August 2014: Start Me Up

But there is help at hand for those fledgling firms able to catch the eye of a large, well-established benefactor with deep pockets and an eye on the future—be that a third-party technology provider, or indeed a bulge-bracket financial services firm—as described in Tim Bourgaize Murray’s feature on page 12. There are numerous examples of technology firms that have grown acquisitively—as opposed to organically—over the years, to the point that they are able to pretty much offer a one-stop tech shop for both sell-side and buy-side firms looking to distil their vendor relationships down to a handful of key players. One need look no further than SunGard as the industry’s finest example of what can be achieved through acquisition—at last count the Wayne, Pa.-based leviathan had snapped up in excess of 160 tech firms since its founding back in 1983—although more recently Markit and Misys are fine examples of technology firms systematically assembling an impressive line-up of best-of-breed technologies.

Then there is Max Bowie’s column, another gem of a piece, looking back at all the consolidation in the market data and financial technology industries over the past decade. The focus of that editorial, too, is coincidental—there are very few people, if any, in our industry sufficiently experienced or well-placed to suggest to Max what his column should cover.

Finally, the August issue of Waters is the last that will feature editorial from Jake Thomases, the publication’s undisputed wordsmith. Jake was offered a place at the Johns Hopkins School of Advanced International Studies in Washington, DC, which he hopes will satisfy his yearning for cerebral stimulation and his need to hit the books one last time. Over the past three-and-a-half years, Jake has produced some of the finest pieces of financial journalism I have had the pleasure of editing and reading over the past 13 years. I, and the rest of the Waters team, wish him well.