Exhibit 5 | CM Players Have Varying Preferences for Their Fintech Engagement Mix INCUBATORS AND ACCELERATORS ARE PREFERRED FINTECHS FOCUSED ON CM ARE MOSTLY FOR ENGAGING WITH FINTECHS ENGAGED VIA M&A AND VC 0 Incubators Incubators and 44 161 20 5 and 2 accelerators accelerators 2 Venturing 10 124 13 7 Venturing 19 1 Strategic 4612 29 13 Strategic 15 partnerships partnerships 1 M&A 7 19 15 33 6 M&A 53 R&D 47511 3 R&D 17 065 130 195 0612 18 24 30 36 42 48 54 Total number of fintech engagements by type, 2010–2016 (H1) CM-focused fintech engagements by type (%) Clearing-houses Custodians Exchanges Banks Information service providers Venues Sources: CB Insights; DealRoom; S&P Capital IQ; Tech in Asia; Expand Research; BCG analysis. Note: Based on an analysis of the fintech engagements and internal R&D initiatives of 40 CM players: 14 banks, 11 information service providers, 8 exchanges, 3 custodians, 2 clearing-houses, and 2 venue operators. promising businesses, the opportunity to cost-effectively outsource experimental R&D, and the ability to discover budding tech talent. Internal innovation labs, meanwhile, can help attract IT expertise. Moreover, investment banks have been registering patents to protect and monetize the IP they have been developing inter- nally. For example, Goldman Sachs has filed patents both for a virtual settlement currency called SETLcoin and for swap futures contracts to secure recurring reve- nues from third parties. Regulators and central banks have launched their own ac- celerators with the potential to help fintech companies achieve authorization. An Urgent Need for Action Though the overall CM ecosystem has been thriving in recent years, the industry is facing a perfect storm of multiyear revenue declines on the sell side, an exodus of technical talent (partly toward fintechs) that requires banks to look outside their own organizations for resources, an expanding supply of fintechs brought on by the growing need to replace legacy IT architecture across the industry, and a wealth of maturing technologies (such as cloud, machine learning, and big data) that are ready to be applied to the CM industry. Banks must take action now both to protect their own interests and to boost the CM fintech ecosystem as a whole. These actions include: • Focusing on standardization The Boston Consulting Group 15