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New York Stock Exchange to bring 400 software jobs to Northern Ireland

Tuesday, 20 October 2009

A Wall Street sign outside the New York Stock Exchange

A Wall Street sign outside the New York Stock Exchange

The New York Stock Exchange decision to create 400 hi-tech jobs in Northern Ireland is one of the biggest US investments in Europe this year.

The Wall Street financial giant yesterday unveiled plans to expand its outpost in Belfast aimed at providing software services to money markets around the globe.

The groundbreaking venture was hailed in a high profile launch at Stormont where the plan was welcomed as an endorsement of the region's economy and a symbolic vote of confidence in the peace process.

NYSE chief executive Duncan Niederauer joined Northern Ireland First Minister Peter Robinson and Deputy First Minister Martin McGuinness to unveil the project.

The US business leader said the skills-base of the region's workforce, plus the personal relationship struck up with Stormont leaders, proved crucial in clinching the deal which comes 18 months after the NYSE bought a Belfast software firm.

Mr Robinson said: “Today's announcement that NYSE Euronext intends to expand its operations and staff in Belfast is yet another positive step forward by Invest NI in the growth of our local financial services sector, particularly at a time when global competition for such investment has never been higher.”

Mr McGuinness agreed that local talent had been crucial and he also praised the role of successive US administrations in fostering economic growth to support the political process.

“This investment represents one of the largest investments by a US company in Europe this year,” he said.

“It will also send a clear message to other potential investors when such a high profile institution decides to invest here.”

Invest Northern Ireland will provide up to £9.6 million to support the move of NYSE Technologies business operations into a new state-of-the-art development facility in 2010.

Using the city centre's Adelaide Exchange building as its base, the venture will create up to 400 technology, operational and corporate jobs over the next two to four years.

The New York corporation's NYSE Euronext company said it recognised its operation in Belfast as a centre of excellence for the delivery of innovative technology solutions to serve its expanding global client base.

The NYSE group had already acquired Wombat Financial Software in Belfast and at the time Mr Niederauer said the city had a rich pool of technology talent among its workforce.

Enterprise Minister Arlene Foster said: “Having met with the company in New York in December, and more recently in Belfast, I am delighted to see this latest project come to fruition today.”

Mr Niederauer said: “Northern Ireland will become increasingly important to our global growth strategy and complement our technology centres in Paris and London.

“Together, these centres of excellence will enable us to effectively address the growing technology and trading needs of our customers and our company.”

Mr Niederauer later said: “I am happy to report that you can count on us to be an active participant in the Northern Ireland business community and hopefully accept a good example for other companies to come behind us.”

Stanley Young, chief executive officer of NYSE Technologies and co-global chief information officer of NYSE Euronext, added: “Our operation in Belfast has exceeded expectations for the delivery of advanced software solutions for our global clients.

“The calibre of people, combined with Invest NI's support and the growing financial services and ICT sectors, fits extremely well with our business objectives.”

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22 Comments

It is no ones fault that they are not within 20 miles of Belfast. Lets worry about getting our Capital up to speed with the rest of the UK before worrying about towns with very few resources miles from anywhere. This is wonderful news for economic development in NI as a whole, introducing high value business links that will dissemminate throughout NI as a whole to area's like Strabane, Limavady and Coleraine.

Posted by AJLES | 21.10.09, 10:40 GMT

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Great news for Belfast and NI in general, and hopefully a catalyst for more to come.

We all need a strong regional city (ie Belfast) with a critical mass of talent and infrastructure to attract these multinationals and their high paying jobs. Derry should be arguing for improved road and rail links to Belfast in order for her residents to take advantage of these opportunities.

Posted by Paul, Belfast | 20.10.09, 18:29 GMT

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To attract educated people suitable for high profile jobs, location of work means a lot. If you attracting young professionals to work for you, need to be close to suitable accomodation, good restaurants, bars etc. Good transportation links, goods shopping.

Belfast has those things over any other area in NI. Without taking those elements into account, you will lose those potential employees to London, European cities, where the lifestyle is available.

Belfast may not be great, but its the best NI has!!

Posted by Liam | 20.10.09, 17:57 GMT

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'RealitySwipe - isn't it much more difficult to promote Derry for anything...because...well...it's Derry?'

Maybe you should look at the list for visits organised by InvestNI for investors to promote different areas of NI. 160+ for the Belfast area and for Derry (a city a third the size) a grand total of..... 18! Good work INI! The inherent eastward skew of the government and the prevalent prejudice shown by your comments are the reason its impossible to promote Derry. This also applies for Strabane, Limavady, Coleraine, etc. (basically anywhere not within 20 miles of the centre of the universe.... er, Belfast)

Posted by Reality Check | 20.10.09, 13:48 GMT

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Paul - Many other people manage to cope with Rush hour (personally I take the train to work to avoid it) that's hardly reason enough to start locating high-end businesses away from the main city. People here seem to expect everything to be be built at the end of their street. It's a bizarre form of hyper-parochialism.

Since the dawn of the industrial age people have had to travel to cities for work. These companies aren't going to set up shop in your living room. At the end of the day the people who are genuinely hungry for these jobs will go wherever required to reach them. Those who aren't can stay where they are. Good luck to both.

Posted by BenjiBear | 20.10.09, 13:33 GMT

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Any jobs at all coming to NI in general is great however in relation to the Invest NI grant.

This works out at 24000 per job - and thats only IF the company actually fill out the 400 jobs which history shows that very few if any of these companies ever do (including the one i work for).

I realise getting the NYSE this is a real coo for NI but seriously how many small locally grown businesses get even a reasonable fraction of this per employee?

Posted by Ben | 20.10.09, 12:58 GMT

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'Honesbroker' these are not back office jobs they are very high paying, technical, high value jobs. Exactly the type that we need to see in NI. For once people be pleased at such a great news story in a very difficult business climate. Any other country would have been delighted by this success.

Posted by Andrew | 20.10.09, 12:10 GMT

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Paul - you're right I am deluded. The NYSE should definitely set up a software centre of excellence in Ballymoney. You're right. I stand corrected. It makes perfect sense to buck the trend of high-end companies setting up in capital cities throughout the world and should be used as a model across the globe moving forward. I also now call for all the London based investments banks to relocate to the Yorkshire dales.

Posted by BenjiBear | 20.10.09, 11:16 GMT

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Benjibear - "nowhere in NI is more than about an hours drive from anywhere" - apart from the vagueness of that statement you are obviously deluded or haven't left the the garden gate in a while. Ever heard of rush-hour?

You use the example of Ballymoney - according to you it's less than an hour from "anywhere" (?) so that's fine then, and so is no less worthy a location than the cluttered centre of Belfast.


Posted by Paul | 20.10.09, 09:45 GMT

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check the unemployment figures for august 08 ,,then check the figures for aug 09,,,,,,pay attention ,,,then it tells you what we lost in a year,,,,,by the way we are paying £10 million grant for the 400 jobs ,,,,,

Posted by hg | 20.10.09, 09:16 GMT

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RealityCheck - isn't it much more difficult to promote Derry for anything...because...well...it's Derry?

Posted by RealitySwipe | 20.10.09, 02:46 GMT

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Yes hg very true, this place is in serious dire straights and thats before the public sector gets killed next year under a tory government. As the Beatles sang... HELP

Posted by RN | 19.10.09, 14:52 GMT

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Good for Belfast but NI does not begin and end there.

Posted by Yip | 19.10.09, 14:27 GMT

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hg - how have we lost a thousand jobs a month? Where is your evidence for that? So that's 12,000 jobs lost here in the last year? That doesn't add up at all.

Also: how is it a 'nonsense' that the NYSE are setting up a software centre here? It's absolutely fantastic news. A huge vote of confidence in us and the creation of REAL jobs rather than more jobs in the 'concerned group of departments of silly walks'.

Paul - nowhere in NI is more than about an hours drive from anywhere, perhaps you expect a major software centre supporting the NYSE to be built in Ballymoney? Please.....

Posted by BenjiBear | 19.10.09, 14:03 GMT

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You'd had thought they'd uprooted the New York Stock Exchange and moved it to Belfast. However much they dress these up, a lot of (taxpayer's) money has been spent to acquire a few hundred back office, financial services jobs.

Posted by honestobserver | 19.10.09, 14:00 GMT

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Eh, did any of our 'Belfast obsessed' politicians consider promoting Derry?! The city has the Magee campus of UU which pumps out hundreds of Business and IT graduates each year and the new Project Kelvin telehouse will be built soon allowing high speed broadband access to, um, the east coast of the United States!! Its not like the northwest is crying out for jobs or anything..... It only has the highest unemployment rate in Northern Ireland!

Posted by Reality Check | 19.10.09, 13:54 GMT

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What nonsense HG. This is one of the major reasons for the previous rise of the Celtic Tiger!

Posted by Ed | 19.10.09, 13:31 GMT

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this is a nonsense,,,,we have lost a thousand jobs a month in the last year alone ,,now we are told that we are getting up to 400 jobs in 2 years time,,,the super council (stormont ) is so desperate for a good news story they parade out another american company for more grants ,,,total nonsense

Posted by hg | 19.10.09, 12:46 GMT

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Paul - try recruiting 200 IT professionals in such fine places as Dungannon, Enniskillen, Portrush or Warrenpoint and you would see why it almost always has to be Belfast. All the things you say are true regarding expenses etc but unless everyone in this new company is going to be working from home all the time employees still have to be within reasonable driving or public transport distance from the office.

Posted by bigchiefally | 19.10.09, 12:27 GMT

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Paul - didn't you know that nowhere exists outside of Belfast for the decision makers in NI - just look at the evidence of Sammy Wilson just last week. He doesn't see value for money in shifting the real Government of NI (the Civil Service) around our wee country for £40m, but happy to invest £33m in a Belfast plane maker.

Devolution has been good to Belfast, the rest of the Country is on its knees.

Posted by Border Hopper | 19.10.09, 12:20 GMT

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22 Comments

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