Bailey McCann, Opalesque New York:
The International Securities Association for Institutional Trade Communication (ISITC) has conducted a new survey of industry professionals ranging from investment managers, broker/dealers to vendors asking them for their outlook on the future of the financial services industry. The results showed significant uncertainty surrounding the future of the industry.
According to survey authors, 82% of respondents indicated that the future of the industry was, "cloudy" at best. Nearly half of respondents said that the US economy is not poised for recovery but a prolonged period of slow growth - sentiments that have been echoed by both economists and economic data. Although the US economy showed overall positive numbers for February, census data shows a drop in capital-goods orders. Consumption numbers have also stayed relatively stagnant since January - figures that point to more to slow growth than a robust recovery.
Regulation is also a chief concern for financial industry professionals and will have a significant impact ......................
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