Revenues at Rule Financial increased 23% year-on-year driven by a surge in demand amongst sell side and buy side firms for business and IT change projects to comply with a host of global regulations impacting capital markets.
Record annual revenues of £48.2m have arisen from the demand for services in supporting the international banking community adapt to imminent deadlines for upcoming regulatory changes such as MiFID II and BCBS239. Capital markets firms are predicted to invest $110 billion in IT in 2014, with North America accounting for almost half of that amount according to IDC Financial Insights, says Rule Financial.
As the impacts of Dodd-Frank regulation force the North American banking industry to make changes to operational processes, Rule Financial set up a new IT development centre in Costa Rica to provide additional resources that are aligned with North American time-zones. Meanwhile in Europe, Rule Financial has opened its second Polish development centre, in the city of Poznań.
Rule Financial says the momentum in 2013 has continued into 2014, with strong demand for services that will deliver comparable revenue growth rates in 2014. With the expansion of new global offices, the company has also seen headcount increase during 2013, growing by 33% to the current figure of over 800 employees worldwide.
Rule Financial has also made further additions to its Business Consulting team; a group of domain and business advisory experts that oversee the strategy, design and implementation of solutions for investment banks and other market participants. Recent new additions include; Amit Kohli, Richi Dhillon, Natalia Kozlovich and Tim Kimber.
Chris Potts, CEO, Rule Financial, says: “even in these difficult economic times, Rule Financial is assisting its clients to address the varied technical challenges they face. Each institution is reacting to global regulation and reviewing and revising large parts of their operations. Rule Financial is already engaged in many transformational programmes to meet the regulations that are driving change in the market. As a result of this activity Rule Financial is superbly positioned to meet current and future compliance challenges.
“I am delighted with our 2013 performance and the excellent work our global teams are continuing to deliver for our clients and I am sure 2014 will continue to be another superb year.”
Rule Financial’s Revenues Increase 23% YoY
Revenues at Rule Financial increased 23% year-on-year driven by a surge in demand amongst sell side and buy side firms for business and IT change projects to comply with a host of global regulations impacting capital markets.
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