October 2012: As Good as a Holiday? Really?

They say that a change is as good as a holiday. Generally, they—whoever “they” might be—are right: It provides us with a shift in perspective, and with that, much needed introspection. Change can often be like spring cleaning and stock taking rolled into one.
But not always. It can also be unsettling, especially when you feel you’re not in control of the decisions and the overall rate of change. After all, we’re pretty much all creatures of habit, which means that we tend to feel insecure when we’re forced to makes changes to our routines and the way we are used to doing things, ranging from the time we wake up each day to our choice of cereal and the way we navigate our favorite websites.
This is especially the case for heads of IT departments within capital markets firms, who routinely try to defer change or instead manage it in their own timeframes and on their own terms, which leads to procrastination, inertia, and in some cases, a refusal altogether to make the necessary changes, which can have far-reaching consequences for the effectiveness and efficiency of the business.
Steve Dew Jones’ feature takes a cursory look at the variables involved in the process by which firms go about upgrading or replacing their legacy infrastructure. I use the adjective “cursory” intentionally, given the impossible task of conveying in 1,800 words the vagaries that impact some of the most perennially vexing challenges facing technology executives. But regardless of how much resistance to change CIOs might exercise, change transpires nonetheless, and when it comes to legacy systems, the challenges are particularly acute.
Legacy technology is, by definition, outdated. But it can also be vital to the normal, day-to-day functioning of an organization, although that doesn’t make it any more current and therefore exempt from the chopping block. Often, firms have grown up to be reliant on certain applications—many of which were developed in-house and feature proprietary technologies with auxiliary apps vulgarly hanging off them—making the weaning process all the more painful. It’s safe to say that the “rip and replace” approach is simply not a viable option these days—incremental change is the way to go, where every decommissioning project is managed in a disciplined fashion, discretely and objectively.
But regardless of how well change is embraced within financial services firms, it is still accompanied by a lot of pain and upheaval. So spare a thought for capital markets CIOs next time you quote cereal box philosophies about the virtues of change—that is a clique content to live without any change. Ever.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@waterstechnology.com or view our subscription options here: https://subscriptions.waterstechnology.com/subscribe
You are currently unable to print this content. Please contact info@waterstechnology.com to find out more.
You are currently unable to copy this content. Please contact info@waterstechnology.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@waterstechnology.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@waterstechnology.com
More on Trading Tech
Asic probe piles pressure on ASX to deliver Chess replacement
But market insiders think late intervention by regulators could even slow down implementation.
Stakes raised for UK bond, EU derivatives tapes after Ediphy clinches win
The pressure is on for TransFICC, Etrading, Finbourne, and Propellant Digital, who are still vying to provide the UK’s fixed income consolidated tape after Esma awarded the EU’s tape to Ediphy and its partners.
Exchange M&A, US moratorium on AI regs dashed, Citi’s “fat-finger”-killer, and more
The Waters Cooler: Euronext-Athex, SIX-Aquis, Blue Ocean-Eventus, EDM Association, and more in this week’s news roundup.
LSEG officially sunsets Eikon
The exchange operator withdrew the platform from its product lineup this week.
Cloud Wars: Are EU and APAC firms really pining for homegrown options?
Waters Wrap: In the wake of tariffs and regional instability, there’s chatter about non-US firms lessening their dependency on the major hyperscalers. Anthony is not buying it.
Bloomberg, MTS expand portfolio trading to EGBs
The platform providers will follow Tradeweb with the extension of the popular credit protocol.
Doing a deal? Prioritize info security early
Engaging information security teams early in licensing deals can deliver better results and catch potential issues. Neglecting them can cause delays and disruption, writes Devexperts’ Heetesh Rawal in this op-ed.
Google gifts Linux, capital raised for Canton, one less CTP bid, and more
The Waters Cooler: Banks team up for open-source AI controls, S&P injects GenAI into Capital IQ, and Goldman Sachs employees get their own AI assistant in this week’s news roundup.