Creation of new group highlights ISITC’s continued dedication to best practices and industry standards
ISITC (The International Securities Association for Institutional Trade Communication), the industry trade group focused on standards in transaction processing and related communications, today appointed co-chairs for the recently launched Middle Office Working Group. The new group will provide a forum for the middle office community to discuss common issues and business process requirements and develop best practices across post-execution and pre-settlement functions.
Following the formal launch of the group onsite at the 2014 Annual Conference in March, ISITC has nominated and formally appointed four co-chairs, Kerry Coleman of GMO, Altaf Hossine of The Boston Company Asset Management, Martin McCluskey of J.P. Morgan Securities, Inc. and Omar Medina of UBS Investment Bank, to lead the group’s initiatives. The co-executive sponsors of the group include Paul McSherry of Liquidnet, Evelyn Galeano of Standard Chartered, and Michael Fiscella of Morgan Stanley.
“As the industry continues to evolve, it is important that we, as an organization, stay ahead of those changes and work to develop best practices in order to eliminate areas of operational risk,” says McSherry. “With the increase in trade volume and complexity, best practices for trade allocation, trade confirmation and pre-settlement processes are more important than ever.”
The Middle Office Working Group, comprised of individuals from investment managers, vendors, custodians and broker-dealers, will work together to aid in the development of standardized workflow procedures to adapt to the rapid changes in the industry due to increased trade volume and complexity, regulations and changing technology specific to the middle office.
Industry changes such as the shortened trade cycle, increased global regulations and the changing landscape in clearance and settlement prompted the development of the new working group. The executive sponsors and co-chairs will be at the center of coordinating meetings with members and key industry participants to discuss and work to resolve current issues that confront the middle office community now, as well as plan strategically for the future.
“The creation of this group is another example of the important role our working groups play in ensuring that our membership remains ahead of key issues and regulations facing the financial services industry today,” comments Jeff Zoller, Chair of ISITC and Vice President at T.Rowe Price. “The launch of our Middle Office Working Group is an important and exciting step towards fostering critical dialogue and continuing the development of effective solutions for the industry in this complex space.”