31 August 2016
Find out more

Isitc members to boost IT spending

12 March 2012  |  4922 views  |  0 cash

Financial industry association Isitc says that nearly two thirds of its members plan to increase their information technology spending over the next two years as regulatory compliance continues to dominate the agenda.

A poll of Isitc (International Securities Association for Institutional Trade Communication) members revels that 40% think adhering to new regulations is their highest priority for 2012.

Meanwhile, 45% agree that regulation will have the greatest impact on operational risk management and 43% believe adhering to these new rules will have the greatest impact on their overall operations.

Despite the challenges, around two thirds of respondents think that the financial crisis has prompted the industry to improve infrastructure and processes. Nearly 90% think that some progress towards improving standards by adopting best practice has been made.

However, more generally, the economic outlook is still gloomy, with 45% suspecting that a real recovery is not imminent and instead we will continue to see slow growth. Uncertainty reigns, with 82% of respondents stating that the vision for the future of the industry is "cloudy" and that it's unclear as to what the market will look like in 2020.

Jan Snitzer, chair, Isitc, says: "What is clear is that although progress has been made in improving our industry's infrastructure and processes, there is still much room for us to improve. Isitc's mission is to make the industry less 'cloudy' and more 'clear' through developing industry best practices and standards."

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Europe drags down bank IT spending - Celent

Europe drags down bank IT spending - Celent

23 January 2012  |  5815 views  |  1 comments
Gartner lowers IT spending estimates; forecasts carnage in EU banking

Gartner lowers IT spending estimates; forecasts carnage in EU banking

06 January 2012  |  8885 views  |  1 comments
Financial services IT spending on the up - Bloomberg survey

Financial services IT spending on the up - Bloomberg survey

23 May 2011  |  7468 views  |  0 comments
Isitc members feel the pain as crisis deepens

Isitc members feel the pain as crisis deepens

10 March 2009  |  3840 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit VocaLink.comVisit www.abe-eba.euVisit equens.com

Top topics

Most viewed Most shared
India's Unified Payments Interface goes live with 21 banksIndia's Unified Payments Interface goes li...
9445 views comments | 23 tweets | 26 linkedin
Cultural change crucial in digital transformationCultural change crucial in digital transfo...
6950 views comments | 11 tweets | 10 linkedin
R3 blockchain consortium sheds light on Concord projectR3 blockchain consortium sheds light on Co...
6811 views comments | 15 tweets | 14 linkedin
Mondo becomes MonzoMondo becomes Monzo
6490 views comments | 14 tweets | 9 linkedin
hands typing furiouslyBlockchain: Some Remarkable Announcements!
6249 views 0 | 5 tweets | 14 linkedin

Featured job

Find your next job