Operational resilience, delivered at scale The global capital markets infrastructure has been tested throughout this crisis with unprecedented volumes, the move to fully electronic trading floors, remote trading operations and the need to keep markets orderly and liquid. Up to now, the industry has performed across the board and stepped Business will not likely return to the way it was pre-pandemic. Leaders up to be part of the solutions required to mitigate financial impacts, across wealth and asset management and investment banking are now maximize access to credit and capital and keep our world’s realizing that electronic, remote and digital connected ways of economies functioning. working can be successful. This crisis will, however, further accelerate the industry’s need to We believe this will change the notions of large trading floors, base change and adapt. To thrive tomorrow, we believe firms need to move assumptions of infrastructure requirements and lead to a redesign of to the technology architectures of the future. This call to action will operating models and business flows. For example, one firm we know separate the truly agile from those who might continue to suffer from an has activated its “continuous improvement team” to document all its ever-increasing legacy technology burden that will likely limit growth. operational processes during this time of crisis to immediately identify opportunities for re-engineering later. There is clearly an opportunity The market infrastructure providers are already among today’s winners to learn from this experience and prepare for unforeseen obstacles. because of, not in spite of, their hulking legacy mainframes that are able to maintain business as usual. However, we assume the winners in the next period will likely include investment banks, wealth and asset managers, software providers and major service suppliers who are investing to modernize. 5