Sustainability, T+1 settlement, and even the virtual-reality interfaces of the “Metaverse” … The triggers for action at international standardisation body ISITC vary broadly. On stage at Sibos, representatives of the board shared their update.
The ISITC acronym stands for the International Securities Association for Institutional Trade Communication. It is the finance industry’s coordination body when it comes to driving standards for data flows and work processes in the post trade space. Aligning practices between the US and Europe is one aspect.
Kristin Hochstein, who has her day job at London Stock Exchange, doubles as chairman of the ISITC board. She shared the stage in Amsterdam on Tuesday with fellow board members Paul Fullam of FIS and Charles-Raymond Boniver of SWIFT.
With market reform, including the moving towards T+1 settlement, the need for standardisation of data flows in post trade is greater than ever, they suggest. Within the association, “forums” work with the big pictures, then working groups sort out details. One of the topics that has been looked into lately, is how financial firms could collaborate in 3-dimensional digitally modelled environments, “the metaverse”. In fact, the board members could show photo evidence.