Digital Transformation: The Digitalisation of Markets Infrastructure 2024


This report explores the current trends related to on-going efforts by capital markets infrastructure providers to digitalise the wide range of services supplied to buyside and sellside markets participants.

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From a trends perspective, the report defines and examines the different forms of e-trading that are commonplace within the capital markets industry in 2024, and it explores the ramifications of an industry-wide trend – motivated by a global need for the financial services sector to find cost-savings in relation to the increasing volumes of data that institutions or firms were generating, handling and managing led to the movement, albeit gradually – of e-trading technology infrastructure from on-premises locations into Cloud environments.
This report also explores managed co-location and market data services trends by defining their core elements, and it examines how the digitalisation of markets infrastructure allows capital markets firms / institutions to view the continuous in-house maintenance and management of proprietary IT platform estates as a lower long-term cost through the use of managed platforms and the steady uptake of private / public Cloud environments to create efficiency gains and cost reductions for their financial services industry clients.
Additionally, the report discusses the uptake of artificial intelligence and machine learning technology by different types of financial services firms / institutions, arguing that the two approaches to software design and data handling or management still present high barriers to widespread capital markets ecosystem adoption.
Finally, this report presents a summary of the findings of a Q4 2022 to H2 2023 GreySpark survey of capital markets ecosystem participants, which led to an assessment – estimated – of the total market size across the four verticals of USD 5bn. Specifically, this assessment encompasses:
• Buyside and sellside industry Alternative Market Data spending;
• Buyside, sellside and technology vendor industry Managed Applications spending;
• Buyside and sellside industry Managed Co-location spending; and
• Buyside and non-bank brokerage industry Managed Platformb spending.

Published on: 20 Feb, 2024


  • 1.0 Trends in Markets Infrastructure Digitalisation
    • 1.1. Historical Capital Markets E-trading Infrastructure / Ecosystem Trends
    • 1.2. Managed Applications Trends & the Private / Public Cloud
    • 1.3. Managed Co-location Infrastructure & Market Data Services Trends
    • 1.4. Managed Platforms Trends & the Private / Public Cloud
    • 1.5. Future Digital Infrastructure Trends: Artificial Intelligence & Machine Learning
  • 2.0 Assessing the Size of the Digital Infrastructure Landscape
    • 2.1. Alternative Market Data Spending
    • 2.2. Managed Applications Spending
    • 2.3. Managed Co-location Spending
    • 2.4. Managed Platforms Spending
  • 3.0 Appendices
    • 3.1. Table of Figures

Report Data & Figures

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