Experts debate IT Outsourcing in the Financial Sector: Nearshore or Offshore? including Regulatory and MiFID update.

London, 8 November 2006: Luxoft in conjunction with the National Outsourcing Association organised a seminar called IT Outsourcing in the Financial Sector: Nearshore or Offshore, which took place on 25 October. The event explored the relevance of nearshore vs offshore for high end IT outsourcing projects and identified both the business and technological challenges and opportunities of near-shoring in the Financial Services sector. The briefing also provided a regulatory update with specific focus on MiFID.

This seminar, which was attended by over 40 of the UK’s most influential financial service end users, announced the findings of industry leading research conducted jointly by Luxoft and the NOA into the trends for complex IT outsourcing in the UK Financial Services sector. The financial service sector is a prolific outsourcer and that trend is not set to change. However companies are increasingly 'sourcing' smarter and are looking at a wider range, and a mixture of options which may suit them.

Speakers included, Sergey Karas, Vice President at Luxoft who talked on outsourcing IT in the financial sector: nearshore or offshore? and presented the research findings. Simon Briskman, Partner at legal firm Field Fisher Waterhouse discussed the changing financial services regulation and its impact on outsourcing and Darryl Conley from consultants Everest Group presented on nearshore and offshore trends in the financial sector.

About Luxoft

Luxoft, founded in 2000, is a global software developer and IT services exporter with operations in the US, UK, Ukraine and Russia. Luxoft has the world’s largest delivery capabilities in Russia and CIS.

Luxoft provides a full range of custom software development services and enjoys long-term relationships with clients including some of the best-known global business leaders, such as Boeing, Deutsche Bank, IBM and Dell. Luxoft also works closely with many mid-size growth companies and independent software vendors (ISVs).

Luxoft’s software development processes meet the highest quality standards, and the company was the first in Europe to achieve Level 5 CMMI quality certification. Luxoft runs research and offshore development centres in Moscow, St. Petersburg, Dubna, Omsk plus centres in Kiev and Odessa, Ukraine.

Luxoft has recently won the National Outsourcing Association’s “Financial Outsourcing Project of the Year 2006” for its work with Deutsche Bank. The company has recently been recognised by BusinessWeek as the top emerging outsourcing provider in Russia and Eastern Europe, was ranked as the top IT services company on the Rising Star list in the IAOP’s Global Outsourcing 100 and was featured in Global Services Magazine’s Global Services 100 which recognises the world’s most innovative business and technology service providers. For more information visit

About the National Outsourcing Association (NOA)

The NOA is an independent body whose objective is to ensure effective business management through the promotion of best practice, service and innovation in the application and development of outsourcing. The NOA’s role is to lobby UK government, OFCOM and the European Union on matters affecting the collective interests of its members and to deliver information on market developments and lessons learned from business outsourcing.

Members fall into three main categories:

· Users - UK and overseas companies, which have outsourced (or are about to outsource) significant business infrastructure, such as: IT; telecoms; and processes.
· Suppliers – companies which fulfil outsourcing contracts.
· Support services - legal, recruitment and consultancy service companies which support the industry.

The NOA communicates the significant benefits and strategic lessons of outsourcing to a wider audience, through conferences, seminars and publications.

For more information on the NOA please go to:

Press Contacts

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Buffalo Communications
Tel: +44 (0) 20 7 292 8687