Financial Technology in the U.S. Municipal Fixed Income Market – The Routledge Handbook of FinTech
Lumesis’ President, COO and Co-Founder, Tim Stevens, authored a chapter, Financial Technology in the U.S. Municipal Fixed Income Market, in The Routledge Handbook of FinTech. Tim was fortunate to have several industry experts provide insight and perspective for his chapter.
The U.S. Municipal Fixed Income Market (the “Municipal Market”), has been transformed by the application of financial technology (“FinTech”) over the past 40 years. Compared to other financial markets, characteristics unique to the Municipal Market have resulted in a relatively slower pace of FinTech innovation and adoption. However, the forces that encourage and drive the application of new technologies are relentless and irresistible, resulting in meaningful FinTech applications and development of the same at an increasing pace. Transformation by FinTech adoption has not been isolated to small pockets of the market, but instead has had a material impact on many aspects of how the market operates. The availability of data and the emergence of new technologies, coupled with increased regulatory scrutiny, entrepreneurial incentives, and competitive pressure on market participants, has fueled FinTech innovation in the Municipal Market, creating a feedback loop where developments in one area spawn new opportunities and advances in another. The application of FinTech to the Municipal Market has largely resulted in positive outcomes, particularly for issuers and investors and it is reasonable to expect continued expansion and innovation. The increasing accessibility of new technologies including machine learning, artificial intelligence and distributed ledger technology, will undoubtedly open up new opportunities such as expanded electronification of trading and portfolio management, the adoption and use of standardized machine-readable reporting by issuers, the adoption of electronic “smart” documents, and further advancements in process and systems integration across the market.
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