European securities services are under pressure from several directions at once. Accelerated settlement, regulatory change, infrastructure transformation, liquidity demands and digital asset readiness are all increasing the need for more resilient operating models.

Where are the biggest technology and workflow pressures building across securities services? How are firms responding as legacy systems, data constraints and fragmented workflows continue to limit automation and change?

These key findings, developed with S&P Global, examine how firms are managing legacy budget pressure, workflow inefficiency, T+1 readiness and technology priorities across a more demanding operating environment.

The research highlights:

• Legacy still absorbs a large share of budget: nearly 44–47% of budgets remain tied up in older systems

• Data quality remains the main blocker to automation: 58% cite data-related blockages as the primary barrier to progress

• T+1 is exposing capability and readiness gaps: 69% have not yet engaged IT providers on T+1

• Workflow redesign is delivering more than technology spend alone: process change is producing stronger results in many cases

• Cloud, APIs, AI and digital assets are moving into the operating core: firms are reassessing how newer capabilities fit into longer-term infrastructure plans