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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

In 2023, the WG will focus on two key topics:

ESG Standards in Securities Services

This subgroup will share information and create a base understanding of ESG requirements impacting the Securities Services industry through two phases. The first phase will be an exercise to educate and level set with the WG participants on the key ESG concepts and the second phase will be to understand the impacts opportunities and problem statement.

In-scope for Phase I will be:

  • An explanation of ESG concepts
  • Outline the flows and the roles of each player in the investment lifecycle (plus use cases where helpful)
  • The impact of ESG on the Securities Services industry and the implications of this

Out-of-scope for Phase I will be:

  • Defining ESG standards
  • ESG investment strategies

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
  • Review of regional differences and impacts of this

Out-of-scope for Phase II will be:

  • Defining ESG standards
  • Proposing a global solution

ISO 20022 Standards and Securities Services (Subgroup will close end June)

This subgroup will share information gathered in the industry about the adoption of ISO 20022, including current readiness and usage of ISO 20022, business drivers for current and future adoption, views on the necessity and paths towards broader adoption and the role of industry bodies in shaping these paths. Once the survey report is completed, this subgroup will close.

Key Deliverables

ESG Standards in Securities Services

Education and Level Set

  • A short presentation providing an explanation of ESG concepts, outlining the impact of ESG, and the implications of this, on the Securities Services industry

Impacts Opportunities and Problem Statement

  • A report summarizing the current challenges, risks and pain points of ESG as they relate to the Securities Services industry, as well as highlighting which ESG services and solutions exist and where there may be gaps

ISO 20022 Standards and Securities Services (Subgroup will close end June)

Annual Survey

  • Review and re-issue ISO 20022 Survey in Jan 2023
  • Publish a report of findings by Q2 2023
  • Based on the report and findings, agree areas of focus for the remainder of 2023

Education and Benefits

  • Continue the collation and curation of ISO 20022 materials
  • Create new ISSA materials (e.g. podcasts) that explain the benefits of adopting ISO 20022 and/or discuss areas where there are differing viewpoints (e.g. migration dates or ending co-existence) to educate the ISSA membership on the benefits of ISO standards

Key Outcomes

  • To educate the ISSA membership on the meaning of ESG
  • To ensure understanding of the impact of ESG on the Securities Services industry
  • To provide an update on the adoption of ISO 20022 in the Securities Industry with a view to supporting broader discussions around migration dates, time frames and approaches
  • To provide a convenient place where ISSA members can find the latest information shared by other members of ISO 20022.

Reports

ESG Standards in Securities Services

Pending

ISO 20022 Standards for Securities Services

Working Group Co-Chairs

  • Juliette Kennel, SWIFT
  • Hai Jade Fuan, Standard Chartered

Executive Sponsor

Margaret Harwood-Jones, Standard Chartered

Institutions Represented by Experts in the Working Group

  • Aite Novarica
  • BNP Paribas S.A.
  • Central Securities Clearing System Plc
  • Chongwa (Macao) Financial Asset Exchange Co. Ltd.
  • Citigroup Inc.
  • Deutsche Börse Group
  • Euroclear
  • FMDQ Group PLC
  • Greenomy
  • ISSA
  • Intesa Sanpaolo S.p.A.
  • JP Morgan
  • McKinsey & Company
  • Myriad Group Technologies Ltd
  • Nasdaq Inc.
  • Northern Trust
  • Proxymity
  • S&P Global / IHS Markit
  • SEB Group
  • Standard Chartered Bank
  • SWIFT SCRL
  • Tata Group
  • The Depository Trust & Clearing Corporation
  • U.S. Bank N.A.