Since the publication of the 2021 report on Global Operating Approaches, AFME has continued to track key changes in banks’ operations functions. Our 2024 edition, the Future of Operations: Keeping Capital Markets on the Front Foot, sets out the latest findings by exploring recent advancements in operational strategy, models, governance, and technology. It offers an in-depth analysis of the strategies employed by operations leaders to transform operations from a traditional back-office role into a central component of a bank’s strategic framework and competitive advantage within Wholesale Capital Markets.

In collaboration with PwC, AFME has explored current trends in operations within European capital markets to gauge their impact across:

• Operational objectives
• Strategy execution
• Risk management and compliance
• The role of technology
• Governance and the changing role of the COO

The trends and developments outlined in the report are based on the collective expertise and experiences of industry Operations leaders obtained through survey responses from, and follow-up interviews conducted with, Chief Operating Officers (COOs) and heads of Operations from across AFME membership.

In working with our members, AFME in conjunction with PwC aims to understand the links between Operations and advocacy. We hope this report serves as a helpful basis for discussions between Operations leaders and policymakers as we move into the next phase of strengthening financial markets.