... and State Street Bank's access to real time market data made it uniquely positioned to take advantage. The key to successful new product development is to create a value proposition to the target market. State Street Bank had several limitations including lack of a proper new product development process, organizational issues involved in the new products development, the risk assessment system. Also, he was in a dilemma on whether to develop modular application or go for an enterprise-wide application system. Trends in the Regulatory Environment/ Nature of Business: The nature of the custody business changed when the government passed the ERISA legislation which required the plan sponsor of public fund to hire an independent company to provide all trustee work independently of the plan sponsor. Over a period of time, these requirements changed from simple safekeeping of assets, recording and reporting to regulatory agencies to that which offered value added services and ...

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