Future of Securities Services - Virtual Symposium 5th May 2021
Thank you all who attended the session last week certainly more than I had expected and, as with all good parties, we even had gate crashers!. Our belief is that we really saw the benefits of international collaboration during the break out sessions and the results are better because of it – even if rather late in Australia by the time we finished!
The session was introduced by Phil Brown (ISSA Chair) who - in addition to being delighted to be in a socially distanced meeting with colleagues – ran a quick poll on office life, travel and vaccinations to test the polling machinery. With that successfully completed the results were:
- Back in the office: 38% expected to be back in the office full time
- Vaccinations: 50% of the attendees have not had one yet
- Company travel before year end: 67% expected that their company will allow no travel before 2022
- Intercontinental travel allowed by year end: 38% felt that if they were allowed to travel, it would include international destinations.
Archie Stebbings (Partner Oliver Wyman) then gave a thorough presentation of the work underpinning the FSS paper, the big picture of what is happening, and could happen, within both the world economies and the industry over the next decade.
Next, Colin explained how we are using the input from the September polls on priorities and what we are already working on. Applying a lens of «Members’ Priorities» and what «ISSA’s ability to influence» we have taken the 16 opportunities and focused on 6
Interactive sessions then followed, with participants being randomly allocated to breakout rooms. The aim was to have the different groups discuss and answer a number of key questions:
- How will the work effect change through collaboration and communication to make the Securities markets more efficient and effective whilst reducing the risk for all participants?
- On which aspects can ISSA express clear strong (authoritative) views on implementation, industry positioning, etc.?
- Is this topic already covered by another industry organization? Is this topic an area where ISSA is uniquely positioned to address?
- How will the Working Group's output be used? Ideally, it should lead to action and not just be a one-time thought piece.
- Any additional points the Breakout Teams think are important
The groups then presented back their thoughts and recommendations and we had a final poll on the proposal to take to the Board the favourite ones were:
|Digitisation Best Practices||25% (from 34% before the presentation)|
|Common Data Standards||20% (from 14% before the presentation)|
|Private Markets||19% (from 17% before the presentation)|
|API||15% (from 17% before the presentation)|
|ESG Standards||12% (from 16% before the presentation)|
|Cyber||9% (from 2% before the presentation)|
In addition to the voting there were adjustments made to the questions in the breakout rooms (such as Cyber Cloud and quantum was repackaged to «Cloud adoption best practices including Cyber»). Given that a number of elements that were suggested for focus can be captured in other Working Groups, Colin agreed to take away the conclusions and work with the Operating Committee to see how we can best cover the topics in a combination of new WGs and existing ones and the appropriate timelines for the work to start.
Our thanks to the Olivier Wyman team of Archie Stebbings and Magnus Burkl who again did a great job sharing the knowledge and running the polling.
The presentation can be found using this link.
Colin Parry, ISSA CEO