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HistoryThe idea of an association of securities administrators from all over the world was first conceived in 1975 over a luncheon between C.F. Ahrens, then Head of Securities Administration at Citibank, New York, and B. Imseng, Head of Securities Administration at Union Bank of Switzerland, Zurich. The perceived need was, on one hand, to create an organisation able to collect and disseminate information on the developments in the rapidly changing international securities markets, and on the other hand to offer securities operations professionals a forum to exchange ideas and issues of common interest. In 1979, Citibank, Deutsche Bank and Union Bank of Switzerland, by jointly organising a first meeting of senior securities administrators in Switzerland, laid the foundation of the International Society of Securities Administrators. ISSA continued to grow over the years. Chase Manhattan Bank, Dresdner Bank, Midland Bank and Nomura Securities joined the association as Sponsoring Members, followed later on by BNP Paribas Securities Services, Franklin Templeton, Morgan Stanley and Schroders Investment Management Ltd. Recognising that the face of the securities custody industry has changed dramatically over the years, and that the term "Securities Administrator" no longer adequately describes the nature of tasks performed by its members, the association changed its name to International Securities Services Association at the end of 1996. |
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