The following story discusses the lack of operational automation at European Private Banks, across all asset classes.

http://www.finextra.com/fullstory.asp?id=16642

From a Fixed Income perspective this is quite amazing. The amount of small tickets these guys write means there would be massive potential for long-term savings in processing costs – perhaps the margins they charge clients makes this irrelevant?

Needless to say their counterparties would welcome fewer failed small trades, the vast majority being on corporate bonds.

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