Outsourcing: Offshoring Takes Hold Among Firms
TRADING TECHNOLOGY WEEK ANNUAL REVIEW 2003
HONG KONG--For financial services firms, offshoring earned a far more prominent place in the lexicon of outsourcing in 2003.
The process where companies move sections of their operations to third-party providers in far-flung regions or set up subsidiaries in countries where IT resources are generally inexpensive was spurred on by the run up to Y2K in the late 1990s. Over the past 12 months, there has been a stampede among securities firms to offshore and quickly reap bottom-line benefits.
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