The importance of technology was highlighted during the pandemic as people around the globe were forced to work from home. However, while wholesale financial markets have historically invested in innovation in the front office to deliver more services to clients more efficiently, there has not been the same focus on post-trade processes which can still be manual, complex and duplicative.
In addition, regulatory pressures such as the focus on reducing settlement failures, compressing settlement times, as well as the need to be prepared for the growing adoption of digital assets and changes in market structures have emphasised the requirement of moving away from legacy technology. For example, the Bank of England’s Post-Trade Task Force in April 2022 said the complexity of manual post-trade processes can pose risks to operational resilience as trades and collateral fail to settle and ultimately increase the cost of financial services for market participants.
In this insight paper Roy Saadon, CEO and co-founder of AccessFintech; Stephen Bell, Managing Director, Global Head of FIC Operations at Deutsche Bank, Stéphane Bernard, Chief Operating Officer at Euroclear Bank; Philip Slavin, CEO and co-founder of Taskize; James Maxfield and Alastair Rutherford, Managing Directors at Ascendant Strategy discuss the importance of collaboration to post-trade transformation. They also cover the role that fintechs can play in enabling collaboration and how to capitalise on these opportunities to deliver meaningful change and make the ‘Quantum Shift’ required to succeed.