The message was clear from Securities Industry Association President Mark Lacritz at a technology speech in New York, eFinancialNews reports.
The recent mutual fund and corporate scandals and the need to comply with them have put both technology and financial services firms into a tough hole, he told 700 delegates at the annual SIA technology management conference.
"Regulators, politicians and the media have put us on the defensive as an industry," Lacritz said. "The bull market in regulation has coincided with market declines, revenue declines and waning investor confidence." He added, "It has undoubtedly put us in a squeeze."
Lacritz seemed worried that one of the results of eliminating fraud would be the damaging of budgets, saying that technology spending will almost certainly go up to comply with new regulations.
The staff of Money Management Executive ("MME") has prepared these capsule summaries based on reports published by the news sources to which they are attributed. Those news sources are not associated with MME, and have not prepared, sponsored, endorsed, or approved these summaries.