There are more and more local grads in BB FO positions.

And no, they aren't always your stellar cream of the crop people. The minimum expectation is 2:1, which is what the bulk of local grads have.

You do NOT need to go overseas to get an ivy league/oxbridge degree to enter the industry. The ratio isn't 1:7 -- Maybe 1:4 for IBD. For S&T and AM, the odds are much better.