Changing business models have forced capital markets firms to revamp IT systems and slash costs, resulting in transformation projects throughout their organization. Despite massive cost-cutting and other initiatives, most banks have not reached pre-crisis levels of return on equity. Capital markets firms have found themselves working with technology platforms that have, in many cases, been custom-built for individual product “siloes,” with disproportionate functionality to support complex trading activities. Such custom applications may support the businesses of the past better than those of the present and future. Adding standardized capabilities — such as todays regulatory reporting — to custom applications can be frustratingly difficult and costly.