Global securities services players have evolved to play a critical role in capital markets, making them ideal partners for clients that want to operate across global securities markets and in multiple asset classes. The financial crisis has had an adverse impact on their functioning with rising cost-income ratios, declining margins and increased regulations. Firms are implementing large-scale transformation projects, which may take the form of offering new value-added services, entering into strategic alliances or executing technology transformation to remain competitive and viable in the future.