Do Ops Legacy Systems Cost More Than Staffing?

REMOTO WORKFORCE Team I Updated on - June 1, 2022


Surprisingly, Brian Collings, CEO of Torstone Technology, thinks that the biggest cost of post-trade operations actually stems from the transition away from legacy platforms to updated systems rather than the people costs that have traditionally been the focus of belt-tightening Ops managers.

FTF News conducted this video interview with Collings during the Sibos conference in London last month.

Collings says that over the years staff costs have been consistently driven downward.

“So, it’s coming to the point where not much more of that can be done. It’s more, ‘How do you automate the remain of what you’ve got?’ But there is a transition of moving from a legacy platform, for example, to a more modern platform. There’s a hump that people need to take a sort of a five-year view on how they can get that repaid over that period. So, still very much a cost but the hard thing is getting over that initial transformation and hump.”
To get through that transition, financial services firms will need a short-termed phased approach, says Collings.

CREDITS:
Video Production: Janene Knox.
Interview conducted by Eugene Grygo, chief content officer, FTF News
Co-Producers: Sarah Hathaway, vice president, Financial Technologies Forum (FTF) and Grygo


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Tags on this video: Securities Operations,Automation,Back-Office,Regulation & Compliance,Regulatory Reporting,Data Management,Operational Risk,Governance,Risk Management,Integration,Middle-Office,Standards,General Ops,FTF News,Eugene Grygo,Brian Collings,Torstone Technology

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