Banks Face Costly, Complex Technology Upgrades

Banks Face Costly, Complex Technology Upgrades

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Even as banks build new technology in response to threats from fintech upstarts, some of their existing systems are struggling to keep up with new regulations.

The Commodity Futures Trading Commission in the past several months has fined Deutsche Bank AG , J.P. Morgan Chase & Co. and Barclays PLC over failure to report of derivatives trades in a timely and accurate way. The problem: technology issues in the banks’ back-office systems for accurately or rapidly reporting trades of swaps, which are bets on the direction of interest rates, commodities and other assets.

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