Case Study

Entity stand-up of the financial markets business of a major UK bank in the Netherlands

Transformation | Financial Markets & Banks | Amsterdam

The Background

  • As a result of the Brexit vote and the UK’s decision to leave the European Union, many of the major banks have had to establish fully operational subsidiaries within the European Union
  • This had to be done at short notice and before the end of the transition period, when the UK left the European single market.

The Challenge

The establishment of a fully functioning subsidiary is highly complex and involves numerous activities that include:

  • The development of a business case for regulatory review
  • A full banking license application – full trading license can take up to 18 months to approve and involve thousands of pages of documentation
  • Developing detailed plans
  • Mobilising a comprehensive governance structure with multiple work streams
  • Changes to technology systems and reports (front to back) across all asset classes and functions of the bank to support sales and trading activities within the entity for EU clients

  • On-boarding the new entity on to EU based market infrastructure and exchanges
  • Implementation of a local treasury function and establishment of a Target2 account
  • Establishment of new premises, hiring of staff and hiring of a managing board

The Approach

  • Provision of a team to mobilise the project at pace
  • Leading the development of the business case, with inputs from numerous parties across the organisation (front to back)
  • Detailed planning and the mobilisation of 10 programme work streams (technology to HR to operating model)



The Impact

Oversaw the delivery of system changes that included:

  • Changes to 120+ global systems, front to back
  • Implementation of membership of 100+ new venues, exchanges and ccp’s
  • Substantial operational changes (multiple locations, front to back operating model), local regulatory reporting (DNB & AFM) and risk reporting changes (150+ reports)
  • 100+ nostro account openings (30+ countries)
  • Facilitated the delivery of a fully functioning new bank and trading function that supported a substantial number of clients across a wide range of asset classes within the EU market


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