Home / Bankers must ditch “silo” systems

Bankers must ditch “silo” systems

New trading regimes and mobile investors will demand migration to open architectures.

A lack of integration among the region’s capital markets players means they could be hampered in their ability to quickly adopt to new financial markets and trading regimes across the region.

Jim Massey, director of professional services for Gulf Business Machines (GBM), told ITP during a Gulf Capital Markets conference in Dubai this week, that legacy first generation platforms were no longer suitable for trading in the 21st century.

“There are a lot of silo based systems, which take a lot of time and effort to integrate new products into,” he said. “However, second generation products tend to be based on an open integration platform which allows you to bring in different modules. Whether it’s the electronic trading modules, market surveillance modules, real-time, broker back office, order routing network, they can all be integrated more easily on the new platforms.”

He also predicted that mobile trading would be more interesting to this region than electronic trading. “This area has a high penetration of mobile phones and mobile trading already. You can’t just take solutions from the west and plant them here because the markets are different and the investors are different.”

Follow us to get the most comprehensive technology news in UAE delivered fresh from our social media accounts on Facebook, Twitter, Youtube, and listen to our Weekly Podcast. Click here to sign up for our weekly newsletter on curated technology news in the Middle East and Worldwide.

REGISTER NOW | Webinar Event | Security you can bank on – Safeguarding the Middle East’s financial sector

Presented in partnership with security and network specialist Cybereason, the second in the three part webinar series will bring together a panel of experts to discuss how banks and financial institutions are evolving their service offering while simultaneously staying one step ahead of the cyber criminals who seek to bring their operations crashing to the ground.

CHANNEL AWARD 2018