Comprised of 1,500 individuals from 350 companies worldwide, ISITC provides members with the means to revolutionize the securities-trading process. ISITC brings together broker/dealers, custodians, investment managers, vendors/utilities and other industry professionals to develop proposed standards that are designed to enhance efficiencies in trade processing and related communications. Through collaboration, ISITC's members reduce inefficiencies, lower risk, and build shareholder value while developing and promoting the global securities industry.
History

The International Securities Association for Institutional Trade Communication (ISITC) was founded in 1991 by a group of financial industry leaders and competitors who all believed in the benefit of facilitating straight-through processing (STP) among custodian banks, investment manager, and broker dealers.

The group’s first accomplishment was produced just 10 months after the initial meeting, when they eliminated the then current – and inefficient – delivery methods: fax, Telex, and re-keying. The group created an advanced standard electronic message (format) by which to trade mortgage securities. Because this new electronic template reduced time and errors significantly, all of the represented companies implemented the new message. Within a short time frame, many other companies followed suit, and the standard electronic message market practice was adopted industry-wide.

Group members realized that this initial effort represented a unique initiative in the financial services industry. The opportunity to leverage the initial success with mortgage securities into other trade processing developments across all industry sectors, and establish a distinctive organization which was equipped to address these issues. The financial industry as a whole quickly took notice, and shortly thereafter, this group officially became ISITC.

* 1992 - ISITC publishes first US market practice and quickly gains industry adoption
* 1995 - Industry move from T+5 to T+3 day settlement cycle
* 2002 - ISITC publishes market practices in support of ISO15022 standards
* 2006 - ISITC endorses use of FpML Standard for communication of OTC Derivatives
* 2008 - ISITC Annual Vendor Show attracts over 25 vendors and 400 attendees