International Securities Association For Institutional Trade Communication – ISITC
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Definition: International Securities Association For Institutional Trade Communication – ISITC
An association of financial institutions along with technology providers who strive to improve the operational efficiency and working of the financial markets. ISITC consists of members across companies worldwide, and includes brokers , vendors , custodians, investment managers etc. These members wish to enhance the efficiency of financial markets and make the procedures faster and quick. It is composed of relevant working groups and industry forums for its smooth functioning.
• promote and develop the usage of Straight Through Processing
• create standards and efficient market practices and benchmarks
• leverage the expertise of the members to achieve its goals
STP (Straight through processing): It is one of the flagship initiatives of ISITC. At present the completion of some of the financial transactions takes numerous days and efforts due to inefficiencies and manual work involved. STP can make the transactions economic and resourceful. STP can make the transactions faster by cutting costs and increasing speed and hence the transactions which took days earlier can be completed in a matter of seconds or minutes.