Banking and technology analyst Bob Giffords agreed with Ponzo, and said that he was noticing more start-ups in the market.

"I think we are seeing democratisation of the market. Trading costs are coming down, which is putting pressure on clearing and settlement to lower costs too. These costs are coming down dramatically," said Giffords.

"I am also seeing a lot more start-up companies attending conferences to find a vendor to support them. Also, we must not forget that cloud is moving up the scales, which also reduces costs and allows a cheaper entry point," he added.