26 April 2018
Gary Wright

Gary Wright

Gary Wright - BISS Research

277Posts 1,074,035Views 369Comments


The Finextra@Sibos community is open to all delegates and exhibitors at the annual financial markets conference organised by financial messaging network Swift.
A post relating to this item from Finextra:

JPMorgan to cut costs and jobs by ditching trading platforms

16 February 2011  |  16923 views  |  6
JPMorgan Chase has ditched half of its 10 trading platforms in the last two years, and plans to get rid of another three by 2014 in a bid to save $300 million a year.

JP Morgan Chase leads the way

16 February 2011  |  7657 views  |  1

The news that JP Morgan is undetaking a massive downsize of its many trading systems is long over due and hopefully sets a trend for the market. Technology in this space has today run miles ahead of any system with any eighties or nineties legacy and i am certain that JPM Chase is going to gain huge financial and operational benefits. There will be a knock on benefit to the market as when a main market player undergoes this level of change the efficiencies will be felt by its trading counterparties and clients.

Legacy systems and old structures in IT has long worried me and i am amazed that more investment has not been made by more Banks in rationalising their technology. Its dangerous to stand still and in this market could be business terminal. Hopefully leaner and more efficiency systems will transalate to increased profitability and more business growth  

As a JP Chase shareholder i can applaud this action and look forward to increased dividends as a result   


Comments: (2)

Kiri Self
Kiri Self - TRG Post Trade Services - London | 17 February, 2011, 09:06

I totally agree Gary, and I would also like to see some action in the post trade space, with regards to driving out legacy systems used in settlements and corporate actions departments. It is incredible that so many manual practices still exist in a world where technology such as the iPad exists!

Do you think we will see more of this type of change in other market players?

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
A Finextra member
A Finextra member | 17 February, 2011, 09:22

Thanks Kiri

Yes because the risks of maintaining legacy systems is increasing year on year and market changes and new regulations put more and more pressure on them

APPS are the future and i was so pleased to see some vendors at SIBOS presenting their products. More in this space i think!

Your right the Post Trade space is heaped up with legacy systems and old market infrastructures and these need changing. I am encouraged by Corporate Actions systems on the market that my company puts under the microscope each year in our accreditation process.

Still getting financial services firms to understand the technology and the business needs and then invest is a very big hurdle

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Comment on this story (membership required)

Latest posts from Gary

Wealth Management - Turkeys Vote for Christmas

27 September 2013  |  3861 views  |  0 comments | recomends Recommends 0

The future of systems in financial services

29 July 2013  |  3577 views  |  0 comments | recomends Recommends 0

Social media and trust in financial markets

25 June 2013  |  6155 views  |  0 comments | recomends Recommends 0

Technology changing the markets

25 June 2013  |  3438 views  |  0 comments | recomends Recommends 0

Technology begins to change

14 June 2013  |  2977 views  |  0 comments | recomends Recommends 0

Gary's profile

job title Analyst
location London
member since 2007
Summary profile See full profile »
CEO of B.I.S.S. Research, founder of the BISS Independent Accreditation for all systems and services provided to financial services companies internationally. Guest Lecturer at Reading University and...

Gary's expertise

Member since 2007
277 posts369 comments

Who's commenting on Gary's posts