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Wall Street Shifting From Mainframe Platforms

Traditionally, Wall Street has been a bastion of the mainframe computer. But advances in technology, the industry's increasingly aggressive use of it, and indisputable cost advantages are encouraging more firms to begin the evolution to new platforms.

Higher trading volumes and widespread use of sophisticated trading algorithms require nimbler, more sophisticated and more cost-effective technical solutions, and evolutions in technology have made available alternatives to mainframe systems. As a result, says Wall Street and Technology, "modernization seems inevitable."

At the same time, the generation of IT professionals who are expert in mainframe computing are closing in on retirement. The younger tech staff replacing them have focused their training on providing newer solutions. A large number of technology firms - including Oracle, Unisys and Fujitsu - are offering migration paths away from the mainframe world.

Some financial-tech executives say securities firms and investment banks have become more sophisticated in their approach to technology. "It's a big cultural and technological change, but the workload has been dripping off the mainframe for quite some time now," Dale Vecchio, vice president of Gartner's application development research group, told the magazine.

"Users or customers have become much more sophisticated in their understanding of technology, and they have a higher expectation. They are much more demanding of the technology," Yacov Wrocherinsky, chief executive of Infinity Info Systems, an IT consulting firm catering to financial services companies, says. "The younger generations, when they get into the workforce, will make the baseline even higher."

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AUTHORMark Feffer Insider Comment
  • An
    Andrea Greggo
    1 March 2007

    This article has no actual information in it. It discusses moving off the mainframe, but doesn't state what platform could handle what the mainframe does today? Additionally, the comment on modernization seems misplaced - what does that have to do mainframes? System z boxes handle the same open standards based SW as other platforms - and "legacy" products like CICS and IMS support Web services. Even Gartner stated "IBM's transaction processing SW are 1st class members in an SOA". I wish this article had some actual information in it, instead of broad and misleading commentary that appears to have no factual basis.

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