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DTCC’s Bill Hodash and ISSA Chairman Phil Brown, along with industry leaders, partnered up to outline the key forces and trends that could dramatically change the securities services industry over the next decade. In this episode, they discuss their findings from the paper, and what it means for the future of finance.

We’re live with episode 3 of DTCC’s podcast, Advancing Financial Markets. Together. Our new series features conversations between DTCC and industry partners on the trends and perspectives that are moving and shaping the world of finance.

Our guests for this episode include Phil Brown, Chairman of the International Securities Services Association (ISSA) and Chief Executive Officer of Clearstream Holding AG and Head of Global RM, Sales and Client Services, and DTCC’s Bill Hodash, Managing Director of Enterprise Data Management. Bill also serves as a member of ISSA’s Operating Committee. Click here to listen.

Bill and Phil are part of a working group that recently published a white paper on the future of the securities services industry. In the episode, Bill and Phil discussed the development of the white paper, which outlines key forces and strategic themes that are expected to impact the Securities Services industry over the coming five to ten years.

Among the working group’s findings:


  • The Securities Services Industry will undergo “significant change” over the next decade.
  • Ten trends will have various levels of impact on the Securities Servicing industry, but the two that could have the most impact are:
    • Changes in Investor Behavior
    • Changes in Technology and Technology-Enabled Competition
  • Global, geopolitical factors could cause the industry to become more fractured regionally.
  • The COVID-19 pandemic has recently highlighted the importance of cyber resilience in times of crisis.

Click here to read the paper.

Background: DTCC’s relationship with ISSA

ISSA is an association of securities services providers founded in 1979 by Citibank, Deutsche Bank and Union Bank of Switzerland. Headquartered in Zurich, ISSA has expanded to include more than 110 members including custodian banks, CSDs/ICSDs and other service providers. ISSA’s mission is to drive solutions that create efficiencies and risk mitigation, strengthen international coordination and collaboration across the industry and facilitate communication among all industry stakeholders. This mission aligns very closely with DTCC’s mission and many of ISSA’s members are our clients.

DTCC has been a member of ISSA since 1988.

Click on the article below for a detailed timeline of DTCC’s partnership with ISSA.

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