BACS has the need for speed, according to global custody audience
07 December 2017 London
Image: Shutterstock
鈥淭he three days movement of cash by BACS in the UK is shameful鈥�, according to an audience member at this year鈥檚 Global Custody Forum in London.
Panellist Beverley Furman, managing executive of central securities depository operations at Strate, agreed that 鈥渂anks are waking up and realising the UK is slow, these UK banks do need to realise that technology is the future of cryptocurrencies鈥�.
To achieve this increase in overall speed, Furman stated that there needs to be 鈥渕ore of a collaboration and a sense of partnership [between global custodians]鈥�.
鈥淕lobal custodians main concerns are asset recording and settlement achievements,鈥� she said.
Other panellists noted that automation in both T1 and T2 environments are beneficial to the industry and the speed of moving cash.
Anand, head of custody at StockHolding, said: 鈥淭he level of automation in a T1 environment helps us鈥�, while Brian Allis, senior vice president and head of State Street trustees, commented: 鈥渨ith T2 you can usually get all your cash ready quicker.鈥�
Furman added that if there was a clearer structure in the industry, across the world, regardless of timezone and automation, it would help financial management information systems especially.
Allis said that the US model is one to follow and learn from.
鈥淭here are single platforms of dismediation already happening in the US, it鈥檚 way ahead of Europe in that sense,鈥� he explained.
鈥淭he second Markets in Financial Instruments Directive has given the UK challenges with a compromised timeline. But US models, and also German models, in terms of buy-side, are the ones to follow.鈥�
Panellist Beverley Furman, managing executive of central securities depository operations at Strate, agreed that 鈥渂anks are waking up and realising the UK is slow, these UK banks do need to realise that technology is the future of cryptocurrencies鈥�.
To achieve this increase in overall speed, Furman stated that there needs to be 鈥渕ore of a collaboration and a sense of partnership [between global custodians]鈥�.
鈥淕lobal custodians main concerns are asset recording and settlement achievements,鈥� she said.
Other panellists noted that automation in both T1 and T2 environments are beneficial to the industry and the speed of moving cash.
Anand, head of custody at StockHolding, said: 鈥淭he level of automation in a T1 environment helps us鈥�, while Brian Allis, senior vice president and head of State Street trustees, commented: 鈥渨ith T2 you can usually get all your cash ready quicker.鈥�
Furman added that if there was a clearer structure in the industry, across the world, regardless of timezone and automation, it would help financial management information systems especially.
Allis said that the US model is one to follow and learn from.
鈥淭here are single platforms of dismediation already happening in the US, it鈥檚 way ahead of Europe in that sense,鈥� he explained.
鈥淭he second Markets in Financial Instruments Directive has given the UK challenges with a compromised timeline. But US models, and also German models, in terms of buy-side, are the ones to follow.鈥�
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