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Post-trade change management
Journal of Securities Operations & Custody,
12
(1),
72-81
(2019)
Abstract
The last decade has seen an unprecedented degree of change introduced to the post-trade landscape, prompting organisations — operating in various parts of the post-trade value chain — to carefully consider how best to position themselves for effective transformation. This paper seeks to assist change practitioners in these efforts by:
describing some of the common challenges facing financial services companies embarking on change initiatives;
unpacking a number of aspects that should be contemplated when organisations develop their own change strategies; and
identifying some of the common pitfalls that might undermine an organisation’s ability to properly adopt the desired change.
This paper also puts forward recommendations for measures that organisations may take, in order to optimise their investments in change projects. In a world where change is becoming a constant and unavoidable part of how we Alicia Greenwood Tyrone Arendse *Director of Post Trade Services, JSE Limited, One Exchange Square, Gwen Lane, Sandown 2196, Johannesburg, South Africa; Tel: +27 11 520 7000; E-mail: aliciag@jse.co.za **Head of Change Delivery, Post Trade Services, JSE Limited, One Exchange Square, Gwen Lane, Sandown 2196, Johannesburg, South Africa; Tel: +27 11 520 7000; E-mail: tyronea@jse.co.za Greenwood and Arendse Page 73 operate in this industry, market infrastructures and post-trade providers need to have clear and well-constructed approaches for how best to take on challenges: referencing learnings from reallife examples of large-scale change journeys, this paper provides perspectives on best practices that organisations facing similar projects can align themselves to.
Keywords: change management; transformation; capital markets; post-trade; change strategy
The full article is available to subscribers to the journal.
Author's Biography
Alicia Greenwood is the Director of Post Trade Services. She joined the JSE in February 2016. The Post Trade Services division includes clearing and settlement, risk management and change delivery. In her role, she is responsible for providing an integrated clearing solution, reviewing the risk model, addressing regulatory requirements in terms of CPSS-IOSCO (Committee on Payment and Settlement Systems and Technical Committee of the International Organization of Securities Commissions) principles and providing a solution for over-the-counter derivatives clearing. Alicia’s business career spans more than 18 years working in management consulting, investment banking and capital markets, including in companies such as Accenture, Discovery and Standard Bank, and she has worked across Africa as well as in South Africa. Alicia graduated from the University of Cape Town with a PhD in chemistry, having majored in chemistry and mathematics, and is published in various scientific journals.
Tyrone Arendse is the Head of Change Delivery within the JSE’s Post Trade Services division. He has been with the exchange since July 2012. The Change Delivery team oversees a number of compliance-related initiatives in relation to JSE Clear, the JSE’s central counterparty (CCP) for its exchange-traded derivatives. The team has been responsible for securing JSE Clear’s IOSCO (International Organisation of Securities Commissions) certification as a qualified central counterparty (QCCP), as well as achieving equivalence recognition from the European Securities Markets Authority (ESMA). The Change Delivery team is also responsible for managing all governance matters for JSE Clear, as well as providing support for any change initiatives affecting the CCP’s clients. Tyrone has worked in South African financial services since 2001, first as a management consultant at Accenture, before moving to Investec (focusing on projects in the Private Bank division). Tyrone is a graduate of the Rand Afrikaans University, with a BA in English and psychology.
