Financial News
With the financial industry facing a new regulatory landscape and a slashed headcount to match a period of depressed economic growth, Tim Cave investigates the rise of consultancies.
One possible explanation for the recent need for consultancies could arise from the fact that the amount of professionals registered with the Financial Services Authority has fallen by more than 13,000 people, or 8%, since February 2008. This has left a deficit of expertise needed in face of the impending regulations and compliance demands which are around the corner.
Bradley Wood, GreySpark, agrees and has seen great demand from clients for support around Basel III, Dodd-Frank and EMIR requirements. GreySpark’s biggest demand for expertise is found in intelligence around central clearing, liquidity management, swap execution facilities (and connecting to these new trading venues) as well as e-commerce. Bradley reveals there are big cost savings to be made through multi-asset, next-generation platforms.
Looking at the success of GreySpark, Bradley explains the key is their people; they don’t sell software licences or widgets at a mark-up, but market intelligence and expertise.
The article goes on to highlight some other key areas of success for setting up an independent consultancy, and also the hardship and steep responsibility involved in setting up your own business.
