Making every dollar count: key findings

Securities operations are under growing pressure as firms balance rising cost, legacy technology and the demands of ongoing market change. The challenge is no longer only controlling operating spend, but deciding how to reallocate budgets without weakening resilience or slowing transformation. 

How are firms managing securities operations cost in 2026? Where are budgets being absorbed by legacy platforms, market change and system replacement activity?

These key findings draw on responses from 297 experts across the buy side, sell side, custodians, exchanges and technology providers worldwide. They examine global budget levels, the burden of legacy technology, the cost of market infrastructure change and the investment priorities shaping securities operations across regions.

The research highlights:

• USD 1125.3 million average annual budget: buy-side and sell-side firms continue to commit significant spending to securities operations in 2026

• 44% of costs tied to legacy platforms: legacy systems remain a major structural burden, rising to more than 70% of costs in North America

• 13% reduction in legacy spend: firms are beginning to reduce legacy expenditure in order to release capacity for newer investment

• USD 13 million+ annual cost of market change: market infrastructure change is creating a significant recurring cost for individual business units

• 49% engaged in system replacement: many firms are actively replacing legacy platforms as part of broader operating model change