Time for Spring Cleaning

In about four weeks, Incisive Media’s New York office will relocate to 55 Broad Street, further into the heart of Wall Street. From our new vantage point, we'll be able to keep an eye on the International Securities Exchange (ISE) and NYSE Euronext. If we really crane our necks, we'll be able to see Bats Global Trading, too.
As with any move, we're going through everything in the office and deciding if it's worth keeping or pitching. It's a great exercise. I've already been leafing through a stack of issues of Dealing with Technology—SST's predecessor—dating back to 2005. My, how the world has changed in six years.
Looking back even further, I'd say the last time the industry did its own serious spring cleaning was in 1998 and 1999 in the run-up to Y2K. Besides hiring back all the retired Cobol programmers to update legacy code, I can't count how many other non-related projects found funding under a claim of Y2K preparedness.
Now with firms getting ready for the double-barrel effects of the Dodd–Frank Act in the US, and the review of the Markets in Financial Instruments Directive (Mifid II) in Europe, is it time for the industry to do another round of spring cleaning?
All the mission-critical applications deployed back in 1998 are at least a few years overdue for replacement. They really should have been replaced back in 2008, but a small liquidity issue tied up most broker-dealers' IT budgets for a year or two.
Besides over-the-counter (OTC) derivatives processing, which part of the business are you seeing getting the most IT bucks these days? Drop me a line at rob.daly@incisivemedia.com.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@waterstechnology.com or view our subscription options here: https://subscriptions.waterstechnology.com/subscribe
You are currently unable to print this content. Please contact info@waterstechnology.com to find out more.
You are currently unable to copy this content. Please contact info@waterstechnology.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@waterstechnology.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@waterstechnology.com
More on Trading Tech
NZX outlines plans to bolster fast-growing dark pool
Since launching one year ago, NZX’s dark book has 5.5% of the exchange’s total turnover, and price improvement per trade on average is 11 basis points, but the exchange has more in store.
Agentic AI comes to Bloomberg Terminal via Anthropic protocol
The data giant’s ubiquitous terminal has been slowly opening up for years, but its latest enhancement represents a forward leap in what CTO Shawn Edwards calls, “the way we should talk to the world.”
M&G Investments braves cost headwinds in pursuit of AI
The UK asset manager’s AI ambitions started with the creation of a data lake to ensure high-quality data is being fed into models.
Asic probe piles pressure on ASX to deliver Chess replacement
But market insiders think late intervention by regulators could even slow down implementation.
Stakes raised for UK bond, EU derivatives tapes after Ediphy clinches win
The pressure is on for TransFICC, Etrading, Finbourne, and Propellant Digital, who are still vying to provide the UK’s fixed income consolidated tape after Esma awarded the EU’s tape to Ediphy and its partners.
Exchange M&A, US moratorium on AI regs dashed, Citi’s “fat-finger”-killer, and more
The Waters Cooler: Euronext-Athex, SIX-Aquis, Blue Ocean-Eventus, EDM Association, and more in this week’s news roundup.
LSEG officially sunsets Eikon
The exchange operator withdrew the platform from its product lineup this week.
Cloud Wars: Are EU and APAC firms really pining for homegrown options?
Waters Wrap: In the wake of tariffs and regional instability, there’s chatter about non-US firms lessening their dependency on the major hyperscalers. Anthony is not buying it.