ISITC Working Groups

There is no better way to produce solutions to matters effecting trade processes than by taking part in lively and collaborative discussions that will influence change. This is the role of our Working Groups, each of which takes on a specific and vital issue.

• Claims & Compensation

  The mission of the North America Claims and Compensation Working Group is to focus on claims, charges and losses caused by failed financial transactions (securities trades, payments, foreign exchange,...) as a result of errors made by parties to these transactions, or by their agents. The objective is to provide our industry with a set of recommendations and best practices that participants can agree to implement voluntarily with each other in any context (such as the cross-border market) where no other compensation practices prevail by the force of regulation and law.

  
• Commission Management

  The mission of the Commission Management Working Group is to improve the efficiencies of participants in the commission management business through the introduction of industry standardization and best practices.

  
• Corporate Actions

  The U.S. Corporate Actions Working Group mission is to examine business processes throughout the life cycle of a corporate action. Our goal is to define standards for the US market and examine variances with global market practice for the purpose of harmonizing corporate action messaging standards and move toward increasing automation and achieving greater STP throughout the industry. The working group recommends enhancements/modifications to the ISO corporate action message standards to ensure they meet the needs of the market.  The working group is also the forum for discussing and recommending enhancements to business processes and collaborating with other industry groups in addressing new business processes within corporate actions.

  
• Derivatives

  The mission of the OTC Derivatives Working Group is to work in conjunction with the AMF and other industry groups to create market practice standards around derivatives processing, focusing on trade notification, reconciliation, collateral movements, and interest payments (resets).

  
• Industry Initiatives

  The Industry Initiatives Working Group is a channel for communicating updates to the ISITC membership as we engage with other organizations such as ISO, SMPG, ISDA/FpML, FIX Protocol Ltd, ISITC Europe, SWIFT and others. We also use this vehicle to discuss and agree ISITC's position whenever we are required to submit comments or vote.

  
• Investment Funds

  The main goal of the investment funds working group is to increase efficiency with the automation of the US domestic investment funds industry. This group will define a standard set of rules for the processes of distribution, servicing, and settlement of fund investments between the market participants within the US funds business.

  
• Marketing

  The mission of the Marketing Committee is to plan, promote and execute events that keep the ISITC membership informed and make an impact on the securities industry. This includes developing and organizing conferences, discussion forums, workshops, seminars and on-going public relations initiatives.

  
• Payments

  The mission statement of the Payments Market Practice Group is to provide market practice recommendtion for implementation and use of payment messages, as related to financial instrument transactions (i.e. securities) inclusive of instruction, confirmation and status messages between investment managers, custodians and subcustodians.

  
• Reconciliation

  The mission of the Market Practice - Reconciliation Working Group is to provide market practice recommendations on existing and potential issues for all messages that facilitate the cash and securities reconciliation process.

  
• Reference Data

  The Reference Data Working Group advances critical discussion on issues impacting financial instrument and market participant reference data within the trade lifecycle and works with other industry groups and participants in developing and promoting market practice standards.

  
• Securities Lending

  The Securities Lending Working Group’s mission is to establish comprehensive market practice standards for all securities lending related activity

  
• Settlements

  The mission of the Market Practice - Settlements, Cash, and Treasury Working Group is to define best practices for the communication of settlement instruction and confirmation messages for all securities related financial instrument types; third party and bank to do foreign exchange transactions; collateral messaging and currency movements. This group will work collaboratively with other industry and ISITC working groups.

  
• Technology & Standards

  The mission of the Technology & Standards Working Group is to provide insight and education into the technologies relating to Straight Through Processing for the securities industry, and promote methodologies and standards to achieve more consistent communications and connectivity between financial institutions.