12 May 2015

Expert Opinion on Standards in Global Financial Markets

This paper reports the outcome of a small scale ‘Delphi’ survey of standards professionals, focussing on the business and economic benefits of standardization in global financial markets and the barriers to standardization. Despite its small scale this survey points to clear conclusions. There are wide ranging and substantial perceived benefits of standardization, but achievement of these benefits has been held back by fragmentation of standards, failures of co-ordination and failure to overcome short-term vested interests. Underlying causes for this lack of standardization are inadequate pan-industry institutional arrangements and lack of resources for developing and promoting standards. Effectively addressing these underlying causes may regulators to play a leading role, working together with industry to develop more effective institutional arrangements for standardization that will operate in the interests of both business and policy makers.

by Alistair Milne, Paul Parboteeah

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SWIFT Institute Annual Report

The SWIFT Institute is dedicated to fostering research and disseminating knowledge and information about the financial services industry. The Institute funds and publishes independent research and brings together academics and practitioners to inform, debate and learn from each other.

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