Digitization Working Group

Purpose

This Working Group’s primary objective is to focus on the ISSA participants’ digitalization and digitization journey to understand the challenges and opportunities to promote digital standardization, share best practices and enhance efficiency, risk reduction and an improved investor experience within the industry.

Scope

The digitalization and digitization agenda is broad. This Working Group will focus upon the digitalization of processes as opposed to specific digitization of securities or currencies. Areas of focus should include topics which would benefit from best practice and industry standardisation and also interoperability between participants.

The current in scope topics are:

  • Account opening and KYC
  • Tax documentation, at source or reclaimed
  • Corporate Actions & Proxy Voting – Achieving adoption of machine
  • Manual processes that include hard copy documents & wet signatures
  • API’s  – Development of standardized industry APIs in support of the digitization agenda (covered in Asset Servicing WG)
  • DLT standards and market adoption (covered in DLT WG)
  • ACTIVE TOPIC: Private Markets as demand for investments in this sector is increasing, there is a need to review and enhance the front to back processes and provide better investor outcomes and transparency.

Private Markets

Changing investor behaviour has increased demand for Private Equity and alternative investments – but the process of settlement and registration remains inefficient. In the present phase the Working Group is collating a number of projects or service offerings to see if solutions have a common set of attributes and whether these can form a baseline for best practices. From this the WG aims to review the current challenges and propose an institutional solution for the market incorporating ISSA standards, controls, best practices and new disruptive technologies.

Key Deliverables

Private Markets

  • Establishment of baseline solution flows
  • Define solutions and best practices based on the findings, promote industry adoption and a standard digitization agenda
  • Publish a report and recommendations in Q2 2023

Reports

Private Markets – Call to Action (10/2022) > PDF 2.5 MB

Working Group Co-Chairs

Michael McPolin, Broadridge Financial Solutions
Jan Pledger, BNY Mellon

Executive Sponsor

Samir Pandiri, Broadridge

Instititons Represented by Experts in the Working Group

  • Accenture
  • Aite Novarica
  • BBVA
  • BNY Mellon
  • Broadridge
  • Cognizant
  • DTCC
  • GlobeTax
  • Hong Kong Exchange and Clearing
  • HSBC
  • IHS Markit
  • Indeval Mexico
  • JPMorgan Chase
  • Myriad Group Technologies
  • Nivaura
  • Oliver Wyman
  • Saudi Stock Exchange
  • Strate
  • Symbiont
  • The Mauritius Commercial Bank
  • UBS
  • UniCredit