The Association for Financial Markets in Europe is to form a new technology and operations committee, at a time when banks are still grappling with the operational implications of post-crisis regulation and the pressure to manage their mounting costs.

James Kemp, the managing director of Afme's global foreign exchange division, who will manage the initiative, said: "There is an increasing desire to promote efficiency and reduce costs in the investment banking industry, and there is also an opportunity to standardise processes where possible. Our goal is to create a forum where industry participants can discuss and act on these priorities openly and constructively."