Innovation within the capital markets sector remains one of the key factors in ensuring its continued resilience, ability to adapt to change and even its future growth.
The G20 noted the importance of promoting entrepreneurship and innovation across countries within its ‘Core Values for Sustainable Economic Activity’, which it created in response to the 2008 financial crisis. Yet nearly a decade later, firms in the investment banking and asset management space still noticeably struggled to make the necessary changes to their existing systems in time for MiFID II, with many back offices running on legacy technologies that are now some 30 or 40 years old.
Such examples tend only to generate further negative commentary around the lack of innovation in the markets, with common factors being cited such as hostility to change, perceived vendor risk, budgetary constraints and long procurement cycles. This fails however to recognise the growing number of firms in the market who have now been able to successfully execute a programme of transformation.
In this article, Nicola Tavendale and Mike O’Hara of The Realization Group speak to Nomura’s Ling Ling Lo, James Maxfield and Ali Rutherford of Ascendant Strategy, Saxo Bank’s Richard Jeans and George Andreadis of TreoTrade about some of the practical steps that all capital market firms could, and should, take to successfully implement innovation within their own organisations.