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Brexit aftermath unclear, insists software firm's boss

By John Mulgrew

A Belfast-based financial software firm has said it will not be directly affected by the UK's exit from the EU. Vela Trading Technologies Ltd employs more than 85 staff here, but intends to grow its workforce by around 10 this year.

It said it was not clear how its big bank customers would be hit by Brexit, but stressed its own operations should not be hit.

The 'fintech' firm, based at Adelaide Street in the city centre, counts some of the world's biggest banks and financial institutions among its clients.

Vela, formerly SR Labs, took over Belfast-based Wombat for an undisclosed sum in 2014.

It also has offices in London, Chicago, Pune in India and Manila. Speaking during a visit to Belfast yesterday, chief executive Jen Nayar said around 10 posts were due to be created this year.

"We are always looking to see what roles we could run out of Belfast," she added.

"It's an incredible talent pool coming out of the universities. It's performing well and that is why we are continuing to invest."

Speaking about Brexit, she said the impact on the sector was "to be determined" and that it was not yet clear what impact leaving the EU will have on banks across the region.

"We have most of the top 10 global banks and the majority have trading operations in Europe," she added. "Our aim is to stay lockstep (with them).

"I think trading software and market data is what it is. But it is unclear, do people have to physically relocated (in banking)? It sort of doesn't matter (for us). We can spin these trading platforms up anywhere in the world."

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