The International Securities Association for Institutional Trade Communication (ISITC) Europe has a new interim CEO and a new strategic plan, after Graeme Austin stepped down as CEO.
Nigel Solkhon, a founding member of ISITC Europe and a director and head of the Execution 2 Custody product for Europe, the Middle East and Africa at Citi, has been appointed as interim CEO.
He has 27 years of experience working in financial markets, including experience in trading, settlement, standards and technology. He was also an executive of ISITC Europe for 10 years.
In an open letter, Solkhon said: “It is an exciting challenge to help review the current state of the organisation as well as lead the important task of helping make ISITC Europe more relevant and Member driven.”
He added: “The ISITC Europe Leadership Group (IELG) and I recognise that ISITC Europe membership has declined dramatically over the past five years. Some of this decline is symptomatic of the impact of the banking crisis and the need to increase capital and reduce costs, resulting in a reduced appetite for investment in time and resources into industry initiatives.”
“It is also clear that ISITC Europe had become less relevant to the current industry agenda and has been too narrow in its own activity.”
He continued: “On a positive note, my IELG colleagues are experienced and certainly capable of moving ISITC Europe forward on a new and invigorated agenda.”
Solkhon laid out five items on his strategic agenda: exploring the potential impact of blockchain technology; supporting standards and best practice while working on integrating SWIFT ISO standards and blockchain technology; contributing to regulatory canvassing; working collaboratively and engaging more with the industry; and encouraging participation and meeting attendance among ISITC Europe members.
He concluded: “ISITC Europe is setting out its views on how to re-engage the valuable community it feels will benefit from mutual exchange of various and focused themes which will shape the future as it has in the past.”
