Bank chief visits First Derivatives to applaud expansion
The Deputy Governor of the Bank of England has visited one of Northern Ireland's top companies.
During his visit to Northern Ireland, Charlie Bean dropped into Newry-based First Derivatives.
Listed on the London AIM since 2002, the firm is a global provider of software and consulting services to the financial services industry.
First Derivatives counts many of the world's top investment banks, brokers, exchanges and hedge funds as its customers and also controls operations in cities across the globe including London, Stockholm, New York, Philadelphia, Toronto, Sydney, Hong Kong, Dublin and also Belfast.
The company, founded by Brian Conlon over 15 years ago, is hoping to expand its global workforce to just under 1,000 people in the coming years.
The Deputy Governor was keen to understand First Derivatives' view of the economy, the steps needed to help balance the public-private sectors in Northern Ireland and the challenges posed by the company's proximity to the Republic of Ireland, with its much lower rate of corporation tax.
However, First Derivatives explained why the company's location has been a key element in its success, with a ready pool of talented technology and finance graduates, a lower cost base than London or New York; and the support provided from the Northern Ireland Economic Development Agency, Invest Northern Ireland.
The company also showed off its Delta suite of software products, which was recently adopted by the Australian Securities and Investment Commission to help its observation of licensed financial markets.
The Delta software helps detect trading anomalies and irregularities that may indicate disorderly or prohibited trading.
Adrian Toner, chief operating officer of First Derivatives, said that it was an honour to host Mr Bean.
"We are delighted to have hosted the Deputy Governor at our Newry headquarters and to have had the opportunity to introduce him to our talented staff and to demonstrate our products," he said.
"The Deputy Governor took a real interest in the potential for First Derivatives, both as a fast growing global business within the investment banking industry and as a company providing sustainable jobs to the local community and supporting the Northern Ireland economy."
The year when the firm was first listed on the London AIM