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The Future of the CTRM
The world is slowly moving towards the more open architecture where how you integrate with external parties. And I think there's a real tension between allowing another third party to integrate with your system, which could create a lot of savings but potentially expose your IP. The fortunes of many CTRM vendors will be driven by the fortunes and the evolution of the traders and how the market develops. You'll see country-specific packs which take account of regional differences,. particular regulations, laws, et cetera, that you have to deal with in certain cases.