Stephen Smit has a vision for how he would like to see securities traded in the future.
The model which Smit, a managing director in Europe of State Street’s proprietary custody system Global Link, puts forward is radical only in its simplicity. New technology, he says, should allow for a cross-border equity transaction to be completed in four clicks of a fund manager’s mouse.
The process would run like this: A portfolio manager sitting in his or her office develops an investment idea and decides to buy, say 100,000 shares in a given company.
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