Many would say that the kind of issues coming to the fore now have always been around. It’s just that for Post Trade Processing (PTP), their priority has been low in the past. As any market develops new factors will affect it, and financial services is a market that has seen more innovation and shifts in emphasis than most over the last 10 years – HFT (High-Frequency Trading), a plethora of new investment products, correspondent clearers, agency custodians, Multilateral Trading Facilities (MTFs), general clearing members, and increasing regulation amongst many others.