Financial Services Industry
Industry: Email Alert RSS FeedIT spend switches to T+1.
Financial News, June, 2001
The internet spending spree and the rush to build trading portals has slowed as the US securities industry tries to determine the best e-commerce strategy to adopt, according to new research conducted by US consultant TowerGroup on behalf of the Securities Industry Association (SIA).
TowerGroup's projections show that the growth of overall IT budgets will slow to a 7.8% increase over the next two years, compared to a 17.8% growth in the past two years.
The research also indicates a shift in IT spending among securities firms to infrastructure upgrades, in preparation for next-day settlement due to be introduced in the US in 2004.
Other markets are expected to follow to next- day settlement, with the Canadian securities industry indicating to...
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