthodox practice focused on financial services litigation. Transitioning from orthodox practice to implementation advisory has presented numerous opportunities to support numerous multi-national financial services firm in the implementation and execution of regulatory change in the United States, Europe, and farther afield. Michael is responsible globally for the Regulatory & Compliance Practice at First Derivatives plc where he collaborates with data scientists, technologists, and consultants to enhance the execution of regulatory change for the firm’s clients. He has a keen interest in RegTech and the ways in which technical solutions can ease the burden of regulatory compliance in financial services and farther afield.