Financial institutions looking to improve operational efficiencies post regulatory changes
Stockholm – 13 February 2014 – An Infiniti Research survey sponsored by TradeTech Consulting Scandinavia AB - a Virtusa, Swedish subsidiary - reveals that the numerous regulations currently being enforced in Europe’s financial markets have considerable impact on business functionality.
Beginning 2011, European financial markets have witnessed an upsurge of regulations such as the Foreign Account Tax Compliance Act (FATCA), the Basel III Capital Requirements and the Markets in Financial Instruments Directives (MIFID). The Infiniti Research survey aimed to understand the influence and impact of these regulations on various factors such as business operations, technological developments and types of funding.
Key findings:
Joakim Wiener, CEO of TradeTech Consulting, commented, "Most regulations have turned out to be significant cost drivers, and improved automation through new IT initiatives is the preferred way to counteract adverse effects of these compliance initiatives on the bottom-line. Companies who are fastest to adapt to new market conditions will emerge with significant market advantages over their competitors."
About the survey
A judgmental sampling survey was conducted in the Banking and Insurance industries in Nordic, Netherlands, the UK and other European countries. The survey, which has a confidence level of 95%, involved in-depth one on one interviews with senior financial executives. Their job titles include: Compliance Officers, Chief Financial Officers, Chief Executive Officers, Head of Administration, Chief Risk Officers, Economic Capital Modellers, Heads of Capital Management, Heads of Business Support, Heads of Treasury, Heads of Capital Markets, etc.
A whitepaper based on the study is available for download at:
http://www.tradetechconsulting.se/about-us/white-papers/
Media contacts
Joakim Wiener
CEO, TradeTech Consulting
+46 70 871 21 18
joakim.wiener@tradetechconsulting.com
Maggie Warbrick
Public Relations and Marketing
+46 70 688 78 87
maggie.warbrick@tradetechconsulting.com
About TradeTech Consulting
TradeTech Consulting delivers outsourcing and consulting to the financial services sector. Established in 1998, we tailor specific offerings for corporate treasury, banks, financial institutions, government and central banks. TradeTech Consulting are vendor and hardware independent. TradeTech Consulting was acquired by Virtusa Corporation in January 2014. www.tradetechconsulting.com
About Infiniti Research
Infiniti Research Ltd is a global customized market intelligence firm with offices in the US, Canada, the UK, India and China. Founded in 2003, we have the experience in conducting complex research assignments and serving 120+ Global clients including 35 Fortune 500 companies. Our team of 200+ research analysts with specialization in different sectors, conducts research on more than 50 countries (including all OECD and extended BRIC countries), and in more than 20 languages (including French, German, Mandarin, Japanese, Korean, Spanish, Portuguese and Hindi). We conduct 400+ in-depth research assignments every year. www.infiniti-research.com