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Press Release

February 13, 2014

New Regulations Impacting Business Functionality Across Europe

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:

  • 90% of the respondents were of the opinion that the regulations implemented in Europe’s financial markets had an impact on the cost structure of the business operations.
  • 100% indicated that they would adopt measures to improve operational efficiency, in order to reduce high operational costs.
  • 80% indicated that the regulations are expected to revolutionise the usage of IT in business operations.

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

 

 

About Virtusa

Virtusa Corporation is a global provider of digital business strategy, digital engineering, and information technology (IT) services and solutions that help clients change, disrupt, and unlock new value through innovative engineering. Virtusa serves Global 2000 companies in Banking, Financial Services, Insurance, Healthcare, Communications, Media, Entertainment, Travel, Manufacturing, and Technology industries.

Virtusa helps clients grow their business with innovative products and services that create operational efficiency using digital labor, future-proof operational and IT platforms, and rationalization and modernization of IT applications infrastructure. This is achieved through a unique approach blending deep contextual expertise, empowered agile teams, and measurably better engineering to create holistic solutions that drive the business forward at unparalleled velocity enabled by a culture of cooperative disruption.

Virtusa is a registered trademark of Virtusa Corporation.  All other company and brand names may be trademarks or service marks of their respective holders.

 

Media Contact:

Matt Berry
Conversion Marketing
(201) 370-9133
matt@conversionam.com

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