ISITC Names Four Co-Chairs to New Middle Office Working Group

The International Securities Association for Institutional Trade Communication (ISITC) has appointed co-chairs for the recently launched Middle Office Working Group, which aims to provide a forum for the middle-office community to discuss common issues and business process requirements and develop best practices across post-execution and pre-settlement functions.
By Jake Safane(2147484770)
The International Securities Association for Institutional Trade Communication (ISITC) has appointed co-chairs for the recently launched Middle Office Working Group, which aims to provide a forum for the middle-office community to discuss common issues and business process requirements and develop best practices across post-execution and pre-settlement functions.

The four co-chairs are Kerry Coleman of GMO, Altaf Hossine of The Boston Company Asset Management, Martin McCluskey of J.P. Morgan Securities and Omar Medina of UBS Investment Bank. The group’s co-executive sponsors include Paul McSherry of Liquidnet, Evelyn Galeano of Standard Chartered and Michael Fiscella of Morgan Stanley. The group is compised of a variety of investment managers, vendors, custodians and broker-dealers, who will try to develop standardized workflow procedures to adapt to middle-office changes around trade volume and complexity, regulation and technology. For example, the move to T+2 was a driver in creating the group.

“As the industry continues to evolve, it is important that we, as an organization, stay ahead of those changes and work to develop best practices in order to eliminate areas of operational risk,” says McSherry, head of U.S. operations at Liquidnet. “With the increase in trade volume and complexity, best practices for trade allocation, trade confirmation and pre-settlement processes are more important than ever.”

“The creation of this group is another example of the important role our working groups play in ensuring that our membership remains ahead of key issues and regulations facing the financial services industry today,” comments Jeff Zoller, chair of ISITC and vice president at T.Rowe Price. “The launch of our Middle Office Working Group is an important and exciting step towards fostering critical dialogue and continuing the development of effective solutions for the industry in this complex space.”

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