The Industry Is Moving. So Must We.
Voices of ISITC | Paul Fullam, Chair, ISITC
Change is certainly underway across the securities industry. We’re seeing continued developments in digital assets, artificial intelligence, settlement practices, and messaging standards. Each brings opportunities, but also challenges for firms trying to determine where to invest their time and resources.
For me, the bigger question is how we, as an industry, manage these changes. And perhaps more importantly, how we work together to make meaningful progress.
I had an opportunity to reflect on this during two recent events: Sibos 2026 in Miami and ISITC’s Fall Forum in Orlando. Both reinforced why organizations like ISITC play such an important role.
A Healthy Debate at Sibos
At Sibos, I participated in a debate on a subject that many of us have been discussing for years: whether the securities industry should continue supporting both ISO 15022 and ISO 20022 messaging standards or establish a clearer path toward ISO 20022.
Marcin Zawistowski of KDPW joined me in advocating for an end to coexistence. Emma Johnson of The ValueExchange and Giles Elliott of Tata Consultancy Services (TCS BaNCS) presented the opposing perspective, with Juliette Kennel of Swift moderating.
It was a pleasure to share the stage with such knowledgeable and respected colleagues. While we approached the issue from different perspectives, we all want to see the industry move forward.
Our case was simple. Coexistence was never the destination. The industry created it as a bridge to ISO 20022, and somewhere along the way we started living on the bridge. Payments already made the move. Securities hasn’t, and adoption on our side has barely budged in years.
Running both standards means maintaining both, every year. Anything new that doesn’t fit ISO 15022 ends up in free text unless someone files a change request and waits about 18 months for approval. Free text means manual processing, and manual processing is where data gets missed.
None of this means switching off 15022 tomorrow. Firms have real money invested in their current infrastructure. What I argued in my closing is that the industry should set its own date, somewhere in the 2030 to 2035 range, after which 15022 gets regulatory changes only and every enhancement goes into 20022. If we don’t set that date ourselves, a regulator will eventually set it for us.
The debate was lively, and the audience was clearly engaged. At the conclusion, attendees were polled, and 65% voted in favor of ending coexistence.
I wouldn’t suggest that one audience poll settles the issue. But it does indicate that there’s considerable interest in taking a fresh look at an approach we’ve followed for many years.
There was another aspect of Sibos that I think deserves mention. Aundrea Jarvis, a longtime ISITC member and leader who currently serves as an advisor to our Board of Directors, and I were both invited to speak at the conference.
This speaks to ISITC’s standing in the industry. Our members are recognized for their knowledge and experience, and they’re being asked to contribute to discussions that help shape the future of securities operations. It’s encouraging to see that recognition extend beyond our own events and Working Groups.
Bringing the Conversation Back to ISITC
A little more than a week after Sibos, we held our annual Fall Forum in Orlando.
The event brought together members and industry colleagues to discuss many of the same challenges firms face in day-to-day operations. Topics included market infrastructure modernization, digital assets, private markets, and developments affecting clearing, settlement, and corporate actions.
What I particularly appreciate about ISITC events is the opportunity to get beyond the headlines and talk about what these developments actually mean for firms.
It’s one thing to discuss the potential of digital assets or the benefits of new technologies. It’s another to determine how they will work alongside existing systems, what changes they’ll require, and how firms can implement them without creating unnecessary risks or inefficiencies.
Those are the types of conversations we need to be having.
And they’re not always easy conversations. Firms have different priorities, technology environments, and views on the best way forward. That’s understandable. But having a place to share those perspectives openly is extremely valuable.
It’s also one of ISITC’s greatest strengths.
Our Working Groups and events bring together people who understand securities operations because they deal with these issues every day. They’re willing to share their experiences, challenge assumptions, and work with their peers to find practical solutions.
I saw that firsthand at the Fall Forum, and it’s something I continue to appreciate about this organization.
Why Membership Matters More Than Ever
I also believe the changes taking place across the industry are making firms take a closer look at the value of participating in organizations like ISITC.
As firms consider new technologies, regulatory requirements, and changes to market practices, they need reliable information and access to people who understand the issues. They also need opportunities to contribute to the discussions that may ultimately affect their businesses.
We’re seeing that interest reflected in our membership, which continues to grow and attract firms from across the securities industry. Recent additions include UMB Bank in asset servicing, Brown Advisory in asset management, UBS in brokerage, and technology and solution providers such as Intercontinental Exchange, Broadridge, Lukka, and Meritsoft. It’s encouraging to see this breadth of participation, particularly as the challenges facing our industry increasingly require cooperation among firms with different roles and perspectives.
That’s encouraging because the issues ISITC addresses don’t affect just one type of firm. Asset managers, broker-dealers, custodians, market infrastructure organizations, and technology providers all have a stake in how the industry evolves.
The more perspectives we bring to the table, the better our discussions and, ultimately, the more useful our work becomes.
For firms considering membership, I think that’s an important point. ISITC isn’t simply an organization where you attend an occasional conference or hear about industry developments. It’s an opportunity to get involved, build relationships with peers, and contribute to work that can make a difference across the industry.
Looking Ahead
One of my priorities as Chair is to ensure ISITC remains an organization firms turn to when they want to understand what’s happening in securities operations and help shape what comes next.
Discussions at Sibos and our Fall Forum reminded me that our membership has a great deal of experience and expertise. We also have people who aren’t afraid to question established practices or offer a different point of view.
That’s a good thing. We won’t always agree on the best approach, and we shouldn’t expect to. But we can learn from one another and find ways to move forward.
The securities industry will continue to change. Some developments will happen faster than we expect, while others will take years to work through. Either way, firms will need to make decisions that affect their operations, their customers, and their ability to compete.
I believe ISITC plays an important role in helping them navigate those decisions.
Based on recent conversations, I’m confident our members are ready to do just that.