Enterprise Applications and Services in the Finance Industry

Therapiddevelopmentandadoptionoftechnology-basedinformationcommu- cationandproductdeliverysystemshavefacilitatedglobalizationofthe?nancial services industry and removed the barriers between its vertical segments. New business and market models require the adaptation of existing IT infrastr- tures as well as the development of innovative solutions for both experimental and operational systems. In this context several aspects are creating a highly innovative and at the same time competitive setup in the ?nancial industry. In the workshop series on enterprise applications and services in the ?nance industry (FinanceCom) we try to capture this development. Here service-oriented computing concepts and architecturesplayamajorrole.Whenapplyingthesenovelconceptsintheba- ing and?nancesectorthebusiness valueofsucharchitectureshasto beassessed quantitatively. Also the heterogeneous and evolving service-oriented modeling methodologies have to be evaluated. Pulling these novel modeling methodo- gies up to a larger picture the technology-driventransformation of the ?nancial industry is emphasized where a highly fragmented and heterogeneous situation is currently developing towards banking value networks. In this ?eld ?nancial business standardization and the introduction of st- dardized service modules play a core role. Applying standardized services c- tainly allows one to utilize economies of scale in a better way and hence fosters outsourcing and o?shoring tendencies in the sector of banking information s- tems. While addressing this aspect of course novel technologies that are being developedin other ?elds also entering the banking and ?nance domain.Web s- vicesandgridcomputing aretwo importantexamples.Howeverthesestandards can only be utilized when being applied homogeneously in ?nancial systems. As an example international standards such as the \markets and ?nancial inst- ments directive (MiFID)\ of the European Union are of key interest.