ISITC
ISITC (N.A.) is a 501(c)(6), not-for-profit global industry association that represents securities firms, banks, and asset management companies. This includes securities brokerage firms, investment banking institutions, custodians, broker dealers as well as the vendors and utilities that serve the investment management community.
The association focuses on the creation of 'best practices' in the use of standards and other tools in the community to enable better communication between firms.
It is vendor-neutral and does not participate in direct lobbying efforts.
ISITC develops, publishes, and promotes market practices and thought leadership to advance the financial services industry, reducing capital markets risk and increasing operational efficiency.[1] These published market practices, such as those for mortgage backed securities (MBS) are widely adopted throughout the financial industry.[2]
Industry publications regularly track updates to alert industry users to changes.[3][4][5][6]
ISITC hosts several virtual and in-person events annually for members and industry professionals, including three major conferences – the Securities Operations Summit, Fall Forum and Winter Forum.
ISITC currently has 53 firm members and over 1,500 individuals who are employees of those firms.
History[edit]
ISITC was founded in 1989 to create global best practices for commonly used industry standards. It was formally established in 1991 following the adoption of SWIFT message formats.[7]
ISITC Europe, a separate organization, was founded later in 1992 by London-based colleagues. The organizations are separate, however the membership base of ISITC North America and its sister organization, ISITC Europe, work together to collaborate on best practices and education. ISITC and the International Operations Association (IOA) joined together in 1997.
ISITC was previously an acronym for International Securities Association for Institutional Trade Communication but was later changed to ISITC alone to indicate the wider remit beyond trade communication.
References[edit]
- ↑ Ryan Neal (31 May 2019). "Financial firms need to standardize data so fintechs can build next-generation software". InvestmentNews. InvestmentNews. Retrieved 22 January 2021.
- ↑ "ISITC Market Practice Standards for MBS TBAs". DTCC. Retrieved 4 January 2021.
- ↑ Porter, Scott. "ISITC Publishes Updated Listed Derivative Market Practice". Securities Operations. Retrieved 4 January 2021.
- ↑ "ISITC Updates Tri-Party Repo Market Practice Guidelines". Global Custodian.
- ↑ Staff (4 June 2019). "ISITC Publishes UMBS Market Practice for Single Security Initiative". Traders Magazine. Traders Magazine. Retrieved 6 January 2021.
- ↑ Eugene Grygo (9 June 2020). "ISITC's Workaround for SWIFT & Negative Trading Prices". FTF News. FTF News. Retrieved 22 January 2021.
- ↑ Hills, Bob (August 2000). "Common message standards for electronic commerce inwholesale financial markets". 284Bank of England Quarterly Bulletin: 278.
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