Leading City Institutions fund Academic CREST Research

Posted by pt91 at Oct 30, 2015 01:35 PM |
University of Leicester management researcher involved in new study of settlement system

Issued by B.I.S.S. Research

London, UK October 29, 2015 – Next year marks the 20th anniversary of CREST (now Euroclear UK & Ireland) the single, most important settlement system in the UK and Irish markets to this day. B.I.S.S. Research, the City think tank, providing research on innovation in financial markets, today announced that it is leading a unique research project into CREST, funded by BT, CISI, Euroclear, the SWIFT Institute and Travers Smith.

An international research team will analyse the design, implementation and impact on the financial markets of CREST. Interviews kindly hosted by the London Metropolitan University with key actors of all sectors involved revealed information and insights from the lead up to its inception in 1993, to its successful implementation in 1996 and beyond. The core research team consists of experts in banking technology, innovation and financial markets operations: Dr. Hermann Rapp from Anglia Ruskin University in Cambridge and Chelmsford, Dr. Marta Gasparin from University of Leicester, and Dr. Cristiana Parisi from Copenhagen Business School.

This research forms the basis of a series of publications and events in 2016/17. Academic publications and international conference presentations are planned, and B.I.S.S. Research will publish with an Executive Summary Industry Report.

Gary Wright, C.E.O., B.I.S.S. Research said “I was amazed during our initial research into CREST that so little has been published or analysed of its success. More has been written about TAURUS, the system that failed, than about this remarkable system. This research project will address this gap. Even today when financial markets are under constant change much can be learned from CREST. Twenty years ago it was the most disruptive and innovative system to be introduced into a fragmented and paper based market infrastructure. The changes made by the financial markets to accommodate CREST covered new system designs, new electronic processes and changes in the working lives of people in the markets. With such widespread change, how did the industry come together to build a long lasting solution on time and within budget? There is much that can be learned for today and for the future.”

Dr Marta Gasparin of the University of Leicester School of Management said: “We will be interviewing the experts in the financial industry, including the members of the team and people that were involved with the CREST project. We have even been able to interview the Ministry’s secretary that lobbied for changing the law in the 90s, to favour the system.

“We are now analysing these from two main angles: how design can benefit the financial sector, which I am leading on, and how the technology can change the financial market, led by Dr Parisi. Through the analysis, we aim at producing academic papers, and also a framework for practitioners and people working in the financial industry on how to successfully engage with design practices to design financial services, and how to successfully engage with technology to innovate/ change the marketplace.”

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About B.I.S.S. Research
B.I.S.S. Research is an independent city think tank providing research, advisory services, training, benchmarking and analysis of industry issues, technology and services in the Global financial services industry. BISS also works with a number of leading universities and research institutes to facilitate research projects relevant to the financial markets.

For more Information please visit: www.bissresearch.com
Or contact: Cathy Wright
Tel: + 44 (0)207 549 3564
Email: cathy.wright@bissresearch.com

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