Market Infrastructure Change

New research on where capital markets firms are prioritising  post-trade and investment operations spend.

Mandatory change, finite budgets and rising expectations are forcing firms to make sharper technology investment choices in 2026. From legacy platform modernisation and market infrastructure transformation to T+1, US Treasury Central Clearing, 24/5 trading and AI, firms are balancing urgent delivery with long-term competitiveness.

Our global survey explores where firms are spending, what is driving change across the trade cycle, and where leaders see true operational differentiation. The findings show an industry under pressure to modernise, contain costs, respond to market change and free up budget for innovation.

85%

of firms are increasing technology spend in 2026

USD13m

Market infrastructure change is costing global businesses over USD13m a year

49%

of firms are engaged in system replacements

70%

Legacy platforms account for 44% of current costs, rising to over 70% in North America

43%

43% of C-level managers see post-trade as a critical differentiator

USD 0.5m

24/5 trading will cost firms over half a million dollars on average

USD 125m

AI spend can reach USD125m, but adoption remains early-stage

Market Infrastructure change is costing global firms over USD$13m a year in 2026

FMI transitions are a core driver of long term costs, rising with market fragmentation. Its important to make sure these deliver value for you.

Legacy platforms are 44% of current costs

Managing legacy platforms (and re-platforming) is costing up to USD 426 million for a tier-one firm.

What leaders should do next

The research suggests five priorities for this year:

Prioritise mandatory market and regulatory change without losing strategic focus
Reduce legacy drag and create room for innovation
Align budgets to capabilities that truly differentiate the franchise
Adopt a pragmatic build-buy-partner approach
Strengthen governance across vendors, delivery partners and change portfolios

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Year-on-year budget growth

Segment and regional comparisons

Priority market developments

Change impacts across the trade cycle

Legacy vs innovation investment patterns

Differentiating vs commoditised capabilities

Technology and sourcing preferences

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Market Infrastructure Change

Key findings at a glance:

What leaders should do next

Access the full report to explore

What's next for your business?