Few market participants would deny that most of the investment in electronic FX trading has been about winning the trade rather than settling it.
Money has been spent on improving the post-trade element of the life cycle, acknowledges Frederic Ponzo, managing partner at capital markets consultancy GreySpark Partners, but reckons that investment in front-office systems has been at least three or four times higher.
The amount allocated to the back office, he argues, has been insufficient to properly decommission obsolete or less-relevant platforms.
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