At this point, most front-office trading platforms have derivatives processing capabilities, though they make take some work to integrate with new execution venues like swap execution facilities (SEFs) and with central counterparties (CCPs). That work will be far less than the full-scale replacement of many middle- and back-office systems, which he likens to "open heart surgery."
He described many of the existing platforms as big, heavy, capable, but clunky accounting systems that date back 10-2
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