The industry has done well in cooperating, but it is still not enough, according to a panellist at The Network Forum in Vienna.
The panel, which included Goran Fors of SEB, Philippe Laurensy of Euroclear, Julia Romanyi of Unicredit, Urs Staehli of ISSA and Mike Clarke of Deutsche Bank, suggested that there is still room for improvement around collaboration.
A speaker explained that the industry is still cautious about working together and cooperating because of worries around losing the competitive advantage.
Another speaker said that the industry has to come together when new regulations are implemented because a lack of collaboration can cause complications in the market.
However, when the panel asked the audience what areas the current level of cooperation is most successful in, panellists were “surprised by the results”.
Of those who responded, 76 percent suggested regulation, while operations and IT infrastructure both received 12 percent of the vote.
Commenting on the results, a panellist said: “I am very surprised. Although there has been collaboration, we are able to do a lot more.”
The audience was then asked where they thought further cooperation was needed. Just under half, 45 percent, said more work was needed around IT infrastructure and process innovation, while 41 percent said regulatory topics and 14 percent said work needed to be in the operations space.
Responding to the poll results, one speaker said: “I’m encouraged by the results.”
The panellist explained: “What comes across very strongly is for us to embrace technologies that are available and use them to make the business better. However, we are only able to do that if we move step-by-step and hand-in-hand together to achieve that.”
Another question posed to the audience was on the AFME questionnaire. Delegates were asked: ‘What efficiency has the AFME questionnaire brought to the industry?”
Over half, 60 percent, of participants, said that they can already feel some efficiency, however, there is still a long way to go; 25 percent said they are very happy with the efficiency already gained, but some minor adjustments are needed; 8 percent said we are at step zero, with no efficiency at the moment; 6 percent asked what is the AFME questionnaire good for; and finally 2 percent suggested the industry is perfect as it is and it just needs to be more consistent using it.
From these answers, panellists encouraged the audience to “work together more”, but reinforced the message that although there has been efficiency, there is still a long way to go.
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