Mission and History

Mission

The mission of ISITC is to engage the collective expertise of its global community of securities operations and technology professionals to create a platform to collaborate on key initiatives in financial services operations. Through the work of its members, ISITC strives to develop, publish, and promote market practices and thought leadership that move the financial services industry forward, reducing capital markets risk and increasing operational efficiency.

History

ISITC, founded in 1991 by a group of industry leaders who believed in the benefit of straight-through processing (STP), created an advanced standard electronic message format for mortgage securities trading, reducing time and errors significantly. Within 10 months of their initial meeting the new format eliminated inefficient delivery methods: facsimile, Telex, and re-keying (a notable accomplishment at the time).

Before long, other companies followed suit, and the standard electronic message practice became standard industry-wide. The group’s innovation created a unique opportunity to apply the success in mortgages to all industry sectors. It would take a distinctive organization to make this happen—the group officially became ISITC.

Milestones

2018 – Finalizes Transition Processing Best Practices
2018 – Collaborates with SIFMA AMG on Market Practice for Margin Call Process
2017 – Launches new website
2017 – Publishes OTC Bilateral IM to Third Party Contract Notifications Market Practice
2017 – The settlement cycle moves to T+2 from T+3
2016 – ISITC celebrates 25 Years!
2014 – Launches the Middle Office Working Group
2013 – Collaborates with DTCC on Corporate Actions Transformation
2012 – Launches the Regulatory Working Group to support global regulatory policies
2012 – Publishes Market Practice for Cleared Derivatives Communications
2011 – ISITC celebrates 20 Years!
2011 – Publishes Trade Matching Best Practice Reduce Industry-Wide Trade Exceptions
2010 – Publishes Market Practice for settling security collateral ISO15022 standards
2010 – Creates Standard of Excellence Award
2009 – Publishes Market Practice for Communication of Standing Settlement Instructions
2008 – ISITC Annual Vendor Show attracts over 25 vendors and 400 attendees
2008 – Publishes Compensation Claims Guidelines and Best Practices
2007 – Publishes Communication of Alternative Commission Details, Corporate Actions Market Practice, Re-Allocation Instructions Market Practice
2006 – ISITC celebrates 15 years
2006 – Endorses FpML Standard for OTC derivatives communications
2004 – Publishes Listed Derivative Market Practice Guide, TBA Market Practice
2003 – Publishes Settlement Market Practice Requirements for MT548
2002 – Publishes market practices in support of ISO15022 standards
2002 – Publishes Market Practice Custody Holdings Reconciliation
1995 – The settlement cycle moves to T+3 from T+5
1992 – Publishes the first US market practice, it quickly gains industry adoption


Past ISITC Chairs

2017 – 2018 – Erica Borghi, Brown Brothers Harriman
2014 – 2016 – Jeff Zoller, T. Rowe Price Associates, Inc.
2012 – 2013 – Jan Snitzer, Loomis, Sayles, & Company, L.P.
2010 – 2011 – Gary Probert, Citibank, N.A.
2008 – 2009 – Genevy Dimitrion, State Street Corporation
2006 – 2007 – Steve Goswell, Barclays Global Investor
2005 – Stephen J. Lachaga, JP Morgan
2003 – 2004 – Kevin Smith, Bank of New York
2002 – Steve Kelly, Goldman Sachs & Company
2000 – 2001 Arthur Barton, Clay Finlay
1999 – Mark Del Col, Bankers Trust
1998 – Mark Del Col, Bankers Trust & Arthur Barton, Clay Finlay
1997 – Larry Rinne, Northern Trust Company
1996 – Larry Rinne, Northern Trust Company & Roz Kracov, State Street Corporation
1995 – Roz Kracov, State Street Corporation
1994 – Nancy Barlet, RCN
1993 – Lynn Zeller, PIMCO

ISITC was founded in 1991 by the following individuals:
Co-Founders:
From the Investment Management side
Nancy Barlet, RCN
Beatriz Inigo, Fischer, Francis, Trees & Watts (FFTW)
Anna Siefert, Capital Group
Lynn Zeller, PIMCO

From the Custodian side
Steve Conway, Northern Trust Company
Roz Kracov, State Street Corporation
Ed McGann, US Trust
Tom Musella, Citibank
*SWIFT was an integral part in assisting in formatting the first ISITC messages.