Breaking out of the cells: banks’ long goodbye to spreadsheets
Lenders are cutting back on Excel amid tighter regulation and risk concerns
![](/sites/default/files/styles/landscape_750_463/public/2024-05/Escape-from-Excel.jpg.webp?itok=Qk9Tfg4L)
In February 2023, an employee of Norway’s sovereign wealth fund accidently keyed in “December 1” instead of “November 1” while working on an Excel file. This triggered a miscalculation of the composition of the index against which the fund was being measured. The mistake would end up costing the Norwegian state Nkr980 million ($92 million).
When the European Spreadsheet Risk Interest Group (Eusprig) meets in London in July for its 20th annual conference, errors like these will be top of mind. The
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact customer services - www.fx-markets.com/static/contact-us, or view our subscription options here: https://subscriptions.fx-markets.com/subscribe
You are currently unable to print this content. Please contact customer services - www.fx-markets.com/static/contact-us to find out more.
You are currently unable to copy this content. Please contact info@fx-markets.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@fx-markets.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@fx-markets.com
More on Tech and data
Dealer relief at delays to Refinitiv Matching’s tech migration
First phase of replatforming for Swiss spot pairs set to be pushed to mid-2025
Common FX solution needed for mid-tier banks, says SG’s Estrada
e-FX Forum: Fee compression and costly tech spending should encourage dealer collaboration, he says
Data reveals hidden clockwork of FX forwards market
More than 70% of Vanguard’s volumes and nearly half of Pimco’s regularly occur on just four calendar days
Non-banks in RTGSs: greater efficiency or more risk?
Policy-makers and practitioners from central banks in Brazil, Hungary, Israel, Romania, Rwanda and the US share their perspectives
FX automation plans focus on predictive analytics – panel
Panellists suggest banks could explore AI tools for foreign exchange pricing
FX automation: mission incomplete?
This FX Markets webinar delves into the evolution of FX trading desks, the challenges to automating trade workflows, and what vendors and liquidity providers are doing to address this
Banks, vendors mine AI for corporate FX hedging
New machine learning algos can help corporate clients adjust hedging ratios, but tech’s effectiveness is limited by data quality, experts caution
Outlook for e-FX: opportunities and risks for banks
As electronification spreads into new areas of FX trading, banks are under pressure to digitise more of their offerings to remain competitive. The race is now on to automate pricing, trading and hedging in areas such as non-deliverable forwards, swaps…