Abstract
The process of markets that are currently open-outcry moving towards becoming electronic markets continues and is accompanied by mergers, take over, and alliances that have far-reaching consequences for how operations teams are working and using technology in the future. Rationalization of markets to electronic markets is being supplemented or is being supported by rationalization in clearing and settlement. The move towards T + 1, netting through central counterparties and advanced risk management techniques being needed to meet regulatory and business requirements, are all providing challenges for the system suppliers and the operations teams. Automation of processes covering securities lending and borrowing, corporate actions, and foreign exchange settlement, are all fundamental to the operations teams. The technology capability of operations functions and the IT skills of operations staff will be vital for a business to be successful in the future. The cost of developing and maintaining systems capable of moving forward with the developments in the industry is a key factor for the system suppliers. The pressure is to develop new products and services for a changing and, to some extent for the large systems, a shrinking market.
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