This follows recent news that JP Morgan is spending $500m consolidating its trading platforms in foreign exchange from 10 currently to two by 2014, and Bank of America Merrill Lynch is planning to run just one trading platform in the future, down from the current number of more than 50 as it invests in streamlining its technology.
Mike Thrower said:
âThe recent news from Bank of America and JP Morgan is a sign of banks urgently working towards greater efficiency, having invested for years in vast, complex treasury and capital markets services.
The banks simply have no option but to buy in more efficient systems for managing cash and foreign currency. At Wallstreet we have been helping our banking clients overcome a legacy of over-engineered multiple systems, which grew piecemeal as European banks sought to add on to their capabilities to grow market share.
The solution here is to replace these multiple systems with a more efficient, fit for purpose solution such as a front to back trading solution. New hosted technologies mean that investment is now more future-proof than before, and banks canât afford to wait. The right investment now, can cuts costs today.â