| Increasing complexity of regulatory framework poses challenges for industry |
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By: Tony Garry, Tony Garry
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| Although strong market conditions are leading to times of prosperity at newly independent Davy, the complexity and workload associated with the flow of European Directives presents a serious challenge to the industry, writes Tony Garry. |
Q. From a profitability perspective, how does the year to date compare with previous years?
The company is performing strongly and the out-turn should be ahead of 2005.
Q. What is the driving growth in your business?
Growth is strong across all parts of the business, particularly in private clients, institutional bonds and equities and corporate finance.
Q. What are the key challenges facing your business going forward?
In a rapidly changing environment we need to be increasingly flexible and adaptable in meeting our customers’ requirements. On the regulatory front, the relatively recent Prospectus and Market Abuse Directives are being quickly followed by the introduction of MIFID, Basel II, The 3rd Money Laundering Directive and our own domestic Consumer Protection Code. The complexity and workload associated with these Directives presents a serious challenge to our industry.
Q. The Irish financial services sector is currently suffering from a skill shortage – is this also affecting the stockbroking industry?
If so, what type of positions are most difficult to fill? The market for skilled staff in our business is very well bid right across all departments. In the current environment this is hardly surprising. Apart from the usual difficulties in recruiting sales and client relationship staff, we are also finding that the recruitment of compliance professionals, financial accountants and IT staff is challenging.
Q. What buying trends (ie products/type of companies/ countries) are evident amongst (a) institutional investors and (b) private clients?
As far as institutional investors are concerned, there is still a healthy appetite for exposure to the rapidly growing Irish economy. On the private client side, investors are becoming increasingly sophisticated and conscious of their overall portfolio split by asset class and geography.
Q. What new products is your firm currently developing?
We are continuously seeking to source the products which are best in class across all the various asset classes. |
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