Making every dollar count: key findings
A clearer view of how firms are balancing cost, resilience and transformation in securities operations in 2026.
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Based on input from 297 market participants worldwide, these key findings examine the cost of securities operations in 2026, where budgets are rising, how legacy platforms continue to absorb spend and which areas of change are driving the strongest operational pressure.
Securities operations
Budget
Average securities operations budgets are over USD 1bn for tier one firms in 2026 – and look set to grow by a further 6-7% in 2027
Tier one firms are outspending their tier two peers by 2-3 times per staff member
Wealth managers
Investment
Wealth managers and brokers are out-investing peers by at least 25%.
Brokers and wealth managers are growing spend to accommodate multiple shocks to their business model: e.g. 24/5, T+1
24/5 trading
Cost
Round-the-clock trading will cost the industry >USD 0.5 million per firm - more for those without a global operating model.
Firms without follow-the-sun operating models will face the biggest leap to 24/5 trading and clearing – tier 2 firms above all
Securities operations are under growing pressure as firms balance rising cost, legacy technology and the demands of ongoing market change. The challenge is no longer only controlling operating spend, but deciding how to reallocate budgets without weakening resilience or slowing transformation.
How are firms managing securities operations cost in 2026? Where are budgets being absorbed by legacy platforms, market change and system replacement activity?
These key findings draw on responses from 297 experts across the buy side, sell side, custodians, exchanges and technology providers worldwide. They examine global budget levels, the burden of legacy technology, the cost of market infrastructure change and the investment priorities shaping securities operations across regions.
The research highlights:
USD 1125.3 million average annual budget: buy-side and sell-side firms continue to commit significant spending to securities operations in 2026
44% of costs tied to legacy platforms: legacy systems remain a major structural burden, rising to more than 70% of costs in North America
13% reduction in legacy spend: firms are beginning to reduce legacy expenditure in order to release capacity for newer investment
USD 13 million+ annual cost of market change: market infrastructure change is creating a significant recurring cost for individual business units
49% engaged in system replacement: many firms are actively replacing legacy platforms as part of broader operating model change
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