Research from the International Securities Association for Institutional Trade Communication (ISITC), shows that over the next two years, almost three quarters of global financial services firms are expected to increase spending on IT.

The research gathered from polls of leading financial services members including executives, managers and brokers pointed to increased financial spending on IT services, however the research also revealed that the future of the industry was uncertain as to how the market would appear by 2020.

Jan Snitzer, chair of ISITC, said: "What is clear is that although progress has been made in improving our industry's infrastructure and processes, there is still much room for us to improve."