Bearing fruit

Gone are the days when dotcoms ruled the earth. Now, bank technology chiefs are interested in custody and trade transaction processing, as well as reducing costs and operational risk through new systems. These areas may not be as sexy as launching an internet platform once was, but bank spending is expected to remain solid, and potentially even increase over the next 12 months.

In part, that’s because some industry initiatives are bearing fruit at last. SwapsWire, a network provider for electronic booking and confirmation of trades, has launched after several delays. The group developing Twist, the foreign exchange messaging language, published a set of standards in October. CLS Bank also managed to get its foreign exchange settlement facility open to the broader market in November. All these projects require banks to retrofit their systems for these new

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