Nasdaq and Celent Publish Global C-Suite Study on Capital Markets Infrastructure Technology
26 6월 2018 - 8:00PM
During its biennial Technology of the Future conference in
Stockholm, Nasdaq Inc. (Nasdaq:NDAQ), in collaboration with Celent,
today revealed the results of a new study of market infrastructure
(MI) senior technology and strategy officers that uncovered three
important trends: the factors that are driving changes in market
infrastructure, how MIs are using technology to support business
strategies and how technology spend is evolving.
The report was conducted through in-depth discussions with
C-suite executives (including CEOs, COOs, CTOs, CIOs and Heads of
Strategy) representing 20 different MI organizations across North
America, Europe, Middle East, Asia, and Latin America.
“As market infrastructure operators, our economies are reliant
on us to provide a seamless ability for buyers and sellers to come
together in a fair environment, find the right price, and trade
instantaneously. Technology is the lynchpin of this ecosystem,”
said Brad Peterson, Chief Technology & Chief Information
Officer, Nasdaq. “Our study has shown that nearly all executives
interviewed worldwide are looking across borders and embracing the
global interconnectedness of our markets. They are tapping
technologies such as cloud, APIs, and machine intelligence, while
also recognizing the inflexibility and limitations of legacy
systems in achieving goals around business expansion and technology
scalability. We believe this is a welcomed step in the right
direction for the health and longevity of our economies.”
“The market infrastructure providers that will stay relevant in
the digital age must be agile and flexible players that are not
afraid of change,” said Josephine de Chazournes, Senior Analyst at
Celent and co-author of the report. “They have to be able to
reinvent themselves in adjacent businesses, and grasp opportunities
even if they are not in their DNA.”
“The promised land of digitized capital markets infrastructure
does not come without new risks - cyber risk is already a big
concern, while money laundering, fraud, and market abuse risks are
growing,” said Arin Ray, Senior Analyst at Celent and co-author of
the report. “It will take industry wide efforts to mitigate the
risks.”
The key takeaways from the study include:
A photo accompanying this announcement is available at
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- Technology is playing an increasingly important
role in supporting growth plans. From 10% to
50% of MIs’ technology budgets is spent to change the
legacy technology and innovating vs. 90% to 50%
for the maintenance of systems. The bigger the player the more
already amortized are the maintenance costs and thus the split
tends to be closer to 50%-50%.
- Data and analytics are becoming major revenue
drivers, and all MIs surveyed are transforming data
management practices with plans to offer new data solutions and
delivery options such as data-as-a-service. The next goal is to
develop advanced analytical tools with AI and machine learning (ML)
to create new solutions for investment decision support, risk
management and compliance.
- There is tremendous interest in adopting new
technology such as cloud, artificial intelligence (AI),
machine learning (ML), and distributed ledger technology (DLT)
because they can help develop innovative solutions, new business
models, and contribute to significant operational improvements. New
solutions are being developed with of one the new technologies
(open architecture, cloud enabled, and/or application programming
interfaces (APIs)), or at least with provisions to easily
incorporate them in the future by 95% of market
infrastructures surveyed.
A photo accompanying this announcement is available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/ab9b7f2f-093c-481b-b2cb-3c87c489d597
- Cloud adoption is becoming mainstream for all
participants in our discussion except only one, with
40% already using cloud in some (non-core)
functions, and an additional 45% working on
pilots. Many large players are finalizing their cloud partners and
strategies, and smaller players expect their vendors to deliver the
promises of cloud to them. Data privacy and sovereignty issues are
a challenge for some players, and clearer regulations and industry
standards will be needed for expediting cloud adoption for
production data.
- Artificial intelligence is gaining prominence
with leading MIs developing advanced analytical offerings with AI
and ML and leveraging the cloud. It is also being used in
operations, especially in risk management for surveillance, fraud,
and cyber-risk monitoring. Data management and model governance
issues can be challenging for some MIs in adopting AI, and many are
using AI-enabled solutions from leading international vendors. In
the study, 35% of all institutions mentioned they
are already using AI, and an equal share working on pilots. On the
other hand, robotic process automation (RPA), which is a simpler
and more cost-effective technology to automate manual processes, is
widely used, and its adoption is growing – 70% of
discussion participants mentioned they are already using
RPA.
- Distributed ledger technology promises to be
transformative, especially in post-trade market
infrastructure, and almost all players are involved in DLT
development projects through partnerships, joint ventures, and
industry consortia. Numerous use cases of DLT are emerging in
peripheral functions. Because it is still a new and complex
technology, not every MI is able to experiment with it
individually, but 70% of MIs in the study sample
are involved in accelerators, pilots, or industry consortia.
- Market infrastructure players are increasingly looking
for third party solutions because they are cost effective,
and compliant with the latest standards and regulations. In core MI
functions, there is growing preference to buy and customize third
party solutions instead of reinventing the wheel.
- Cyber-risk is the biggest concern for market
infrastructure providers. Indeed all the respondents cited
it as such. As MIs engage more with third party providers and
fintech startups, everyone in the ecosystem must improve their
cyber-security measures, because the system is only as strong as
its weakest link. Despite growing recognition of the risks, few are
taking concrete steps to address them. It will take industry-wide
efforts to overcome these challenges because the new risks will be
hard to mitigate by acting in isolation.
To download a copy of the study, please visit here.
About Nasdaq
Nasdaq (Nasdaq:NDAQ) is a leading global provider of trading,
clearing, exchange technology, listing, information and public
company services. Through its diverse portfolio of solutions,
Nasdaq enables customers to plan, optimize and execute their
business vision with confidence, using proven technologies that
provide transparency and insight for navigating today's global
capital markets. As the creator of the world's first electronic
stock market, its technology powers more than 90 marketplaces in 50
countries, and 1 in 10 of the world's securities transactions.
Nasdaq is home to approximately 3,900 total listings with a market
value of approximately $13 trillion.
About Celent
Celent is a research, advisory, and consulting firm focused on
financial services technology. We help our Clients make better
decisions about technology. Celent publishes research identifying
trends and best practices in financial services technology and
conducts consulting engagements for financial institutions looking
to use technology to enhance existing business processes or launch
new business strategies. With a team of internationally-based
analysts, Celent is uniquely positioned to offer strategic advice
and market insights on a global basis. Celent is a division of the
Oliver Wyman Group, which is a wholly owned subsidiary of Marsh
& McLennan Companies (NYSE:MMC).
For Media Inquiries:
NasdaqRyan Wellsryan.wells@nasdaq.comDirect:
+44 (0) 20 3753 2231Mobile: +44 (0) 7809 596 390
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