Vendors Say Wall Street's IT Spend Down, Except Around Trading
The Aite Group has just completed a survey of capital markets vendor CIOs and identified some trends:--As expected, Wall Street firms cut technology budgets more than 5% in 2009. However, they are buying IT services and software to support the growth in electronic trading.
--Large IT services vendors (such as Cap Gemini, Cognizant, CSC, HCL, Infosys, TCS, Unisys and Wipro) say they are being brought in to Wall Street firms most often to help with global trading and settlement, investment banking, trade processing, trading, wealth management and market data services.
--Software vendors (Fiserv, Jack Henry, Oracle and Sungard) say their sales to Wall Street this year have been mostly for trade processing; global trading and settlement; and investment operations, trading and portfolio management.