Stock exchange venture is hailed

The Wall Street financial giant has 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."

The First Minister praised the work of Invest Northern Ireland in paving the way for the deal, which he said was clinched by the presence of a highly skilled workforce. "It is the skills of local people that have been the deciding factor here," he said.

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.