The battle for the back office

Risk 0418 lead illo — "Everyone is trying to get to shared infrastructure in some way, shape or form. And we all recognise that to get there, you need common standards" - Andy Coyne

Image: Stephen Lee, NB Illustration

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The swaps industry’s ambitious new standardisation project can be seen in different ways. Scott O’Malia, chief executive of the International Swaps and Derivatives Association, casts it as a gateway to the future, an attempt to sweep aside the market’s baffling maze of post-trade practices, so innovators can march in and build something better – perhaps even a shared infrastructure built around a distributed ledger.

Others put it in colder, harder terms: “It’s an attempt to strip out all the

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