The Challenge and Opportunity in the Post-Trade
The Challenge
Market participants, central bankers, and regulators have all weighed in over the years on the challenges in post-trade operations. Whether from a risk or cost perspective, the main culprit is legacy technology, followed by the associated operational, data, and manual processes that levy a massive tax on global financial services. That impact has been estimated at $24 billion per annum[i].
The Post Trade Task Force was convened in 2020 by the FCA and the Bank of England to address industry coordination challenges, with participation from investment banks, exchanges, asset managers, market makers, and utilities. The Task Force released its findings last quarter. Among the many insights and recommendations in this highly informative report, they highlighted that the need for digitalization is crucial.
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