US navel gazes as Japan dematerializes

The US securities industry emerges from tough times with a focus on innovation, but it is playing catch-up to Japan.

Speakers in a session entitled What's next for securities The view from the US suggested that recent difficult years in the US securities industry have demanded dramatic change and laid the ground for a renewed focus on technology and innovation.

Donald D. Kittell, executive vice president of the Securities Industry Association, described how the simultaneous bursting of a number of bubbles, successive corporate and fund scandals and wider security issues have brought about a shift from extreme optimism to caution and retrenchment in the industry. This has demanded a reordering of priorities and highlighted the need to overhaul long standing business models, he said.

Short-term it...

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