ISSA - International Securities Services Association
April 9, 2008 – 4:24 pm
- Institution: International Securities Services Association
- Abbreviation: ISSA
- Type: Private
- Founded: 1979 (The idea of an association of securities administrators from all over the world was first conceived in 1975 over a luncheon between C.F. Ahrens, then Head of Securities Administration at Citibank, New York, and B. Imseng, Head of Securities Administration at Union Bank of Switzerland, Zurich. The perceived need was, on one hand, to create an organisation able to collect and disseminate information on the developments in the rapidly changing international securities markets, and on the other hand to offer securities operations professionals a forum to exchange ideas and issues of common interest.
In 1979, Citibank, Deutsche Bank and Union Bank of Switzerland, by jointly organising a first meeting of senior securities administrators in Switzerland, laid the foundation of the International Society of Securities Administrators. ISSA continued to grow over the years. Chase Manhattan Bank, Dresdner Bank, Midland Bank and Nomura Securities joined the association as Sponsoring Members, followed later on by BNP Paribas Securities Services, Franklin Templenton, Morgan Stanley and Schroders Investment Management Ltd. Recognising that the face of the securities custody industry has changed dramatically over the years, and that the term “Securities Administrator” no longer adequately describes the nature of tasks performed by its members, the association changed its name to International Securities Services Association at the end of 1996.)
- Members Total: 91
- Membership in:
- Membership of:
- Description: ISSA is a private sector organisation without backing or mandate by any public sector entity. It was incorporated in 1989 as a non-profit association under Swiss law in Zurich, Switzerland.
- Working Group:
- Outreach: not applicable
- Reporting to:
- Website: www.issanet.org/
- Highest Organ: Executive Board
- Chair:
- Seat: Zürich
- Function: Develop standards for the Securities Services, Monitor G30 Recommendations
- Standards:
As early as 1988 ISSA published the ISSA 4 recommendations that helped pave the way for many of the G30 recommendations of 1989. ISSA also monitored the progress on the G30 recommendations over the years, and finally issued its own fully revised ISSA Recommendations 2000. In 2004 The Group of Thirty (G30) mandated ISSA to monitor 5 of the recommendations in its January 2003 report “Global Clearing and Settlement: A Plan of Action.”