Last month, the Bank of New York (BNY) struck the match that will light the fire under sellside outsourcing. Its deal with ING, under which ING will outsource its international cash equities clearance and settlements operations in London, New York, Hong Kong and Singapore to BNY, is the largest of its kind in Europe and represents an important step forward for the business.

Kerry Tremble of Atos KPMG Consulting says: "Many trading businesses have looked at outsourcing in recent years, but have been waiting to see the concept effectively tested by others before they themselves take the plunge. The ING/BNY deal is an exciting development in that it should encourage a number of these organisations to revisit their outsourcing plans."