FTF News spoke with new ISITC Chair Kristin Hochstein about her priorities for 2022.
Kristin Hochstein
(Kristin Hochstein is the new chair of ISITC for the 2022-23 term, and she foresees the industry standards trade group in the new year as not simply what it was before the pandemic but “even stronger and with a new lens.” Hochstein takes over from Lisa Iagatta, who finished her three-year term as chair at the end of December. Before her promotion, she was serving as vice chair for the ISITC board since 2018. In addition, she was the executive sponsor of ISITC’s Regulatory Forum and Reference Data and Standards Working Group. Hochstein, who is the global head of reference data and symbology for the London Stock Exchange Group (LSEG), has been working in financial services for more than 20 years. FTF News recently asked Hochstein about her priorities for 2022.)
Q: Given all the hard work that is required of the ISITC Chair, why do you want to take on this challenge?
A: From the moment I became involved in ISITC, I believed in the organization and the mission we have — extensive collaboration across the global community in driving best practices. Regarding the hard work, to quote Nelson Mandela, “It always seems impossible until it’s done.” We have incredible leadership across the board and co-chairs as well as our broader membership, and I am excited to help us further evolve our industry.
Q: What do you see as the top priorities for ISITC in 2022 as it faces the challenges of an ongoing global pandemic, many technology disruptors to choose from, and digital assets and initiatives that could ultimately reshape the securities operations landscape?
A: Over these past 22 months, we demonstrated our agility and creativity with a strong virtual presence. Entering 2022, we are eager to return — not simply as we were before but even stronger and with a new lens. We will tackle regulatory themes, challenges across the digital landscape, the eventual road to T+0, with implications tied to environmental, social, and governance factors, all while listening to our membership as we continue to navigate the ever-changing working environment.
Q: Was there an unexpected lesson from the pandemic challenges that will help you in your new role?
A: Resiliency and the ability to handle adversity.
2020 was an initial shock, but we persevered and while everyone faced disappointing setbacks in 2021, we learned how to be even more resourceful and nimble in a time of crisis, expanding what we could deliver to our membership such as the ISITC summer webinar series, which was not offered prior to the virtual environment.
Q: What attracted you to reference data, symbology, and other aspects of securities operations?
A: I started my career in the automotive industry but whether you are making strategic decisions on retail locations and cars or companies and financial instruments, you quickly see the magnitude of data.
Having consistent, high-quality, timely, and easily consumable content enables tremendous power — I saw that early in my career and it continues to be a true passion of mine.
Q: Which one technology still amazes you and why?
A: Artificial Intelligence – within 10 years, A.I. is meant to have the same intelligence level as human adults.
We already have seen the impact of automation in our industry but only are beginning to incorporate aspects of A.I. given the challenges organizations are facing in broader adoption. But there are so many applications.
One particularly interesting example is cybersecurity where an IBM study estimated that 95 percent of cloud breaches are due to human error. A.I. can be used to assess patterns and alert companies when detecting unusual and potentially malicious activity. It’s fascinating when you think of where we may be within just a few years.
Q: Is there a scientist, a technologist or other visionary who inspires you? If so, why?
A: Marie Curie — a true trailblazer. She demonstrated passion, creativity, and perseverance — three extremely important traits no matter the industry. She challenged the status quo at a time when that was difficult to do, particularly as a woman and achieved so many firsts, including two Nobel Prizes. She was so devoted to her cause that she rationed her food and sacrificed her well-being (multiple times collapsing of weakness) to use her own resources into her discoveries — she was that committed and is an inspiration.
Q: What advice would you give to someone just starting out in the securities operations business?
A: Be curious — not only in your existing role but also across and outside your company. Listen to your customers and always have an ear in the industry with the willingness to get involved — that engagement will help you grow in directions you never realized possible.
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