1、GLOBAL FINANCIAL MARKET INFRASTRUCTURE REPORT 2026 Back to the futureKey trends and strategic imperatives for tomorrows industry leadersContentsExecutive summary 3Industry outlook 6Deep dive:Artificial intelligence 14Deep dive:New markets 27Conclusion 42 Oliver Wyman3Executive summaryBetween 2020 an

2、d 2025,the Financial Market Infrastructure(FMI)sector grew at an impressive compound annual growth rate(CAGR)of about 15%,expanding to$131 billion revenue by the end of the five years.The surge was driven by volatility and secular growth across most asset classes,the deepening of capital markets,inc

3、reased retail participation,financialization of physical asset classes,and continued demand for risk management.The cash generated from these highly profitable,deep-moat core infrastructure businesses funded inorganic expansion into higher-multiple and recurring businesses in data and technology.The

4、 sector cumulatively deployed more than$100 billion for acquisitions,$88 billion of which was spent on data and technology business line additions,which now account for 30%of sector revenue versus 21%five years ago.This has created more recurring revenue,broadened customer reach,and increased cross-

5、sell into buy-side,sell-side,and corporate clients.The rise of enterprise AI is now stress-testing which of those acquisitions are truly synergistic.Diversification into strategically and operationally synergistic adjacencies should prove valuable and defensible.Less connected extensions,disproporti

6、onately concentrated in commoditized data,analytics and workflow acquired in the last cycle,will face greater scrutiny and risk becoming challenged or a drag on FMI group value.Enterprise AI is now creating both revenue opportunity and threat across FMI data and technology business lines.Exposure is