Chinese and American walls

by Admin 25. October 2013 11:19


If you are as old as I am you might remember Big Bang, which saw many of the old restrictions in The City (UK banking and financial Services) removed and creating the birth of the universal bank and the death of the traditional jobbing stockbroker. The justification for Big Bang was that it would be good for consumers and the economy where as it has mainly been very good for the larger banks, and for some of the shareholders of the smaller organisations who quickly got snapped-up and absorbed into rapidly growing financial services giants. Big Bang fundamentally changed financial services in the UK as out went Bowler hatted City gents and in came American “Lunch is for wimps” aggressive young Turks.


Some controls were put in place where it was obvious that conflicts of interest would exist. Many of these controls fell under the general heading of Chinese Walls that like their more tangible namesakes were meant to protect the delicate privacy of some teams from those who might be tempted to peak under the kimono to gain competitive advantage at the expense of the firms clients or the general public. Chinese walls were just as effective as they sound, which is not very. Perhaps if the City gents had remained they would have been more respected but that is history.


As these financial behemoths have grown and developed a far more effective wall has developed but this one unfortunately protects no one and ultimately hurts the effectiveness of these organisations. Given that these walls seem to be most prevalent in the organisation most influenced by the American divisions (since all are now global in nature) I’m going to refer to these as American walls and they encircle individual business units and in many cases subsections of those businesses.


Take a typical global banking organisation. It will operate across many asset classes. There will be the advisory business, corporate finance, research, cash equities, fixed income, prime brokerage, commodities, FX, rates, all sorts of derivatives, perhaps High Frequency Trading and who knows what else. Many of these teams will be subdivided by geography, market sector or further by asset class and each team will build a nice high wall around itself. Inside the wall the team will build applications for trading, settlements and even risk management. They may have their own market data contracts and reference data feeds and they will guard all this jealously from all those barbarians outside the walls. They will resist all attempts to build firm wide systems siting their specialist needs, requirements to be agile, confidentiality or whatever works in their organisation.


These American walls aren’t hard to see if you work in the company. If you are in one of these teams you may only see your own and perhaps some of the higher ones of adjacent teams, but if you are in a cross functional group you may feel like you are wandering around the Labyrinth for all the high walls on every side. Core infrastructure teams will try to deliver uniform services into these teams and most will accept the basic services of networks, platforms and database etc. Even these however may be subtly warped once inside the walls with teams demanding considerable customisations or even full scale replacements to meet their specific needs.


Organisation wide projects such as SOA, service busses, Internal clouds or universal data platforms fail when they hit these fortresses dedicated to single asset classes or business practices. The not-invented-here mentality of the IT teams aligned to these groups tends to foil the simple adoption of broad architectures which would allow these global universal financial services organisation to better serve their customers, be more efficient and more than anything to save money. The problem is the constant merry-go-around of senior IT managers ensures that these new ideas get tried again and again and fail again and again. What these organisations really need is a group wide CIO of sufficient status and leadership ability to change not just the technology but also the culture to allow adoption of some of these cross silo initiatives. The bank that does that will certain gain competitive advantage. Whether that can happen whilst the business aligned IT leaders have so much power is debatable. Only a CIO who has credibility with the board will dare to make such changes. I wait and watch to see which of the global banks manages to do this first.


Certainly the longer they wait the higher those American walls get.


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