Technology Management in Financial Services by Ross McGill (auth.) PDF

By Ross McGill (auth.)

ISBN-10: 0230582362

ISBN-13: 9780230582361

ISBN-10: 1349282588

ISBN-13: 9781349282586

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Earlier, investment legislation, dating back to the wake of the stock market crash in 1929, distinguished banks from investment banks and insurance companies with regard to who could do what. Almost 65 years of established law ended in 1998 shortly after Citicorp and Travelers merged creating Citigroup. This was the beginning of a convergence model in the US market that has had wide-ranging implications. One such impact has been the adoption and common use of the term ‘financial services’ to describe the US (and latterly global) banking and investment industries.

So, best practice in the area of cost/benefit analyses is to avoid the tempting idea of simplifying the analysis so that ‘even business people can understand it’ but to plan out the cost/benefits into short, medium and long term. 1 below demonstrates this for a constructive overlap scenario. The initial high cost is rewarded soon after deployment with a short-term benefit. As time goes by and the deployment ‘beds in’ the cost to comply with a different set of regulation is reduced and the benefit increases.

As the role of technology in the world of financial services has grown, the middle office has been taking an increasingly larger role in the processing of securities and the financial services firm’s overall operations as well as managing the implementation of technology across the whole organisation. I mentioned above, that the middle office is involved in pre-settlement activity. But what does that mean? Pre-settlement activity includes tasks such as risk management, profit/loss calculations and netting as well as decisions regarding and implementation of IT resources in all three (front, middle and back) segments of the firm.

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Technology Management in Financial Services by Ross McGill (auth.)

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