2020 Outlook: Lisa Iagatta, ISITC
Lisa Iagatta is Chair of ISITC, the industry trade group focused on developing standards and best practices in financial services operations.
What were the key themes for your business in 2019?
The key themes of our business this year were fintech driving business change, data management and data policies on a federal level, gender diversity in financial services, regulatory updates, ISO 20022, and how technology is changing the dynamics of global securities operations and financial markets.
What was the highlight of 2019?
In 2019 we updated ISITC’s US Market Practice to incorporate recommendations for Single Security (UMBS) Exchange; following the partnership across a number of ISITC Forums and Working Groups, SIFMA, and Freddie Mac to achieve a universal recommendation. We hosted industry experts to discuss key topics, such as DTCC – MTU and DXM platforms, single security initiative, SWIFT’s API and Securities, 2020 Strategy, CLS Trade Monitor, and the operational aspects of un-cleared margins. We also educated and prepared members for the central securities depository regulations (CSDR), the ISO 20022 payments migration, and the effect of the implementation of the automated claim adjustment process (ACAP) enhancements.
What future trends will be important?
Cybersecurity is top of mind. The digitization of the industry means we need to be aware of the heightened vulnerability of our data, which grows in volume every day. Additionally, we’ve seen tangible growth in the digitization of securities with developments in crypto assets, blockchain, and distributed ledger technologies (DLT).
Firms are accelerating the buildout of digital transformation strategies.
Expect to see several new entrants in the equity exchange landscape.
CEO sees big potential for financial innovation in digitized assets.
Capital markets will continue to integrate and globalize.
SFTR implementation and the demise of LIBOR will be key themes this year.