The latest set of guidelines expected to be issued by the end of this year by the Basel Committee on Banking Supervision will lead to "massive system upgrades" by global banking institutions, according to David Kelly, director of credit products for Quantifi, a financial software company that provides numerical models, pricing and risk analysis tools.
The spending will be "across the board" on hardware, software and integration, he said. But the "biggest challenge is data,'' he said in midtown Manhattan Wednesday.
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