CSD Outlook 2026: From Operator to Orchestrator in an Always‑On, Networked Market

New market realities are forcing operators to consider this widened scope of change management and how they can best enact modernization without disruption.

The pressure is leading more financial market infrastructure providers to consider managed service models. Specialist teams take primary responsibility for mission-critical infrastructure, reducing operational friction so internal teams can focus on differentiation, product innovation, market growth and member services.

For CSDs, this strategic sourcing opportunity reflects the move beyond purely technical considerations to a holistic assessment of cloud managed operations in terms of:

• Robust governance and policy framework (roles, controls, escalation, evidence)
• Continuous monitoring and rapid issue resolution under agreed procedures
• Disaster recovery and business continuity readiness (tested, auditable)
• Cybersecurity posture aligned to regulated, mission-critical workloads
• Compliance support and auditability embedded into operations

Importantly, the cloud conversation for CSDs can’t rely on generic migration playbooks. Speed-first, lift-and-shift narratives, and broad standardization don’t translate cleanly to mission-critical post-trade workloads. What does translate is outcome-led modernization: stronger resilience, auditability, and disciplined change. Managed operations introduce an operations layer that can run, monitor, upgrade, and govern the platform over time. The result is a more practical cloud journey for CSDs: not “move faster” but “change safely,” modernizing in a way that preserves operational integrity.

This approach enables controlled, governed change by:

• Maintaining mission-critical infrastructure with robust governance while freeing resources for innovation
• Designing programs around substitutability, ensuring systems remain resilient and replaceable
• Reducing operational friction and accelerating time-to-value