Magazine article Global Finance

Regulatory Pressure, Demand for Seamless Technology Drive Change

Magazine article Global Finance

Regulatory Pressure, Demand for Seamless Technology Drive Change

Article excerpt

Global Finance: What are the drivers of change in the securities services industry?

Samir Pandiri: Regulation is one channel that is driving change. Clients are really having to think hard about how to deal with regulatory [changes]-Know Your Customer (KYC), bank secrecy laws, the tax harmonization laws-that are kicking in. What the regulators want is to have an open, transparent system so that they know what the service providers are doing and how people are consuming their services. It really is an effort to increase transparency of all of the market participants.

OF: How are regulators driving change?

Pandiri: Almost a quarter of our technology spending is related to regulatory change and regulatory enablement. The challenge is to get everyone on board so we don't have to reinvent the wheel five or six times.

GF: What other impact is technology making on securities services?

Pandiri: Historically, if you were a large service provider, if you had market share, you had barriers to entry [for competitors]. But nowadays, there are lots of different technology avenues and disruptors that can come into any industry, including our industry. Kids who come out of school today want to work for Google or Yahoo. You need to have a different model if you are going to attract talent and bring in people who are really capable. When you develop technologies that are interesting and relevant, you just have a much deeper relationship with your clients.

OF: Do securities services providers need to build up economies of scale? …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.