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Emerging Themes Working Group

Purpose

The Emerging Themes Working Group’s (WG) aim is to bring together different experts with the following purpose:

  • To have in place a framework to enable ISSA to assess a broad range of diverse emerging themes that are beyond the immediate horizon of the current WGs
  • To analyze the key emerging themes stemming from macroeconomic, regulatory, technology, operational and business model developments that are likely to significantly impact the Securities Services industry in the medium to long term
  • Based on this analysis, to recommend to the Board and Operating Committee topics for further detailed review by ISSA WGs

In 2026, the WG will focus on two key themes:

  • Subgroup 1: Practical Guidance to assist in the unblocking of restricted securities
  • Subgroup 2: Future Ecosystems

Participants in each subgroup will change depending on the theme.

Subgroup 1: Restricted Securities

Scope

This subgroup will focus on operational issues associated with restricted securities where restrictions have been applied as a result of sanctions programmes and countermeasures. The aim will be:

  • to consider how firms can make the process of handling restricted securities sustainable whilst blocked
  • to provide practical guidance for managing the future removal of restrictions
  • In scope: securities and cash transactions, income and corporate actions
  • Out of scope: all other asset types as well as AGMs

Key Deliverables

The subgroup will create a set of guidelines to support Securities Services Providers who may need to process securities that are blocked as a result of sanctions and countermeasures.

Key Outcomes

  • To educate the industry on the approach to unblocking restricted securities
  • To enable Securities Services Providers to approach unblocking restricted securities in a consistent and standard manner

Publications

xxx

Subgroup Co-Chairs

  • Mark Gem, Clearstream
  • Yvan Vangeneugden, Euroclear

Subgroup 2: Future Ecosystems

Scope

This subgroup will focus on how the Securities Services ecosystems could look in the future. The following options will be considered:

  • Macroeconomic, regulatory, technology, operational and business model changes
  • Emerging new players
  • Partnerships and collaborative alliances
  • In scope: the drivers of change, potential impact on the industry
  • Out of scope: recommendations regarding the options

Key Deliverables

The key deliverables will include:

  • A short brief of the different ecosystems that may be adopted in the future
  • Diagrams reflecting the different players that will be involved

Key Outcomes

  • To provide thought leadership to the membership on an important key theme that is currently facing the Securities Services industry

Publications

xxx

Subgroup 2 Co-Chairs

  • Rosti Kostov

Executive Sponsor

James Fok, CMU Omniclear Limited

Institutions represented by Experts in the Working Group

  • Australian Securities Exchange ASX
  • Broadridge Financial Solutions Inc.
  • Euroclear
  • Standard Chartered Bank