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Standardization Working Group

Purpose

This Working Group’s purpose is to focus on the ISSA participants’ standardization journey – understanding the challenges, as well as the opportunities available – so that ISSA is able to offer best practice guidance and to promote standardization. This will have a positive impact on the Securities Services (post-trade) industry through increased efficiency and reduced risk, as well as an improved investor experience.

Scope

The Standardization agenda is broad and covers overall industry standardization as well as local market practices.

In scope topics under consideration include:

  • DLT standards and market adoption  
  • ESG Standards
  • ISO 20022
  • API standards 
  • Data standards which are not covered under other topics (e.g. Private Markets, FIX)

For each topic, the Working Group will review what specific areas should be focused on depending on the needs of the Securities Services industry. The plan will be to adopt an agile approach focusing on one area at a time. In addition to this primary focus, the Standardization Working Group will also engage with other ISSA Working Groups to seek and provide input to the broader discussion on standards and to maintain a holistic view over the progress being made on the Standardization agenda.

Key Deliverables

ESG Standards in Securities Services

The initial topic will be ESG Standards in Securities Services. There will be two phases:

  • Phase I: Education and level set
  • Phase II: Impacts opportunities and problem statement

In-scope for Phase I will be:

  • An explanation of ESG concepts
  • The impact of ESG on the Securities Services industry and the implications of this

In-scope for Phase II will be:

  • The current challenges, risks and pain points of ESG on the Securities Services industry
  • Which ESG services and solutions exist and what is missing

Further phases will be agreed if appropriate.

Key Outcomes

Key outcomes for Phase I will be:

  • Education of the ISSA membership on the meaning of ESG and its impact on the Securities Services industry

Key outcomes for Phase II will be:

  • A comprehensive summary of the current challenges faced by the Securities Services industry due to ESG investments
  • An understanding of current solutions and current gaps in ESG for the Securities Services industry

Reports

Pending

Working Group Co-Chairs

  • Simona Catanescu, SWIFT
  • Hai Jade Fuan, Standard Chartered Bank

Executive Sponsor

Margaret Harwood-Jones, Standard Chartered Bank

Institutions Represented by Experts in the Working Group

  • Aite Novarica
  • BNP Paribas
  • Central Securities Clearing System Nigeria
  • DTCC
  • Greenomy
  • McKinsey
  • Myriad Group Technologies
  • S&P Global
  • Standard Chartered
  • SWIFT
  • Tata Consultancy Services