CAPITAL MARKETS VISION 2022 Relevance, Value and Growth in the Digital EraMANAGEMENT SUMMARY A trillion-dollar industry—but prone to disruption Capital markets are booming once again. The industry generates around $1 trillion in net annual revenue and shows high pro?tability overall. But while these headline ?gures suggest an industry in strong health, Accenture’s analysis reveals striking disparities under the surface. Other than buy-side players, only a few capital markets businesses are actually creating real shareholder value. Moreover, cost structures are highly fragmented—to an unsustainable degree—making the industry prone to future disruption. Further change is coming to capital markets That disruption will be driven, primarily, by three industry trends: 1. A reshaping core—price discovery is increasingly shifting to platforms and the traditional balance between sell-side, buy-side and market infrastructure is being reshuf?ed. 2. Technology-led innovation—new technologies will be the principal drivers of change, with arti?cial intelligence ?rst and then distributed ledgers set to bring far-reaching disruption and radical new opportunities to the in