Kerry Coleman, operations manager at GMO
The International Securities Association for Institutional Trade Communication (ISITC), the industry trade group focused on standards in transaction processing and related communications, has appointed co-chairs for its recently launched middle-office working group.
The group’s newly appointed co-chairs are: Kerry Coleman, operations manager at asset manager GMO; Altaf Hossine, project manager at The Boston Company Asset Management; Martin McCluskey, project manager at J.P. Morgan Securities; and Omar Medina, director, regional head client services, UBS Investment Bank.
The new group will 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, according to an ISITC statement.
“Co-executive sponsors” for the new group include Paul McSherry of Liquidnet, Evelyn Galeano of Standard Chartered and Michael Fiscella of Morgan Stanley, according to ISITC.
The group intends to “aid in the development of standardized workflow procedures to adapt to the rapid changes in the industry due to increased trade volume and complexity, regulations and changing technology specific to the middle office,” ISITC says, specifying changes such as the “shortened trade cycle, increased global regulations and the changing landscape in clearance and settlement.”
The 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,” Jeff Zoller, chair of ISITC and vice president at T. Rowe Price, says in the statement.
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