Leading capital markets firms are seeking to undertake an evolutionary and adaptive apporach moving away from big bang changes when it comes to transforming their technology and operations. This is a key finding from the recently published Celent report titled The Great Transformation in Capital Markets: Revolution to Evolution, that analyzes the progress of the transformation journey in capital markets so far, and discusses how firms are thinking about their next phase of technology transformation. For this research, we talked to 17 tier 1 and 2 banks across US, Europe and Asia, and complemented them with our existing and ongoing coverage of key technology and operational themes in capital markets.