On its 10th Anniversary, The Network Forum (TNF) descended on Paris, where Experts discussed Artificial Intelligence (AI), Due Diligence challenges at Financial Market Infrastructures (FMIs), the role of data in 24/7 trading, and the best ways to attract bright young talent into the industry.
Are we at an AI turning point?
From summarising detailed documents through to real-time monitoring of Market and Counterparty risk, and analysing Service Provider fee schedules, Network Managers are increasingly embedding AI into their day-to-day operations.
However, some Network Teams are beginning to have reservations about the technology.
One Network Manager noted AI is filtering into the Association for Financial Markets in Europe’s (AFME) Due Diligence Questionnaire (DDQ) process. Just as Agent Banks are populating DDQs using AI, Network Management is deploying it to analyse their responses. While AI can speed up what was once a time-consuming exercise, the Network Manager warned that using the technology excessively risks undermining the value of the DDQ.
AI Cyber risk is also a growing issue, and it is prompting some Network Managers to rethink their Due Diligence approaches. One Client said they are shifting away from traditional point-in-time reviews towards more ad hoc assessments to ensure that the systems at their Agent Banks are being continually updated and Cyber-hygiene is maintained.
Productivity but at what Cost?
AI may help people do things faster, but it comes at a cost. While some Financial Institutions treat ‘Tokenmaxxing’, or high AI token consumption, as a sign of workplace productivity, others have been given a rude awakening after seeing their soaring AI bills.
Two years ago, a typical conversation with a generic AI tool would set a user back by about$0.04, but with today’s more sophisticated agent-driven workflow architectures and models, that figure is now closer to $1.20 per orchestration. [1] Having exhausted their technology budgets as a result, some Firms are beginning to impose strict caps on Employees’ AI usage.[2]
One expert at TNF noted that formulaic, repeatable operational processes in Post-Trade, such as anomaly or fraud detection and account openings, need better automation, not powerful AI agents. They continued that organisations should be more refined when using AI, arguing the technology’s real value add lies with solving complex or nuanced problems rather than delivering marginal back-office efficiencies.
Due Diligence barriers at FMIs
During TNF, a handful of Network Manager Clients were frustrated that FMIs are refusing to respond to DDQs. This comes in spite of US banks, for example, being told by their local Regulators to perform more comprehensive Due Diligences on FMIs in their Networks, shared one Client.
Some Network Managers are a bit more sympathetic about the radio silence coming from FMIs.
They said that in some countries, only one Central Securities Depository (CSD) or Central Counterparty Clearing House (CCP) may be available, leaving Investors with little choice but to use that Provider if they want to continue trading. Many of these FMIs simply do not have the time or resources to respond to hundreds of bespoke Due Diligence requests.
FMIs are being inundated with competing, often duplicative, due diligence questionnaires, once again underlining the importance of standardisation.
Although CSDs have come in for criticism about their perceived opacity, a Network Manager jumped to the defence of CCPs, highlighting they are being more transparent about their margin methodologies, member default testing, and risk frameworks.
Moving towards 24/7 markets – the Data Queston
In an attempt to boost market competitiveness and liquidity, some of the major US Exchanges, including Nasdaq and NYSE, are extending their trading hours.
The initiative has faced its fair share of criticism. Some argue elongated trading hours could fragment liquidity, widen bid-offer spreads, and pile additional pressure on Post-Trade operations, including batch processing and corporate actions [3],creating yet more costs.
Other issues, particularly around data management, also need to be taken into account.
Fraser Wikner, CEO, MGTL, said enabling compliance in a 24/5/7 trading environment will hinge on Firms having access to accurate, standardised, real-time data, supported by robust governance over how that data is shared both internally and externally.
“Along with having a common identity layer, there needs to be an audit trail and Counterparty mapping in place to ensure frictionless 24/5/7 trading,” he said.
Attracting the Next Generation of Talent
The Industry is struggling to attract and keep hold of top young talent, making a fresh approach to recruitment and retention essential.
Raising awareness about the Industry is a good starting point.
As one Panellist put it quite bluntly, very few, if any, people at TNF harboured dreams in their youth of a career spent working in Post-Trade. Alexander Moss, Business Development Associate, MGTL, broadly echoed this sentiment, telling TNF that while many Undergraduates are familiar with Investment Banking, the Back Office often sits below the radar.
Some organisations are taking proactive steps to win over the Undergraduate cohort.
“A small number of Institutions have introduced a concept known as dual study, whereby Undergraduates work part-time at the Business and carry out their studies simultaneously. As part of this, the Business will pay that person’s tuition fees. This can help Firms identify top talent earlier,” commented Moss.
Flexibility, according to one Speaker, is vitally important if Firms are to attract the best emerging talent. They said their Bank allows Employees to Work From Home (WFH) on a 60:40 split, on an accumulative basis, and in different parts of the country.
However, WFH is a divisive issue, especially amongst the newer TNF generation. Moss is unequivocal that going into the office has tangible benefits for people at the start of their careers, as it allows them to shadow experienced team-members and learn through osmosis.
[1] EY – June 1, 2026 – Unlocking agentic value: A new investment discipline for the agentic era
[2] Bloomberg – June 2, 2026 – Uber caps usage of AI tools like Claude code to manage costs
[3] DTCC – March 30, 2026 – Post-Trade in a Market that never sleeps
