Financial reform carries a price tag – or penalties for past transgressions, if you want to look at it that way. Various fees and assessments, whether for capital requirements, examinations, deposit insurance or resolution funds, will be increased or newly introduced. Moving more over-the-counter instruments into clearing systems or exchanges means more capital and collateral charges, though presumably with risk-reducing benefits.

But those are just bills from outside authorities. What will the post-crisis environment force on organizations in the way of internal operations and technology expenditures? The trend is, obviously, up, for both compliance and competitive reasons. An industry whose profitability is on the mend should find these incremental needs, for the most part, affordable. But as they assess the relative costs and benefits, it is just as likely that not all financial services companies will approach their spending on technology, trading and risk systems the same way that they did going into the crisis. ....

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