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Technology is now, and will remain, at the forefront of innovation in the financial services sector, driving new products and services. It is seen as the only way for many firms to remain in business at all. Many will fail to innovate or invest enough. Already the separation of the larger financial institutions from the smaller firms is polarizing the community. The advent of new disruptive technologies is about to hit the financial services markets in the same way the internet did a few years ago. It is vital that those who develop and manage technology in the financial services sector have a clear picture of the role of technology in this fast moving environment. Those who do not embrace this new approach will increasingly be left with obsolete systems.
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TECHNOLOGY MANAGEMENT IN FINANCIAL SERVICES Palgrave Macmillan Finance and Capital Markets Series For information about other titles in this series please visit the website http://www.palgrave.com/business/finance and capital markets.asp Also by Ross McGill THE NEW GLOBAL REGULATORY LANDSCAPE with Terence Sheppey SARBANES-OXLEY – Building Working Strategies for Compliance with Terence Sheppey GLOBAL CUSTODY AND CLEARING SERVICES with Naren Patel INTERNATIONAL WITHHOLDING TAX – A Practical Guide to Best Practice and Benchmarking RELIEF AT SOURCE – An Investor’s Guide to Minimising Internationally Withheld Tax CHAPTER Technology Management in Financial Services ROSS McGILL © Ross McGill 2008. All rights reserved. No reproduction, copy or transmission of this publication may be made without written permission. No paragraph of this publication may be reproduced, copied or transmitted save with written permission or in accordance with the provisions of the Copyright, Designs and Patents Act 1988, or under the terms of any licence permitting limited copying issued by the Copyright Licensing Agency, 90 Tottenham Court Road, London W1T 4LP. Any person who does any unauthorised act in relation to this publication may be liable to criminal prosecution and civil claims for damages. The author has asserted his right to be identified as the author of this work in accordance with the Copyright, Designs and Patents Act 1988. First published in 2008 by PALGRAVE MACMILLAN Houndmills, Basingstoke, Hampshire RG21 6XS and 175 Fifth Avenue, New York, N.Y. 10010 Companies and representatives throughout the world. PALGRAVE MACMILLAN is the global academic imprint of the Palgrave Macmillan division of St. Martin’s Press, LLC and of Palgrave Macmillan Ltd. Macmillan® is a registered trademark in the United States, United Kingdom and other countries. Palgrave is a registered trademark in the European Union and other countries. ISBN-13: 978–0–230–00679–9 hardback ISBN-10: 0–230–00679–5 hardback This book is printed on paper suitable for recycling and made from fully managed and sustained forest sources. Logging, pulping and manufacturing processes are expected to conform to the environmental regulations of the country of origin. A catalogue record for this book is available from the British Library. A catalog record for this book is available from the Library of Congress. 10 9 8 7 6 5 4 3 2 1 17 16 15 14 13 12 11 10 09 08 Printed and bound in Great Britain by CPI Antony Rowe, Chippenham and Eastbourne To Kathryn Late nights are finally over. At least for the present. This page intentionally left blank Contents List of Tables ix List of Figures x List of Case Studies xi List of Abbreviations xii Preface xv Acknowledgements xvii About the Author xviii Introduction PA R T I 1 T H E R O L E O F T E C H N O LO GY I N FINANCIAL SERVICES 1 Morphology