Securities service technology evolution: factsheet

Where legacy, data and workflow are shaping technology priorities in securities services.

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Developed with S&P Global, this factsheet examines how European securities services firms are responding to growing pressure across technology, operations and market structure. It looks at where legacy still absorbs budget, why workflow redesign is becoming more important and how firms are preparing for T+1, automation and digital asset readiness.

Legacy still absorbs budget

Legacy

Legacy remains one of the biggest constraints on change across securities services.

Large parts of the operating environment are still shaped by older systems, fragmented workflows and data constraints.

Data blocks automation

Data

Automation is still being slowed less by ambition than by weak data foundations.

Data quality and workflow inefficiency continue to limit how far firms can modernise at scale.

Readiness gaps remain

T+1

A graphic showing 69% have not engaged IT providers on T+1.

T+1 is exposing where technology readiness is still lagging behind market deadlines.

Earlier technology engagement is becoming increasingly important as settlement cycles compress.

European securities services are under pressure from several directions at once. Accelerated settlement, regulatory change, infrastructure transformation, liquidity demands and digital asset readiness are all increasing the need for more resilient operating models.

Where are the biggest technology and workflow pressures building across securities services? How are firms responding as legacy systems, data constraints and fragmented workflows continue to limit automation and change?

These key findings, developed with S&P Global, examine how firms are managing legacy budget pressure, workflow inefficiency, T+1 readiness and technology priorities across a more demanding operating environment.

The research highlights:

Legacy still absorbs a large share of budget: nearly 44–47% of budgets remain tied up in older systems

Data quality remains the main blocker to automation: 58% cite data-related blockages as the primary barrier to progress

T+1 is exposing capability and readiness gaps: 69% have not yet engaged IT providers on T+1

Workflow redesign is delivering more than technology spend alone: process change is producing stronger results in many cases

Cloud, APIs, AI and digital assets are moving into the operating core: firms are reassessing how newer capabilities fit into longer-term infrastructure plans

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