To those outside the murky world of banking operations, Sibos is something of a mystery. Each year, thousands of delegates migrate to spend a week locked in a conference centre with endless presentations on riveting subjects such as straight-through processing (STP), data dictionaries, the Wolfsberg International Registry and continuous-linked settlement. Dante himself could hardly have dreamt up a worse vision of hell for most people.

However, Sibos is not quite as bad as that. Originally the Swift international banking operations seminar, Sibos has become a focal point for those involved in transaction services: securities, trade and cash management. Since the first meeting in Brussels in 1978, it has progressed from being an operationally focused seminar for banking's oily rags to a high-powered gathering of top bananas and heavy jellies. Wherever it goes, government ministers come to pay their respects. That is quite a change from the days in 1985 when Sibos could fit comfortably into a tired hotel in Brighton.