The Front Office of Tomorrow. A Survey of trends in the Front Office

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "The Front Office of Tomorrow. A Survey of trends in the Front Office"

Transcription

1 The Front Office of Tomorrow A Survey of trends in the Front Office 01/01/2013

2 Table of Contents Introduction... 3 Management Summary... 3 Detailed Findings... 4 Views... 4 Automation... 7 Strategy Concerns Predictions Appendices Survey Population Survey Method Survey Questions About CityIQ Feedback Copyright Statement The information contained herein is the property of CityIQ Limited. Reference may be made to its content without the prior approval of CityIQ Limited provided that the content is clearly attributed to CityIQ and specific reference is made to this report. Liability Under no circumstances shall CityIQ Limited be liable for any loss, damage, liability or expense incurred or suffered that is claimed to have resulted from the use of the information contained herein. 2 CityIQ

3 Introduction In a market facing a multitude of different challenges, we were keen to understand what was happening and what was likely to happen in the Front Office. Therefore we decided our final survey of 2012 would focus on this area. As we developed the question set, we realised that to give context, we needed to look not only at the Front Office, but also what was happening in the wider market. This report summarises the findings of the survey, consolidating the views, opinions and intentions of respondents from many of the industry s leading organisations. Full details of the survey population, method and questions asked can be found as appendices to this report. We would like to take this opportunity to thank everyone who participated in the survey. Without them this report would simply not have been possible. We would particularly like to thank Linedata who assisted us with the development of the questions and delivering the results presentation. Management Summary Our survey addressed four major areas, the key findings for each area are shown below. Industry Trends Eighty seven per cent of those who took part in the survey agreed or strongly agreed with the statement that outsources services (defined as outsourced operations, managed services and software as a service) were in the ascendant. Coupled with this was a belief that organisations will seek to rationalise their number of third party suppliers, with 80% agreeing with the suggestion. Client engagement also scored highly, with 96% of respondents agreeing (and 53% agreeing strongly that effective relationship management is more important than ever in the current market. On a similar theme 76% of those who took part reported that they were increasing the amount of information made available to clients. Automation Most respondents, particularly those from the largest investment management groups, expected to be spending on systems going forward. Post trade reporting, decision support and pre-trade compliance were all hot spots, with the majority of those who answered the question saying they were likely or highly likely to invest in these areas. Risk mitigation was identified as the most important driver when it came to on-going investment in systems, with 84% of respondents citing it as a major influence. Concerns Regulation was a theme that permeated both the survey and responses to it. AIFMD was the regime that generated most concern, with 67% of those who expressed an opinion describing themselves as being concerned or very concerned. Staying with the regulation theme, 84% of respondents were concerned about how they maintained multi-jurisdictional expertise. Predictions Looking forward, respondents saw an environment with increased regulation, further consolidation, continued cost pressures and a further move to outsourcing in its various forms. However, nearly 70% of respondents remained optimistic, believing they were well positioned to exploit current market opportunities. 3 CityIQ

4 Detailed Findings Views As with most of our surveys we presented respondents with a range of statements and asked them how strongly they agreed with them. The responses of the entire population were aggregated and a weighting algorithm applied to identify which questions resonated most strongly. We started with a set of high level questions, aimed at establishing the validity of a set of statements often regarded as perceived wisdom in the industry. Our methodology regards a score of 2.0 or more as being a strong positive and as can be seen from the chart none of these questions generated a strong consensus. In fact the responses were generally split down the middle, with the number of people agreeing only narrowly beating the number who disagreed with each statement. The largest organisations were the group who were most upbeat when it came to current market conditions as can be seen in the adjacent slide. However they were also the group that believed further head-count reductions were inevitable (58% supporting the statement against 25% in smaller organisations). Our interpretation of this is that many smaller organisations have already cut what needed to be cut, whereas larger organisations are still hoping to generate additional headcount savings from recent process improvements initiatives. Executive management were another group who were positive about the market when compared to previous years with a mere 20% supporting the statement and a sizeable 40% disagreeing. 4 CityIQ

5 Our next question looked at matters closer to home, asking those who took part in the survey about their own organisation. This time there was a stand out answer as can be seen from the slides below. The importance of relationship management, never something to be underestimated, is seen as being more important than ever in the current market. In fact 54% of respondents agreed with the statement and a further 43% strongly agreed. The second highest scoring statement evidences the faith individuals had in their own organisations with just over 70% of respondents giving a positive response. The next two bars on the chart relate to statements that struggled to get support. While over 40% of respondents thought that index tracking had had its day, 27% disagreed. Similarly, while 37% agreed with the statement that Our workflow is true STP, 30% thought the opposite. Responses to this question broke down by job type, with IT respondents being considerably more positive than their peers in the business (see left). The response to the final statement in this section, relating to the importance of hedge fund strategies is at first glance puzzling, as 27 organisations had already identified derivatives as an active asset class. We can only speculate that our use of the word core may have effected how the question was answered. Relationship Management More Important than ever 5 CityIQ

6 Our final question in this section looked at technology trends. Again we have strong positives, with 87% of those who answered agreeing that outsourcing (in its broadest sense) was in the ascendant. Surprisingly, this was consistent across all constituencies and regardless of organisational size, geography, job function or business type. We had a similar level of consensus with regard to our next statement; with both large and small organisations looking to rationalise their number of third party suppliers. This is supported by other research carried out by CityIQ. Taken together, we are looking at a future where fewer third party suppliers exist and those that do are focussed more closely on providing an outsourced solution. There was general acceptance that data was becoming a commodity and modest support for the statement regarding the strength of technical architecture (bolstered by a strong IT vote). The statement relating to the importance of minimising up front systems costs got a mixed response, with smaller companies supporting the statement and the big players being less concerned. Outsourcing in the ascendant in a world with fewer third party suppliers 6 CityIQ

7 Automation The second part of the survey considered automation, both current and planned, before looking at the drivers and benefits of automation. Respondents were asked to identify areas that had been automated and the extent of that automation. The results are shown in this chart which is a representation of current functional coverage. As can be seen most functional areas in most organisations are automated, although the extent of automation is perhaps less than might perhaps have been expected We then asked respondents to identify functional areas which they expected to invest in going forward (we omitted to ask for a timeframe. There were a few surprises. Not unreasonably, functional areas with the least automation can expect to receive attention going forward. However, other areas such as order management and pretrade compliance, which have received a lot of attention historically, also appear to be due a makeover. Equally noticeable was the expected level of activity, with nearly all respondents expecting to be doing something in the future. Plenty to do but when? 7 CityIQ

8 But which organisations are the ones looking to spend? Further analysis shows that it is the big players, (those with AUM of over $100Bn) who are the ones with expectations. Across the board, in all functional areas, it is the largest organisations that are looking to invest (see below). Next we looked at what was driving investment. We suggested six possible drivers for automation and got respondents to rate them. Risk mitigation was the biggest driver, with 84% of those who answered citing it as a major influence. Operational efficiency also scored highly and can be regarded as another key driver. Big firms most likely to invest, with risk mitigation driving them forward. 8 CityIQ

9 Having looked at drivers, we then considered benefits. As might be expected, risk mitigation and operational efficiency topped the list, although scoring less highly than in the previous question. Relative rankings remained the same except for cost avoidance and improved decision making which changed places, indicating perhaps that the opportunity for cost savings brought about by automation was perhaps less than expected. Drivers and benefits closely correlated only cost avoidance fails to deliver. 9 CityIQ

10 Strategy We asked two questions; one relating to business strategy and the other to technology. The strong positive for business strategy related to increasing the amount of information made available to clients. Over 75% said this was something they were already doing. None of the other statements in this set gave a clear consensus, with the survey population being almost equally split with regard to having a centralised trading desk and only a small minority supporting the statement relating to emerging markets. When it came to IT Strategy, outsourcing (in its various guises) scored highly, although not as highly as in previous questions. This, we suspect, is due to the fact that these statements related to the organisation specifically rather than the market in general. A target end state with best of breed solutions easily outscored a single integrated front end, although there was a significant minority who preferred the latter. More information being shared with clients, more outsourcing on the way 10 CityIQ

11 Concerns Our next section looked at Concerns and Regulation seemed like a good place to start. We asked survey participants which regulatory regimes were of most concern. Top of the list was AIFMD (the Alternative Investments Fund Market Directive), with 27% of those who answered the question describing themselves as being very concerned. AIFMD was closely followed by FATCA and then UCITS. Looking at concerns about matters other than Regulation, Liquidity and Risk Proliferation scored most highly. Managing liquidity, risk proliferation and complex modelling all areas of concern. 11 CityIQ

12 Our final set of statements continued to explore concerns. Again, we had high scores and, again, the implications of impending regulation were apparent. The statement that scored most highly reflected concerns about how to keep abreast of regulatory expertise. Close behind was the concern about how to keep up to speed with everything that was going on. Our third high scoring category was with regard to data requirements from a compliance perspective. 12 CityIQ

13 Predictions Our respondents gave us predictions as to how they expected the industry to change over the next few years. There were a number of recurring themes so we have only included a subset of responses below. To identify the most frequently used words (and by implication their importance) we have included all responses as a wordle. Consolidation and cost cutting. Front to back office from a single vendor with fully integrated system which works 'out of the box'. Businesses to look closer at cost of supporting fund teams and dropping them if not viable More outsourcing, more standardised solutions, less responsive to change Consolidation on both the buy and sell sides. a need to make specific service request and meet specific tailored requirements rather than one size fits all service which results in wastage of unwanted (but provided) services and resources I see more and more institutions having to centralise data for clients to enable to comply with regulatory requirements. Central Data Warehouses will be more widely implemented. Consolidation of counterparties therefore reducing liquidity 13 CityIQ

14 Appendices Survey Population The charts below analyse the survey population by job function, organisation type, organisation size, geography and asset under management. Responses came from most constituencies associated with or impacted by the front office with a particularly strong showing from IT. The majority of responses came from the UK & Europe. 14 CityIQ

15 Respondents were primarily fund managers.and came mostly from large organisations.which is reflected in asset class coverage 15 CityIQ

16 Survey Method The survey was carried out by CityIQ using our in-house tool set. All respondents were asked to include their address as part of the survey and were subsequently contacted as a check against impersonation. A small number of responses, deemed to have been submitted by individuals outside of the industry or of questionable authenticity, were discounted from the survey. Most survey questions were optional. Percentages are shown to reflect the views of the respondents who answered the question and not the total population of respondents. Where questions allowed respondents to grade their response (strongly agree, agree, etc.) the results have been weighted when presented in graph format. Our weighting algorithm takes into account the number of respondents who answer each part of the question, so more responses doesn t necessarily lead to a higher score. 16 CityIQ

17 Survey Questions The Front Office of Tomorrow ABOUT YOU Name: Company Address Job Function Which of these job functions best describes your role? Executive Management Front Office IT Risk Compliance Middle Office Other, please specify... Geography Where are you based? UK Europe Americas Asia Pacific Rest of the World 17 CityIQ

18 Organisation Type Fund / Asset Manager Hedge Fund Pension Fund Private Bank / Wealth Manager Other, please specify... Assets Under Management (No Response) $1BN - $5BN $5BN - $25BN $25Bn - $100BN $100BN + Asset Class Coverage Tick all that apply Equities Fixed Income FX/MM Derivatives Commodities Property STATEMENTS How strongly do you agree with the following statements regarding market trends? Market conditions are the worst in living memory Across the industry further head-count reductions in the front office are inevitable London's premier position in financial markets is under threat Markets won't recover until the Euro crisis is resolved Excessive regulation is strangling the industry Strongly Agree Agree Neutral Disagree Strongly Disagree 18 CityIQ

19 How strongly do you agree with the following statements regarding your organisation? Index tracking no longer gives the return our clients need Effective relationship management is more important than ever in the current market Our business workflow is true STP Hedge Fund strategies are a core part of our business We believe we are well positioned to exploit current market uncertainties Strongly Agree Agree Neutral Disagree Strongly Disagree How strongly do you agree with the following statements regarding technology trends? Organisations will seek to rationalise their number of third party suppliers Outsourced operations / managed services / SaaS are in the ascendant Data is becoming a commodity Minimising the upfront cost of investing in systems is now a priority Our technical architecture makes it easy for us to respond to business opportunities Strongly Agree Agree Neutral Disagree Strongly Disagree FUNCTIONAL COVERAGE Areas of automation (current) To what extent have you automated these functional areas? Fully Heavy Partial Minimal Manual Decision Support Order Generation Pre-Trade Compliance Order Management Price Discovery Post Trade Reporting or Regulatory Reporting Execution Management 19 CityIQ

20 Areas of automation (expected) Which areas do you expect to invest in in the future? Highly Likely Likely Neutral Unlikely Very Unlikely Decision Support Order Management Pre-Trade Compliance Order Management Price Discovery Post Trade Reporting or Regulatory Reporting Execution Management DRIVERS & BENEFITS Automation Drivers Which of these factors influenced your decision to automate? Operational Efficiency Cost Avoidance Risk Mitigation Competitive Pressures Improved Decision Making Inability to meet deadlines Major Influence Moderate Influence Minor Influence No Influence Don't Know Automation Benefits Where were benefits obtained? Major Benefit Moderate Benefit Little Benefit No Benefit Don't Know Operational Efficiency Cost Avoidance Risk Mitigation Competitive Advantage Improved Decision Making Ability to meet deadlines 20 CityIQ

21 Strategy Business Strategy How strongly do you agree with the following statements? We are moving towards a centralised trading desk for all asset classes We are increasing the amount of information we make available to our clients We are looking increasingly at emerging markets Selecting a combination of "best of breed" business solutions is viable Strongly Agree Agree Neutral Disagree Strongly Disagree IT Strategy How strongly do you agree with the following statements? OMS/EMS Functionality will converge Strongly Agree Agree Neutral Disagree Strongly Disagree Our target end state is a single integrated front end platform Our target end state is having best of breed providers We will move towards outsourced operations / managed services / Software as a Service Concerns Major Concern Some Concern Minor Concern Not worried Managing liquidity Risk Proliferation Validating emerging markets research Liquidity discovery / e-trading / dark pools Consolidated Performance Measurement across all asset classes Complex Modelling across multiple asset classes 21 CityIQ

22 Compliance Regulatory Regime Which regulatory regimes concern you? AIFMD ESMA Short Selling Major Shareholder Reporting UCITS IV / V 1940 Act FATCA OTC Derivatives Very Concerned Concerned Slight Concern Not Concerned No opinion / Not relevant Other Concerns From a compliance perspective which of these are of concern? Staying on top of / informed of changes Regulatory expertise / multijurisdiction Automation of monitoring Regulatory Reporting Client Reporting Data Requirements Supporting Infrastructure Pre-Trade Monitoring COMMENTS Very Concerned Concerned Slight Concern How do you see the industry changing over the next 2-3 years? Not Concerned No opinion / Not relevant Any other comments? 22 CityIQ

23 About CityIQ CityIQ is a specialist consultancy which for over fifteen years has worked exclusively in Financial Services. With extensive knowledge of investment management and all aspects of the investment process, we have a reputation for providing high quality project and programme management, business analysis and technical architecture skills. As well as domain specific expertise, we also provide consultancy advice in the areas of change, procurement, business continuity planning and HR re-engineering. Since 2003 our research team has conducted numerous market surveys, focusing on trends in the financial services industry a selection of which are available for download from the CityIQ web site. Our consultants are supported by our research team, who by running surveys, producing detailed reports and hosting industry events keep our consultants and clients up to date with what is happening in financial services. Feedback If you have any questions or queries about the survey results or would like to know more about the services CityIQ offer please contact: Paul Wiltshire on or by mailing CityIQ Ltd Token House Tokenhouse Yard London EC2R 7AS Tel: Fax: Web: 23 CityIQ

2014 Global Asset Management Survey

2014 Global Asset Management Survey 2014 Global Asset Management Survey It is always wise to look ahead, but difficult to look further than you can see. Winston Churchill A survey carried out globally by Linedata. Introduction It is always

More information

2015 GLOBAL ASSET MANAGEMENT SURVEY

2015 GLOBAL ASSET MANAGEMENT SURVEY 2015 GLOBAL ASSET MANAGEMENT SURVEY It's not what happens to you, but how you react to it that matters." -Epictetus A survey carried out globally by Linedata. INTRODUCTION It's not what happens to you,

More information

2011 GLOBAL INVESTMENT MANAGEMENT SURVEY

2011 GLOBAL INVESTMENT MANAGEMENT SURVEY 2011 GLOBAL INVESTMENT MANAGEMENT SURVEY In this world, nothing can be said to be certain, except death and taxes. If Benjamin Franklin were a 21 st century investment manager, he would be tempted to add

More information

How are companies currently changing their facilities management delivery model...?

How are companies currently changing their facilities management delivery model...? Interserve and Sheffield Hallam University market research 2012 Page 2 www.commercial.interserve.com How are companies currently changing their facilities management delivery model...? we have a strategy

More information

MiFID/MiFIR: The OTF and SI regime for OTC derivatives

MiFID/MiFIR: The OTF and SI regime for OTC derivatives MiFID/MiFIR: The OTF and SI regime for OTC derivatives The International Swaps and Derivatives Association (ISDA) would like to take this opportunity to set out its views on the elements of European Commission

More information

Research Report IT barometer 2009. A survey on the importance of IT in Finnish companies from the perspective of IT and business management

Research Report IT barometer 2009. A survey on the importance of IT in Finnish companies from the perspective of IT and business management Research Report IT barometer 2009 A survey on the importance of IT in Finnish companies from the perspective of IT and business management 1. Introduction... 3 1.1. Research Data... 3 1.2. Summary... 4

More information

Impact of Regulations and Risk Management in Financial Markets in Europe

Impact of Regulations and Risk Management in Financial Markets in Europe SALES OPPORTUNITY ASSESSMENT PRODUCT CATI EMERGING MARKET ENTRY STRATEGY CUSTOMER INTELLIGENCE MARKET SIZING AND FORECASTING INDUSTRY BEST PRACTICE CUSTOMER NEED BEST PRACTICE ASSESSMENT COMPETITIVE INTELLIGENCE

More information

95% of asset management CEOs say they re very or somewhat confident about growth over the coming three years

95% of asset management CEOs say they re very or somewhat confident about growth over the coming three years 18th Annual Global CEO Survey Redefining competition in a world without boundaries 95% of asset management CEOs say they re very or somewhat confident about growth over the coming three years 82% of asset

More information

HR outsourcing and the HR function Threat or opportunity?

HR outsourcing and the HR function Threat or opportunity? Survey report June 2009 HR outsourcing and the HR function Threat or opportunity? Contents Summary of key findings 2 Introduction and the backdrop to outsourcing activity 4 HR outsourcing and the HR function

More information

The Alternative Investment Fund Managers Directive ( AIFMD )

The Alternative Investment Fund Managers Directive ( AIFMD ) The Alternative Investment Fund Managers Directive ( AIFMD ) The alternative investment funds industry is shortly to be subject to European authorisation and conduct of business requirements for the first

More information

Directions in Tech Marketing. Intelligent Market Research

Directions in Tech Marketing. Intelligent Market Research Directions in Tech Marketing Intelligent Market Research Directions in Tech Marketing Contents Executive Summary 2-5 Trends in tech marketing management 2 The changing culture of tech marketing 3 From

More information

Global Transaction Banking Survey 2012

Global Transaction Banking Survey 2012 Global Transaction Banking Survey 2012 Global Transaction Banking Survey 2012 A report from About this survey Executive summary This is the third survey Misys has conducted with Finextra evaluating the

More information

Best practices for optimizing reference data management

Best practices for optimizing reference data management Sponsored by >> Whitepaper Best practices for optimizing reference data management June 2012 An industry view on improving efficiency and reducing costs with reference data management outsourcing models

More information

FX & MIFID ECB FX Contact Group

FX & MIFID ECB FX Contact Group FX & MIFID ECB FX Contact Group Richard Haynes Fixed Income Sales & Trading Compliance Department Citigroup 21 November 2007 FX & MIFID Introduction MiFID Overview What FX instruments are within scope

More information

Procuring Penetration Testing Services

Procuring Penetration Testing Services Procuring Penetration Testing Services Introduction Organisations like yours have the evolving task of securing complex IT environments whilst delivering their business and brand objectives. The threat

More information

Investment Strategy for Pensions Actuaries A Multi Asset Class Approach

Investment Strategy for Pensions Actuaries A Multi Asset Class Approach Investment Strategy for Pensions Actuaries A Multi Asset Class Approach 16 January 2007 Representing Schroders: Neil Walton Head of Strategic Solutions Tel: 020 7658 2486 Email: Neil.Walton@Schroders.com

More information

Survey of more than 1,500 Auditors Concludes that Audit Professionals are Not Maximizing Use of Available Audit Technology

Survey of more than 1,500 Auditors Concludes that Audit Professionals are Not Maximizing Use of Available Audit Technology Survey of more than 1,500 Auditors Concludes that Audit Professionals are Not Maximizing Use of Available Audit Technology Key findings from the survey include: while audit software tools have been available

More information

The 2015 Algorithmic Trading Survey

The 2015 Algorithmic Trading Survey The 2015 Algorithmic Trading Survey hedge funds Recognising excellence in the delivery of algorithmic trading solutions Featuring n State of the market report n The 2015 broker roll of honour n the trade

More information

Preqin Special Report: Private Debt Fund Manager Outlook

Preqin Special Report: Private Debt Fund Manager Outlook Content Includes: Preqin Special Report: Private Debt Fund Manager Competition Over half of fund managers believe there is now more competition in the industry compared to 12 months ago. August 2015 Deal

More information

SMALL BUSINESS REPUTATION & THE CYBER RISK

SMALL BUSINESS REPUTATION & THE CYBER RISK SMALL BUSINESS REPUTATION & THE CYBER RISK Executive summary In the past few years there has been a rapid expansion in the development and adoption of new communications technologies which continue to

More information

Investor survey of fixed income liquidity 2013

Investor survey of fixed income liquidity 2013 Investor survey of fixed income liquidity 2013 Association for Financial Markets in Europe Sponsored by: About AFME The Association for Financial Markets in Europe (AFME) is the voice of Europe s wholesale

More information

Global Lending & Leasing Survey. Back to a new normal? A survey carried out by Linedata - 2014 Edition

Global Lending & Leasing Survey. Back to a new normal? A survey carried out by Linedata - 2014 Edition Global Lending & Leasing Survey Back to a new normal? A survey carried out by Linedata - 2014 Edition Executive Summary Economic figures and analyst surveys show that growth is back in the lending & leasing

More information

Finance outsourcing in the high-tech and electronics industries

Finance outsourcing in the high-tech and electronics industries Finance outsourcing in the high-tech and electronics industries The following summarises the findings of a survey looking into trends, risks and opportunities associated with finance outsourcing in the

More information

Leveraging Treasury to Support Working Capital Management: Payments on Behalf of

Leveraging Treasury to Support Working Capital Management: Payments on Behalf of Leveraging Treasury to Support Working Capital Management: Payments on Behalf of Over the past 15 years, corporate treasurers have been on a quest seeking improved working capital management and operational

More information

MiFID II, Research Unbundling, and What it Means for You

MiFID II, Research Unbundling, and What it Means for You AUTHORS Jack Pollina Managing Director Head of Global Commission Management and Hedge Fund Business Development jack.pollina@itg.com CONTACT Asia Pacific +852.2846.3500 Canada +1.416.874.0900 EMEA +44.20.7670.4000

More information

Flash News. European Parliament adopts MiFID II. 1. Background. 2. MiFID II for banks, investment firms and asset managers

Flash News. European Parliament adopts MiFID II. 1. Background. 2. MiFID II for banks, investment firms and asset managers www.pwc.lu/regulatory-compliance Flash News European Parliament adopts MiFID II 23 April 2014 Following the political agreement reached on 14 January 2014 by the European Parliament, the Council and the

More information

Are you being served? How can Security as a Service serve you? WHITE PAPER. Commissioned by SecureData Conducted by Vanson Bourne Published July 2013

Are you being served? How can Security as a Service serve you? WHITE PAPER. Commissioned by SecureData Conducted by Vanson Bourne Published July 2013 Are you being served? How can Security as a Service serve you? Commissioned by Conducted by Vanson Bourne Published July 2013 Part 1. Executive summary Businesses are starting to implement cloud technologies

More information

Cash Management for Asset Managers

Cash Management for Asset Managers SQUARE MILE CONSULTING Cash Management for Asset Managers Making the most from your cash Prepared January 2004 Introduction Efficient management of cash is essential to successful fund management Mistakes

More information

BRAND ENGAGEMENT. Introduction to Brand Engagement ATTACHMENT ENGAGE FOCUSED MESSAGE ATTRACTION DEVELOP ADVERTISING ADVERTISING

BRAND ENGAGEMENT. Introduction to Brand Engagement ATTACHMENT ENGAGE FOCUSED MESSAGE ATTRACTION DEVELOP ADVERTISING ADVERTISING Engagement Intelligent Market Research BRAND COMMUNICATION COMMUNICATION ORGANISATION EXPERIENCE CREDIBILITY MESSAGE ATTACHMENT ATTACHMENT RELIABLE MANAGEMENT SOCIAL MEDIA SOCIAL MEDIA CREDIBILITY MEDIA

More information

5 costly mistakes you should avoid when developing new products

5 costly mistakes you should avoid when developing new products 5 costly mistakes you should avoid when developing new products By Paul Forsythe Managing Director at Alemare Solutions And Product Development expert with 25 years experience Hello, As you will know,

More information

Asset management. Strategic use of technology and outsourcing to address cost pressures and enhance market position

Asset management. Strategic use of technology and outsourcing to address cost pressures and enhance market position Financial institutions Energy Infrastructure, mining and commodities Transport Technology and innovation Life sciences and healthcare Asset management Strategic use of technology and outsourcing to address

More information

2014 HIMSS Analytics Cloud Survey

2014 HIMSS Analytics Cloud Survey 2014 HIMSS Analytics Cloud Survey June 2014 2 Introduction Cloud services have been touted as a viable approach to reduce operating expenses for healthcare organizations. Yet, engage in any conversation

More information

Asset Management Software is the last thing you need

Asset Management Software is the last thing you need Asset Management Software is the last thing you need Asset management is finally getting the recognition it deserves particularly in the IT arena. But despite a lot of hard work, especially on the part

More information

Finding your balance Top tips for successful HR delivery in multiple countries across Europe

Finding your balance Top tips for successful HR delivery in multiple countries across Europe Perspectives Finding your balance Top tips for successful HR delivery in multiple countries across Europe ...organisations are striving for a more standardised approach across all their business locations

More information

APRA REVIEW OF UNIT PRICING PRACTICES

APRA REVIEW OF UNIT PRICING PRACTICES APRA REVIEW OF UNIT PRICING PRACTICES Unitisation is the process by which a pool of assets are broken into portions of ownership (units), which are conceptually similar to shares in a company. The process

More information

Finance. Human resources. Health and safety. Compliance Procurement. Corporate affairs. Sales and marketing. Public relations Commercial development

Finance. Human resources. Health and safety. Compliance Procurement. Corporate affairs. Sales and marketing. Public relations Commercial development Heads of Internal Audit Service Benchmarking Report Document Control Introduction This report contains an analysis of results for the survey entitled: Document Control. The survey asks heads of internal

More information

MARSH REPORT October 2015. International Business Resilience Survey 2015

MARSH REPORT October 2015. International Business Resilience Survey 2015 MARSH REPORT October 2015 International Business Resilience Survey 2015 CONTENTS October 2015 CONTENTS 3 Introduction 4 Non-traditional risks top concerns, both in terms of likelihood and impact 7 Insurance

More information

A FINEXTRA RESEARCH REPORT SPONSORED BY AXWAY MARCH 2015 OPERATIONAL INTELLIGENCE AND PAYMENTS MONITORING A REPORT ON A SURVEY BY FINEXTRA AND AXWAY

A FINEXTRA RESEARCH REPORT SPONSORED BY AXWAY MARCH 2015 OPERATIONAL INTELLIGENCE AND PAYMENTS MONITORING A REPORT ON A SURVEY BY FINEXTRA AND AXWAY A FINEXTRA RESEARCH REPORT SPONSORED BY AXWAY MARCH 2015 OPERATIONAL INTELLIGENCE AND PAYMENTS MONITORING A REPORT ON A SURVEY BY FINEXTRA AND AXWAY OPERATIONAL INTELLIGENCE AND PAYMENTS MONITORING A

More information

Time for change in facilities management. Interserve, Sheffield Hallam and i-fm facilities management research 2013

Time for change in facilities management. Interserve, Sheffield Hallam and i-fm facilities management research 2013 Time for change in facilities management Interserve, Sheffield Hallam and i-fm facilities management research CONTENTS 01 02 03 04 About the facilities deal Outsourcing objectives The role of your brand

More information

Figure 2: DAMA Publications

Figure 2: DAMA Publications Steve Hawtin, Schlumberger Information Solutions 14 th Petroleum Data Integration, Information & Data Management Conference The effective management of Exploration and Production (E&P) data has a major

More information

CFD Trading. You can lose more than your initial investment when trading CFDs

CFD Trading. You can lose more than your initial investment when trading CFDs CFD Trading You can lose more than your initial investment when trading CFDs A ccendo Markets is a market leader in financial trading services*, providing awardwinning on-line and telephone broking services

More information

Contents Foreword 1 Introduction by Patrick Reeve Executive summary 1. Business confidence and growth ambitions 2. Availability of finance

Contents Foreword 1 Introduction by Patrick Reeve Executive summary 1. Business confidence and growth ambitions 2. Availability of finance 2014 Contents Foreword 1 Introduction by Patrick Reeve 3 Executive summary 4 1. Business confidence and growth ambitions 4 2. Availability of finance 6 3. Management skills 8 4. Apprenticeships 9 5. Optimists

More information

Making HR Simpler. A Guide to Software as a Service. Cezanne Software White Paper

Making HR Simpler. A Guide to Software as a Service. Cezanne Software White Paper Making HR Simpler A Guide to Software as a Service Cezanne Software White Paper Contents Introduction... 1 What is SaaS?... 2 What are the Benefits?... 3 Food for Thought... 4 Finding the Right Supplier...

More information

Omni s 4 Simple Steps to Reduce. What You Need to Know to Cut. Recruitment Costs

Omni s 4 Simple Steps to Reduce. What You Need to Know to Cut. Recruitment Costs Omni s 4 Simple Steps to Reduce Recruitment Costs What You Need to Know to Cut Recruitment Costs 4 Simple Steps to Reducing Recruitment Costs By Stuart Jones Stuart Jones works as a Senior Consultant within

More information

An accelerated agile approach to sustainable cost reduction

An accelerated agile approach to sustainable cost reduction An accelerated agile approach to sustainable cost reduction Year-on-year operational efficiency gains of 10-20% are rapidly becoming the industry standard. However, most organisations have already harvested

More information

People with energy. Adding value right across the supply chain

People with energy. Adding value right across the supply chain People with energy 140 million tonnes of fuel delivered in the last 10 years* Marine fuels is a large and complex global industry and is one of the world s foremost suppliers. Delivering on our commitment

More information

Managing risk in a new world. Navigating the five major hurdles for hedge funds

Managing risk in a new world. Navigating the five major hurdles for hedge funds Managing risk in a new world Navigating the five major hurdles for hedge funds 2 Managing Risk in a New World Risks Hedge funds are responding to new regulatory reporting requirements and investor demand

More information

Company size matters: Perspectives on IT Governance

Company size matters: Perspectives on IT Governance www.pwc.com/ca/technology-consulting Company size matters: Perspectives on IT Governance versus large Canadian organizations and IT Governance PwC conducted research for the 4th edition of the IT Governance

More information

DMM FX CONTRACTS FOR DIFFERENCE PRODUCT DISCLOSURE STATEMENT

DMM FX CONTRACTS FOR DIFFERENCE PRODUCT DISCLOSURE STATEMENT DMM FX CONTRACTS FOR DIFFERENCE PRODUCT DISCLOSURE STATEMENT DMM FX Australia Pty Limited ACN 160 659 290 AFSL 437734 Issue Date: 7 November 2015 Version 2.0 Table of Contents Section 1 Important Information

More information

MSP NEAT EVALUATION FOR KELLYOCG: NEAT Evaluation: MSP (Talent Management Focus) Market Segment: Talent Management Focus

MSP NEAT EVALUATION FOR KELLYOCG: NEAT Evaluation: MSP (Talent Management Focus) Market Segment: Talent Management Focus NEAT EVALUATION FOR KELLYOCG: MSP Market Segment: Talent Management Focus This document presents KellyOCG with the NelsonHall NEAT vendor evaluation for MSP (Wider Talent Management focus market segment).

More information

EMIR and REMIT: Wholesale Energy Trading on the Docket. How to Prepare Your Business for the New Paradigm. www.allegrodev.com

EMIR and REMIT: Wholesale Energy Trading on the Docket. How to Prepare Your Business for the New Paradigm. www.allegrodev.com www.allegrodev.com EMIR and REMIT: Wholesale Energy Trading on the Docket How to Prepare Your Business for the New Paradigm 2013 Allegro Development. All rights reserved. Introduction At a Glance EMIR

More information

Direct v Indirect Procurement Market intelligence survey

Direct v Indirect Procurement Market intelligence survey Direct v Indirect Procurement Market intelligence survey Presented by Supply Management magazine and buyingteam 2 Market intelligence survey Editor s introduction Welcome to the findings of the market

More information

Case Study: Double No Touch and Other FX Option Strategies for Low Volatility Markets

Case Study: Double No Touch and Other FX Option Strategies for Low Volatility Markets Case Study: Double No Touch and Other FX Option Strategies for Low Volatility Markets This case study covers various foreign exchange (FX) option strategies that take advantage of low volatility market

More information

Credit Risk Management: Trends and Opportunities

Credit Risk Management: Trends and Opportunities Risk & Compliance the way we see it Credit Risk Management: Trends and Opportunities The Current State of Credit Risk Management 1 Overview The crisis exposed the shortcomings of existing risk management

More information

Why SAAS makes sense: The benefits of Cloud Computing for Email Archiving

Why SAAS makes sense: The benefits of Cloud Computing for Email Archiving Why SAAS makes sense: The benefits of Cloud Computing for Email Archiving Confidentiality This document contains confidential material that is proprietary to Gradian Systems Ltd. The material, ideas, and

More information

A new landmark in trading

A new landmark in trading A new landmark in trading DERIVATIVES MARKET Equity Derivatives Dividend Futures www.jse.co.za Johannesburg Stock Exchange The JSE in collaboration with Deutsche Bank and Investec Capital Markets is launching

More information

From Training to Twitter The social evolution of e-learning

From Training to Twitter The social evolution of e-learning www.webanywhere.co.uk/workplace From Training to Twitter A Keith Stopforth Consultancy Limited White Paper, brought to you by Webanywhere Social learning theory Studies have proved that the majority of

More information

Equities Dealing, Brokerage and Market Making

Equities Dealing, Brokerage and Market Making Equities Dealing, Brokerage and Market Making SEEK MORE Fully informed and ready to trade A whole world of information affects the equity markets economic data, global political events, company news and

More information

Wealth Management. Ukraine - 2012. in association with. published by. Wealth Management Ukraine 2012 1

Wealth Management. Ukraine - 2012. in association with. published by. Wealth Management Ukraine 2012 1 Wealth Management Ukraine - 2012 published by in association with & Wealth Management Ukraine 2012 1 2 Wealth Management Ukraine 2012 Foreword A private banking culture emerges Just 20 years ago, Ukraine

More information

Investment & Performance Board (IPB)

Investment & Performance Board (IPB) Investment & Performance Board (IPB) Date of IPB meeting: 23 October 2012 Title of paper: To be presented by: Cleared by: (name Adviser & Director) Classification: Developing a new junior electricity supply

More information

Issues Facing the Asset Management Industry. Navigating a Challenging Environment

Issues Facing the Asset Management Industry. Navigating a Challenging Environment Issues Facing the Asset Management Industry Navigating a Challenging Environment Top Issues Facing Asset Managers Primary challenges that Citi sees our asset manager clients facing Regulatory Complexity

More information

The Family Office Guide. A practical guide to the regulatory issues on setting up and running a family office in the UK

The Family Office Guide. A practical guide to the regulatory issues on setting up and running a family office in the UK The Family Office Guide A practical guide to the regulatory issues on setting up and running a family office in the UK About Taylor Wessing Taylor Wessing is a leading international law firm in Europe,

More information

MiFID II/MiFIR. Implications for Fund Managers. May 2014. 2014 Deloitte LLP. All rights reserved.

MiFID II/MiFIR. Implications for Fund Managers. May 2014. 2014 Deloitte LLP. All rights reserved. /MiFIR Implications for Fund Managers May 2014 Webinar participants Manmeet Rana Senior Manager Audit Deloitte UK mrana@deloitte.co.uk +44 20 7303 8624 Manmeet Rana is a Senior Manager within Deloitte

More information

Transforming the mobile workforce Exploiting the benefits of the tablet computer for better business

Transforming the mobile workforce Exploiting the benefits of the tablet computer for better business Transforming the mobile workforce Exploiting the benefits of the tablet computer for better business 1 Executive Summary Something unusual is happening in the workplace. Technological innovation has traditionally

More information

Begin with the end in mind

Begin with the end in mind Begin with the end in mind Is your business vision driving your software purchases? Or is it the other way around? Organisations can be paying 25-35% too much for software, support and maintenance costs.

More information

HMT Discussion paper on non-bank lending

HMT Discussion paper on non-bank lending 17 February 2010 By e-mail to: non-banklending@hmtreasury.gsi.gov.uk Dear Sirs HMT Discussion paper on non-bank lending The IMA represents the UK-based investment management industry. Our members include

More information

Outsourcing. What is it and what are the options? LODESTAR

Outsourcing. What is it and what are the options? LODESTAR Outsourcing What is it and what are the options? LODESTAR Executive summary Since it first emerged as an option in the mid eighties, outsourcing has been one of the most hotly debated issues in IT. These

More information

MANAGING EMPLOYEE RISKS FOCUSING ON PENSION REFORM

MANAGING EMPLOYEE RISKS FOCUSING ON PENSION REFORM MANAGING EMPLOYEE RISKS FOCUSING ON PENSION REFORM The Countdown to 2012... AUto enrolment Employers are counting down to the biggest change to UK pensions since the State Pension was introduced. The Pensions

More information

A new electricity market for Northern Ireland and Ireland from 2016 - Integrated Single Electricity Market (I-SEM)

A new electricity market for Northern Ireland and Ireland from 2016 - Integrated Single Electricity Market (I-SEM) A new electricity market for Northern Ireland and Ireland from 2016 - Integrated Single Electricity Market (I-SEM) Non-technical summary High level design Draft Decision Paper SEM -14-047 June 2014 1 INTRODUCTION

More information

Draft guidelines and measures to improve ICT procurement. Survey results

Draft guidelines and measures to improve ICT procurement. Survey results Draft guidelines and measures to improve ICT procurement Survey results Europe Economics Chancery House 53-64 Chancery Lane London WC2A 1QU Tel: (+44) (0) 20 7831 4717 Fax: (+44) (0) 20 7831 4515 www.europe-economics.com

More information

IT Risk Closing the Gap

IT Risk Closing the Gap IT Risk Closing the Gap Giving the Board what it needs to understand, manage and challenge IT risk PWC Contents Foreword 1 Executive summary 3 Survey findings Does the Board fully understand the impact

More information

University College London Staff survey 2013: results presentation

University College London Staff survey 2013: results presentation University College London Staff survey 2013: results presentation Classification: Private Agenda Headline results Employee engagement Key drivers of engagement within UCL Other key themes Summary and next

More information

Keeping risk in check

Keeping risk in check Keeping risk in check How BlackRock helps institutional investors to manage risk by Doug Bartholomew Ed Fishwick is co head of the Risk and Quantitative Analysis (RQA) Group. BlackRock is well known for

More information

Payment Factories: different ways of achieving payment efficiency. Jonathan Jordan EMEA Payments Market Manager, Citi Transaction Services

Payment Factories: different ways of achieving payment efficiency. Jonathan Jordan EMEA Payments Market Manager, Citi Transaction Services Payment Factories: different ways of achieving payment efficiency Jonathan Jordan EMEA Payments Market Manager, Citi Transaction Services The term Payment Factory is becoming increasingly talked about

More information

Windows Server 2003 will hit End of Support on July 14, 2015. This news has prompted IT pros to evaluate their options which range from accepting the

Windows Server 2003 will hit End of Support on July 14, 2015. This news has prompted IT pros to evaluate their options which range from accepting the Windows Server 2003 will hit End of Support on July 14, 2015. This news has prompted IT pros to evaluate their options which range from accepting the risks of running an unsupported OS to upgrading all

More information

When Should You Hire a Mainframe Systems Consultant?

When Should You Hire a Mainframe Systems Consultant? Longpela Expertise Mainframe Consulting Longpela Expertise White Paper When Should You Hire a Mainframe Systems Consultant? How to choose and use consultants to overcome short term mainframe systems skills

More information

CONTRACTS FOR DIFFERENCE

CONTRACTS FOR DIFFERENCE CLIENT SERVICE AGREEMENT Halifax New Zealand Limited Client Service Agreement Product Disclosure Statement for CONTRACTS FOR DIFFERENCE Halifax New Zealand Limited Financial Services Provider No. 146605

More information

Customer analytics case study: T-Mobile Austria

Customer analytics case study: T-Mobile Austria mwd a d v i s o r s Best Practice Insight Customer analytics case study: T-Mobile Austria Helena Schwenk Premium Advisory Report April 2011 This report examines T-Mobile Austria s use of Portrait Customer

More information

ARGYLL AND BUTE COUNCIL SUPPORT SERVICES REVIEW PROCUREMENT, COMMISSIONING AND CREDITORS EXECUTIVE SUMMARY- NOVEMBER 2011

ARGYLL AND BUTE COUNCIL SUPPORT SERVICES REVIEW PROCUREMENT, COMMISSIONING AND CREDITORS EXECUTIVE SUMMARY- NOVEMBER 2011 ARGYLL AND BUTE COUNCIL SUPPORT SERVICES REVIEW PROCUREMENT, COMMISSIONING AND CREDITORS EXECUTIVE SUMMARY- NOVEMBER 2011 1 Introduction 1.1 This review covers the work of three distinct teams within the

More information

OFGEM RETAIL MARKET REVIEW: INTERVENTION TO ENHANCE LIQUIDITY IN THE GB POWER MARKET

OFGEM RETAIL MARKET REVIEW: INTERVENTION TO ENHANCE LIQUIDITY IN THE GB POWER MARKET OFGEM RETAIL MARKET REVIEW: INTERVENTION TO ENHANCE LIQUIDITY IN THE GB POWER MARKET A response by the Futures and Options Association MAY 2012 Ofgem Retail Market Review: Intervention to enhance liquidity

More information

CIPS Exam Report for Learner Community:

CIPS Exam Report for Learner Community: CIPS Exam Report for Learner Community: Qualification: Diploma in Procurement and Supply Unit: Unit D2: Business Needs in Procurement and Supply Exam series: November 2014 Question 1 Learning Outcome 1

More information

Powerful tools for investing, speculating or hedging

Powerful tools for investing, speculating or hedging Powerful tools for investing, speculating or hedging DERIVATIVE MARKET Equity Derivatives Single Stock Futures www.jse.co.za Johannesburg Stock Exchange Single Stock Futures are powerful tools for investing,

More information

Call for evidence on the impact of MiFID on secondary market functioning

Call for evidence on the impact of MiFID on secondary market functioning Call for evidence on the impact of MiFID on secondary market functioning The ABI s Response to CESR 08-872 The ABI is the voice of the insurance and investment industry. Its members constitute over 90

More information

CONSULTATION PAPER MARCH 2010. Corporate Actions Processing on the International Order Book

CONSULTATION PAPER MARCH 2010. Corporate Actions Processing on the International Order Book CONSULTATION PAPER MARCH 2010 Corporate Actions Processing on the International Order Book Contents 1 Introduction... 3 1.1 Purpose of this document...3 1.2 Readership...4 1.3 Contact details...4 2 Corporate

More information

The Future of Investment Compliance for Asset Owners: The Next Great Transformation

The Future of Investment Compliance for Asset Owners: The Next Great Transformation The Future of Investment Compliance for Asset Owners: The Next Great Transformation By: State Street Global Services Performance Services December 2014 STATE STREET CORPORATION 1 Contents Introduction

More information

Trade Repository Service White Paper December 2013

Trade Repository Service White Paper December 2013 Trade Repository Service White Paper December 2013 Copyright IntercontinentalExchange, Inc. 2013. All Rights Reserved. Table of Contents DEFINITIONS... 3 EXECUTIVE SUMMARY... 5 OVERVIEW: TRADE REPOSITORIES...

More information

Schroders Insurance-Linked Securities

Schroders Insurance-Linked Securities May 2014 For professional investors or advisers only. Not suitable for retail clients. Schroders Insurance-Linked Securities Advised by Secquaero Advisors AG Schroders Insurance-Linked Securities 1 Why

More information

Infrastructure Asset Management Report

Infrastructure Asset Management Report Infrastructure Asset Management Report From Inspiration to Practical Application Achieving Holistic Asset Management 16th- 18th March 2015, London Supported by Table of contents Introduction Executive

More information

EUROPEAN SECURITIES AND MARKETS AUTHORITY (ESMA) CONSULTATION PAPER

EUROPEAN SECURITIES AND MARKETS AUTHORITY (ESMA) CONSULTATION PAPER EUROPEAN SECURITIES AND MARKETS AUTHORITY (ESMA) CONSULTATION PAPER 22 City Road Finsbury Square London EC1Y 2AJ Tel: +44 (0) 20 7448 7100 Fax: +44 (0) 20 7638 4636 Email: info@apcims.co.uk DRAFT TECHNICAL

More information

Solvency II State of play. A survey of the non-life insurance sector

Solvency II State of play. A survey of the non-life insurance sector Solvency II State of play A survey of the non-life insurance sector Contents 03 Introduction 04 Headline findings 05 State of play 09 Detailed findings 09 Composition of respondents 11 Preparing for Solvency

More information

PROACTIS Solutions & Services for Finance

PROACTIS Solutions & Services for Finance PROACTIS Solutions & Services for Finance What we do for you as the person responsible for financial management How We Help increase savings, reduce risk and improve efficiencies by providing you with

More information

Discretionary Wealth Management

Discretionary Wealth Management Discretionary Wealth Management Specialist, Focused, Committed Using experience and expertise to invest for your future Contents 1 The practical importance of wisdom 2 Introduction to Discretionary Wealth

More information

Cambridge City Council. Executive Councillor for Customer Services and Resources: Councillor Julie Smith

Cambridge City Council. Executive Councillor for Customer Services and Resources: Councillor Julie Smith Cambridge City Council Item To: Report by: Relevant scrutiny committee: Wards affected: Executive Councillor for Customer Services and Resources: Councillor Julie Smith Director of Resources Strategy &

More information

The Challenges Facing Sales Management. A white paper by Silent Edge

The Challenges Facing Sales Management. A white paper by Silent Edge The Challenges Facing Sales Management A white paper by Silent Edge Deals taking too long to close and lost pipeline are two of the biggest challenges for sales directors to overcome. Why is this? What

More information

New data on financial derivatives 1 for the UK National Accounts and Balance of Payments

New data on financial derivatives 1 for the UK National Accounts and Balance of Payments New data on financial derivatives 1 for the UK National Accounts and Balance of Payments By Andrew Grice Tel: 020 7601 3149 Email: mfsd_fmr@bankofengland.co.uk This article introduces the first publication

More information

Continued Investment in Fixed Income, Despite Low Returns

Continued Investment in Fixed Income, Despite Low Returns Issue 90, January 2013 Continued Investment in Fixed Income, Despite Low Returns What is the Impact on the Buy Side? Written by Judy Blackwell & Kathy McDermott The economic turmoil that began in 2008

More information

Municipal Bonds: Consolidating and Integrating Bids to Improve Transparency and Discovery

Municipal Bonds: Consolidating and Integrating Bids to Improve Transparency and Discovery Cognizant 20-20 Insights Municipal Bonds: Consolidating and Integrating Bids to Improve Transparency and Discovery An integrated, consolidated bids wanted platform can make all market bids available, regardless

More information

Market design and the use of FTRs and CfDs

Market design and the use of FTRs and CfDs THEMA Report 2011-15 ISBN no. 978-82-93150-07-7 Market design and the use of FTRs and CfDs A report prepared for Energy Norway September 2011 CONTENT 1 SUMMARY AND CONCLUSIONS...3 2 INTRODUCTION...4 3

More information

Investors in People Impact Assessment. Final report August 2004

Investors in People Impact Assessment. Final report August 2004 Final report Investors in People Impact Assessment 2004 Final report Investors in People Impact Assessment By: Charles Michaelis Michelle McGuire Final report Contents 1 EXECUTIVE SUMMARY... 5 1.1 BACKGROUND...5

More information

Financial Risk Management Top priorities for Corporate treasuries

Financial Risk Management Top priorities for Corporate treasuries www.pwc.com Financial Risk Management Top priorities for Corporate treasuries Aniket Kulkarni Michiel Mannaerts March 2014 Contents 1. Introduction 2. Financial risks in corporate treasury 3. Tools for

More information