After a few days, it is clear that despite the flurry of activity in Toronto that much remains to be done for the global securities industry for a return to 'normalcy', if it can be done at all. From the Celent S&I practice perspective, the tone overall at SIBOS was one of subdued concern mixed with pessimism regarding the global economic situation and proposed legislation, including Dodd Frank and EMIR (OTC derivatives reform). Firms are looking for a firm foundation upon which to stand. Because the market is so unpredictable, it is difficult to envision scenarios where brokerage operations, clearing institutions, market infrastructure, transactional banks, and IT vendors can grow and increase market share. As a result of this difficulty in seeing into the future, an upcoming capital markets report will analyze and assess Dodd-Frank and EMIR in the area of OTC derivatives reform. We will lay out the most plausible scenarios, determine which is the most likely scenario, and build out a number of implications from the IT perspective. We hope that this will give clients firmer ground upon which to stand as they seek support and budget to purchase new IT solutions, develop new features and modules, set up new business ventures and challenge competitors with greater optimism. Stay posted.