ISSA started a Working Group (WG) in the summer of 2020 to look at the Securities Services market's adoption of ISO 20022. The aim was to understand what was happening, and the opportunities and challenges of adopting this standard. The ISSA ISO 20022 Report is the culmination of two surveys of the Members and many discussions within the WG. The report also looks to the future and suggests practical «Next Steps» that can be taken by ISSA and its Members.

ISSA's New Norm Working Group has prepared the second in a series of short articles that deal with the impact of the global pandemic on the Securities Services Industry. In this latest article, the Working Group focuses on the challenges faced, as well as the opportunities created, with the adoption of electronic signatures.

Swiss Re Ltd, Zurich, joined ISSA as a new member in February 2021.

There is a high level of diversity in the application of DLT in Securities Services. To try and address these within a single WG is therefore complex. As a result, the Co-Chairs of the DLT WG (Glen Fernandes, Euroclear and Urs Sauer, SIX Group) have taken the step to maintain the overview by keeping the main DLT WG running, whilst adding three sub-streams focusing on key topics of interest, with deliverables throughout the year: 

  1. Voice of the Customer
  2. Central Bank Digital Currencies & Stable Coins
  3. Standards within DLT

If you would like to join one of the sub-streams or talk about any one in particular please let Colin know.

WTax UK Limited, London, joined ISSA as a new member in the middle of February 2021.

As of 1st February 2021, Mr. Jason James Nabi, Group Head of Strategy and M&A, replaces Pierre Yves Goemans as ISSA Board Member representing Euroclear.

Read about his nomination in the Press Release of Euroclear and ISSA.

 

 

The Cyber WG has created a short article expressing thoughts about the changes in the industry's security environment caused by the increased prevalence of Remote Working/Working from Home. We hope that you find it useful, but equally importantly please let This email address is being protected from spambots. You need JavaScript enabled to view it. know if there are elements that are not covered in the document.

Again we are indebted to the firms that have been involved in bringing this article to fruition and thank them and their experts. The Cyber WG is taking a pause after substantial deliveries over the last 3 years. ISSA believes that the issues unique to the Securities Servicing Industry have been addressed. If there are additional areas where your institution thinks that more work and thought is needed then again please let Colin know.

ISSA’s New Norm Working Group (WG) has prepared the first of a series of short articles that deal with the impact of the global pandemic on the Securities Services industry.  

Most in the industry already know the challenges that the Securities Services business faces. The pandemic, though, has brought these starkly into the spotlight. This is therefore a defining moment for the industry. If the key players come together - and act now - there is an opportunity to drive forward and effect real change. If they don’t, the same discussions will be taking place in another five years.

In this first article, the WG consider the challenges faced by the Securities Services industry in managing different working methods. They then offer insights and guidance as to how working methods could potentially be optimized in the future.

 

The ISSA Board and CEO Office are pleased to inform that the 20th ISSA Symposium has been rescheduled. The revised Symposium details are as follows:

Venue:     Wolfsberg, Switzerland
Dates:      18 - 21 January 2022

Read the full text that was sent to the ISSA Membership.

 

 

As of 1st January 2021, Mr. Andrew Luscombe, Global Head of Market-facing Operations and Network & Head of Group Operations Asia Pacific, replaces Nicola Kane as ISSA Board Membeer representing Credit Suisse Group.

Read about his nomination in the Press Release of Credit Suisse and ISSA.

 

When ISSA and Oliver Wyman set out to write the FSS paper we wanted it to spark a debate within the industry. That was the purpose. To forge, in the heat of debate, a consensus on the areas of focus that ISSA should follow as we execute the our strategy. We are engaging with the membership and will continue to do over the following months. To help the membership further their own opinions on the topics raised we would like to highlight three recent publications from the Global Custodian.

Our thanks to Jonathan Watkins for allowing us the «right to reply» to his article in the video conversation with William Hodash (DTCC) and Archie Stebbings (Oliver Wyman) 

John Gubert’s article on Global Custodian (free access)

Jon Watkins’s article on Global Custodian (behind the paywall)

Video: Jon Watkins talks with William Hodash (DTCC) and Archie Stebbings (Oliver Wyman) responding to Jonathan’s «Dour Outlook» opinion piece (free access)

Mike Thrower (Broadridge) and Colin Parry (ISSA) share their thoughts and views on the findings from the recent Asset Servicing Innovation survey in this insightful podcast.

Podcast

We are delighted that the ISSA and Oliver Wyman paper on the Future of Securities Services (FSS) continues to inform debates in the world’s financial markets. DTCC has created a podcast focused on FSS for their «Advancing Financial Markets Together» series. This features Bari Trontz leading a moderated discussion of the paper between the ISSA Chair Phil Brown, Clearstream and William Hodash, DTCC who were both intimately involved in the FSS Working Group. If you would like to hear an excellent and informative summary of the paper then this podcast is for you.

Podcast

Related Article

ISSA and ACSA are now reciprocal members. The mutual membership approach allows for knowledge sharing and co-operation in areas of common focus.

 

One of the highlights of the year is SIBOS where ISSA showcases a number of our initiatives and meets many of our members and potential members. This year’s SIBOS was going to be virtual https://www.sibos.com/conference/online.

  • The third Episode of the series of the ISSA podcasts is an excellence talk by Jenny Cryan (Citi) and Jason Harrell (DTCC) on the Cyber Security Guidance Paper - Responding to a Cyber-attack on a Securities Services Participant and the present work we are doing on the implications of mass Working From Home on Cyber security.
  • The second Episode in the series of the ISSA contributions is a talk on the Future of Securities Services presented by Bill Hodash (DTCC) and Archie Stebbings (Oliver Wyman).   
  • The first showcase can be found on Episode 1. Presented by Barnaby Nelson, Value Exchange, and featuring Colin Parry, ISSA, Urs Sauer, SIX Group, and Glen Fernandes, Euroclear, the discussion focuses on the findings of a survey on how DLT is being used in the real world today to solve real world problems.

Our thanks for the collaboration with SWIFT and SIBOS to make these possible and we hope you find them informative and interesting. As always please let us have any feedback that you may have.

ISSA has updated its 2018 Regulatory Report taking into consideration recent regulatory developments as well as the current Covid-19 pandemic. «The Regulatory Developments in Securities Services – 2020» Report can be accessed via the following link or through the ISSA website at www.issanet.org.

ISSA’s Working Group on «Future of Securities Services» has focused on creating a discussion document that has been syndicated through of a series of webinars* and a poll among the ISSA membership. These activities have been successfully completed and the feedback has been incorporated in the paper. 

The updated version of ISSA’s «Future of Securities Services» paper, written in conjunction with Oliver Wyman, is publicly available now. ISSA intends to debate the potential topics for action at the ISSA Symposium, being scheduled for the beginning of May 2021.

* In October ISSA ran a series of webinars with the membership. These featured a set of presentations on the paper, a number of polls and audience questions. There have been some requests for a recording of the webinar. So below in three parts (for ease of downloading) is a mash-up of the webinars we recorded - without the audience questions to keep it to a watchable length. If you were not able to attend feel free to watch the webinar and feedback your thoughts to This email address is being protected from spambots. You need JavaScript enabled to view it..”

Webinars part 1

Webinars part 2

Webinars part 3

 

We are delighted to announce that with immediate effect, Mr. Timothy Tilley has been appointed as Citigroup’s representative in the ISSA Operating Committee.

We are delighted to be able to present a short video where Phil concisely sets out the mission, strategy, and the enjoyment of engaging fully with the ISSA agenda. We hope that you enjoy it.

The survey that ISSA & Value Exchange ran over the summer threw up a number of interesting questions. We asked a number of DLT experts from across the globe and representing a cross section of the ISSA membership, to comment on these questions. The short compilation of their thoughts and answers can be found at: https://www.thevalueexchange.co/dltintherealworld

Enjoy the viewing and if you would like to join the working group please send a note to This email address is being protected from spambots. You need JavaScript enabled to view it. and he will introduce you to the co-chairs of the working group. The next two topics from the survey output that will be explored in detail are CBDC and Voice of the Customer.

One of the highlights of the year is SIBOS where ISSA showcases a number of our initiatives and meets many of our members and potential members. This year’s SIBOS is going to be virtual https://www.sibos.com/conference/online.

The second in the series of the ISSA contributions is a talk on the Future of Securities Services presented by Bill Hodash (DTCC) and Archie Stebbings (Oliver Wyman). It can be found at:

https://www.sibos.com/conference/hub/podcasts/the-future-of-securities-services-902274709

For those who missed espisode 1 the DLT podcast can be found at 

https://www.sibos.com/conference/hub/podcasts/dlt-in-the-real-world-891477943

Our thanks for the collaboration with SWIFT and SIBOS to make these possible and we hope you find them informative and interesting. As always please let us have any feedback that you may have.

We are delighted to announce that with immediate effect, Mr. Mike Thrower has been appointed as Broadridge’s representative in the ISSA Operating Committee.

SIBOS Securities Programme

Sibos 2020 is an exciting digital thought leadership event. It will go ahead on the original planned dates, 5-8 October 2020 and continue the conversation with monthly digital sessions and content through to Sibos 2021 Singapore. The format has changed but the conference theme and fantastic, global community spirit remain the same. The event is free of charge for the Sibos community.

For securities markets participants, we have a series of sessions, debates and networking opportunities during Sibos week where we’ll be exploring the changing landscape we all face. Please refer to the attached document with highlights from the Securities programme.

Free of charge for the Sibos community: https://www.sibos.com/conference/register

6 steps to get prepared: https://www.sibos.com/practical-information

Website: www.sibos.com

Twitter: @Sibos #Sibos

LinkedIn: Linkedin.com/company/Sibos

 

ISSA’s new leadership sets out vision for post-pandemic securities services industry 

Throughout the 41-year history of the Zurich-based International Securities Services Association (ISSA), the group’s main goal has been to promote best practices and provide a forum for collaboration within the post-trade industry. 

Members include some of the industry’s most well-known names from custodian banks, central securities depositories (CSDs) and tech vendors and recent work has included the promotion of best practices for tackling cybercrime and developing a post-trade framework for distributed ledger technology (DLT).  

Now at the helm of the industry body are securities services veterans Phil Brown, CEO of Clearstream Holding, and Vicky Kyproglou, Global Head of Network and Mmarket Infrastructure Mmanagement at UBS, as chair and vice chair respectively.  

Global Custodian recently sat down with Brown and Kyproglou to discuss their vision for the ISSA, and how the industry body plans to react to the ‘new normal’ in a post-COVID 19 world. For those with a subscription to Global Custodian, you can  access the full article via the following link: 

https://www.globalcustodian.com/issas-new-leadership-sets-out-vision-for-post-pandemic-securities-services-industry/

One of the highlights of the year is SIBOS where ISSA showcases a number of our initiatives and meets many of our members and potential members. This year’s SIBOS is going to be virtual https://www.sibos.com/conference/online.

Thanks to SWIFT’s strong support for ISSA, we are again going to have the opportunity to showcase some of our work. This time, however, the format will be different - with a number of podcasts over a number of months. The first four podcasts that are planned will be: 

  • DLT
  • The latest Cyber Security Guidance Paper – «Responding to a Cyber-attack on a Securities Services Participant» 
  • The Future of Securities Services draft report
  • The output of the ISO 20022 survey

The DLT podcast has already been published on LinkedIn and our website but, for those of you who missed it, here is a second chance to listen to it at https://www.sibos.com/conference/hub/podcasts/dlt-in-the-real-world-891477943

Please also take the opportunity to register for SIBOS at the same time.

Our thanks for the collaboration with SWIFT and SIBOS to make these possible and we hope you find them informative and interesting. As always please let us have any feedback that you may have.

ISSA launches a new corporate action survey, in collaboration with #theValueExchange, ASIFMA, SIFMA, TNF and the GC magazine. Entitled «Asset Servicing Innovation: Are we in the perfect storm?», the survey aims to provide comparative, benchmark data around how our industry and how each organisation is dealing with the ‘perfect storm’ of SRD-II, CSDR, COVID-19, DLT and more. 

Podcast of the Highlights of the ISSA & Value Exchange «DLT in the Real World Survey»

Stuck at home and wondering what educational material to stream while you run, walk, cycle, bake or otherwise add value to your day? We have the answer: listen to the podcast Barney Nelson of The Value Exchange interviews Urs Sauer (SIX), Glen Fernandes (Euroclear) the Co-Chairs of ISSA DLT Working Group, and Colin Parry ISSA CEO on their thoughts about the DLT Survey. Suitable for all ages and a definitive «must listen» for those who are interested in DLT. We would like to make this the number 1 trending podcast of the year so feel free to download and share with your friends.

The International Securities Lending Association (ISLA) joined ISSA as a new member in the middle of August 2020.

Bursa Malaysia Berhad joined ISSA as a new member at the beginning of August 2020.

Cyber-attacks continue to increase in frequency, sophistication and impact. These attacks have the potential to disrupt critical financial services and could undermine the security and confidence of the financial system. In the 2020 Allianz Risk Barometer the threat to businesses around the globe posed by cyber incidents moved to become the number one threat.

This new ISSA document «Cyber Security Guidance Paper – Responding to a Cyber-Attack on a Securities Services Participant» builds on two previous ISSA Risk Management publications. It provides guidance for the incident management processes of Securities Services participants. This paper proposes considerations for those involved in the Securities Servicing value chain in the event that another member of the financial services community’s defences is compromised. It covers both the compromised party and other Market Participants. Link to the report.

With immediate effect, Ms. Caroline Butler, Managing Director & Global Head of Custody, replaces Tom Casteleyn as ISSA Board Member representing The Bank of New York Mellon Corporation.

Read about her nomination in the official announcement of ISSA.

 

With immediate effect, Mr. Jeffrey Williams, Managing Director & Global Head of Network Management, replaces Lee Waite as ISSA Board Member representing Citigroup Inc.

Read about his nomination in the Press Release of Citi / ISSA.

Beneficial Owner Disclosure has recently become a topic of increased attention from regulators, issuers, market infrastructures and service providers. Processes to request, collect and transmit shareholder information have traditionally suffered from lack of automation and standardisation.

 

The ISSA Corporate Actions Working Group has conducted a survey, with the key aim of capturing a snapshot of disclosure processes and the challenges currently in place around the world. See the results in our latest report.

All ISSA Member Representatives have received an invitation to respond to  ISSA’s new ISO 20022 Survey. The ISO 20022 Working Group was set up in March and led by Juliette Kennel, SWIFT, and Giles Elliott, TCS, has completed phase one of their plan – the creation of the survey and an accompanying Context Document. We would like to ensure that your firm responds to the survey on the present and future adoption of ISO 20022 within the Securities Markets. The time to complete the survey is small but no less important for that. 

If you have an interest in ISO 20022 can you please talk to your ISSA Member Representative and help them respond as appropriate. The output from this survey will be used to inform the next phase of the Working Group’s activity and drive a conclusion and recommendation for the ISSA Board. If you are not a member but want a voice then please think about joining ISSA or email This email address is being protected from spambots. You need JavaScript enabled to view it.

 

ISSA is excited to be releasing the results of the ISSA / ValueExchange «DLT in the Real World» Industry wide survey today: The largest and broadest initiative of its kind to date. Run in cooperation with Accenture, Digital Asset and Global Custodian magazine, this campaign has drawn on views from over 140 organisations to provide you with unique, actionable insights on how DLT is being used across the world.

Coming at a crucial time in the evolution of our industry and of DLT, no other research initiative has ever covered such a wide spectrum of industry segments and profiles - in order to provide you with clear, actionable insights for your business. Click this link to view our Key Findings, giving you an early insight into the major conclusions from this industry survey. If you are an ISSA Member and have responded to the survey using the personalized link you will receive your personalized scorecard and access to the interactive dashboard shortly.

If you are not an ISSA Member or did not respond to the survey and you want access to the interactive dashboard, please contact Colin Parry at This email address is being protected from spambots. You need JavaScript enabled to view it. .

Our thanks go to Urs Sauer (SIX Group) and Glen Fernandes (Euroclear) for leading the ISSA DLT Working Group and getting us to this stage. Equally importantly our thanks to the many members of the DLT Working Group who contributed and the wider membership who responded.

 

 

The month of June marks a point of significant personnel changes within ISSA. Josef Landolt and Urs Stähli having served ISSA for more than 25 years each are retiring from our organization. Lee Waite, ISSA Chairman will hand over this function to Phil Brown, who will be succeded as Vice Chair by Vicky Kyproglou. In addition, ISSA likes to thank Sara Frisch who has run the ISSA website for various decades. We wish all these persons all the best in their further paths. Be sure to read our Special Newsletter.