TOBY BABB, MANAGING DIRECTOR, HARRINGTON STARR Welcome to The Financial Technologist Harrington Starr’s financial technology news, commentary, insight and features. It's So, as I write this precisely a month after voting day, has the doom mongering been noticeable? Have the jobs dried up? Are we slipping into an immediate recession? Whilst early, the initial rhetoric is actually rather positive. The press on the subject has become increasingly more encouraging, the pound has fought back and the FTSE sits at an eleven month high. Perhaps rather more anecdotally, we at Harrington Starr have also seen a 28% INCREASE in job numbers from a standard month. Rather than seeing companies leave, announcements just this week have been made that Wells Fargo have committed to a new £300m London HQ that will be open in 2018, a huge vote of confidence in the been the word on everyone’s lips: <strong>Brexit</strong>. I voted UK economy. Tullett Prebon moved to calm their to remain. Most people in the City that I have staff by sending a memo stating there would be talked to did the same. As I cast my mind back to no immediate implications from <strong>Brexit</strong> and BGC’s the day the shock news broke, the general acquisition of Sunrise Brokers actually suggested consensus was that the UK had just inflicted the that <strong>Brexit</strong> was good for Interdealer Broking owing biggest self-inflicted wound in its history. Social to the volatility that it caused. The front page of The Media and the Press were arguably more despondent Times this week proclaimed that British business than ever in the height of the financial crisis. had responded with a strong “business as usual” “We had ruined it for our children” was an oft response. The rate cuts held at bay. used quote that I heard. Despair reigned and recession was an inevitability. Jobs would be London is initially proving a vibrant City that has cut, companies relocated and freezes made risen peerlessly to the challenge. The gloom is being on hiring. banished and it is, at this early stage, nothing like the crisis it was predicted to be. I hesitate to suggest that all is rosy. Challenges certainly lie ahead as we remain in limbo for the next two years. The false hope of <strong>Brexit</strong> not really being <strong>Brexit</strong> after all has faded and we will face major threats over passporting and talent in the years to come. Companies are continuing to look at contingencies to relocate with MarketAxess, for example, allegedly having a team of five focussing on looking at alternatives to London should worst fears be realised. After market and currency carnage, I would be naïve to suggest that we are through the worst. I do, however, in hindsight look at things slightly differently. The Remain vote was never quite as "As I cast my mind back to the day the shock news broke, the general consensus was that the UK had just inflicted the biggest self-inflicted wound in its history. Social Media and the Press was arguably more despondent than even in the height of the financial crisis." black and white for the economy as many believed. The leave vote was inexorably drawn to immigration. The economic case was brushed over but, when looking at it retrospectively, it is clear that Europe has for many years been in serious trouble, draining the UK of significant funds. This has only been placed further under the microscope since the vote. Could it be that economically we are better out after all? The fact remains that none of us really know. With the economy stronger than all (or most of us) potentially expected, the naysayers have latched on to Article 50 and the delayed disaster that is heading out way. I am a firm believer in countries and press talking their way into recession. Is it not time that we became solution orientated and looked for the best in what we now face? We do not know if financial Armageddon awaits just as we do not know whether the negotiations will place the UK in an even stronger economic position. Uncertainty will remain but within that there is opportunity. It has generally been a case of so far so good. The response has been quick and decisive. The speed of Theresa May’s appointment as PM was the tonic that British business needed. Her language, actions and negotiation thus far has been nothing short of immaculate. She has done all the right things to breathe confidence into the markets. Mark Carney and The Bank of England also come in for praise with their actions and attitude having been exemplary. George Osborne, in my opinion, did a fantastic job and I commend both he and David Cameron for their positivity in the face of the result and their commitment to getting the UK back on track. Alongside this, I also feel that British business GLOBAL LEADERS IN FINANCIAL SERVICES AND COMMODITIES TECHNOLOGY RECRUITMENT 04 05