US brokers spending less than expected on Basel II-related IT infrastructure, says TowerGroup

US brokers will only be spending between $6 million and $8 million on IT infrastructure for Basel II compliance, according to research by TowerGroup, a Massachusetts-based financial services research and advisory firm.

In the research, Basel II and US Brokers: Much Ado about Nothing, Dushyant Shahrawat, senior analyst in the Securities and Capital Markets Practice Group, said: “Total IT spending by US brokers for Basel II compliance is estimated to grow from $110 million in 2003 to $250 million by 2006. This estimate includes a broker’s IT expenditure to comply with Basel II across both its US and European businesses.”

He said the US individual brokers and industry organisation had analysed Basel II and

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