Trevor Gatfield, head of securities operations at Investec, explained to attendees that his own firm operates with one trading system and one back office, which allows it high levels of STP, efficiency and the ability to deal with exceptions quickly. Fellow panellists from rather larger organisations Royal Bank of Scotland (RBS) and HSBC noted that even though they have not reached this level of integration, they are working towards a single view of data across their organisations. Cressida Hamilton, who is in charge of securities operations for fixed income and equities at HSBC, indicated that her firm is keen to realise the benefits of a globally consistent data management environment. To this end, the One HSBC programme has been running for a number of years and has involved the rationalisation of the group's various data management teams into one centralised unit.