Securities Services Risks 2024 Working Group


The purpose of the Working Group will be to curate a unique piece of informative and didactic material about the Capital Markets ecosystem, created by and for practitioners and counterparties in the custody business – focused on the risks in Securities Services.


In 2023, ISSA will re-establish the Securities Services Risks Working Group with the aim of producing an updated Securities Services Risks report. The new report will build on the basis of the  2016 ‘Inherent Risk within the Global Custody Chain’ document as fundament and supplement it with observations from the Working Group participants on new and emerging risks within the value chain. The participants aim to curate this document for best practice considerations, educational and awareness purposes.

Key Deliverables

The key deliverables will be:

  • A new ‘Inherent Risk within the Global Custody Chain’ report
  • Inclusion in the report, or links, to relevant topics covered by other ISSA Working Groups (e.g. Financial Crime Compliance, Cyber Risk, etc.)
  • Additional content adapted to social media channels
  • Webinars to support the main topics in the report

Key Outcomes

  • To inform and educate ISSA members, as well as those who have regulatory responsibility, about the new and emerging risks within the Securities Services value chain.


Report «Cyber Security Risk Management in Securities Services» (10/2018) > PDF 929 kB
Inherent Risks within the Global Custody Chain (02/2017) > PDF 1.9 MB

Working Group Co-Chairs

  • Emma Johnson, JP Morgan
  • Andy Smith, BNY Mellon

Executive Sponsor

Philip J. Brown, Clearstream Holding

Institutions represented by Experts in the Working Group

  • Central Depository Services (India) Limited
  • Central Securities Depository Joint-Stock Company Kazakhstan
  • Deutsche Bank AG
  • Deutsche WertpapierService Bank AG
  • Digital Asset Holding, LLC
  • Euroclear
  • HSBC Holding Plc
  • Intesa Sanpaolo Group / Privredna Banka
  • JP Morgan Chase & Co.
  • Northern Trust Corporation
  • Rand Merchant Bank – Custody Services
  • S&P Global / IHS Markit
  • SEB Group
  • Standard Chartered Bank
  • Strate (Pty) Ltd
  • The Bank of New York Mellon Corporation
  • The Depository Trust & Clearing Corporation
  • UniCredit S.p.A.