TSSAG London
12 Nov 2025
The Securities Services Advisory Group’s latest London conference brought together senior figures from across the securities services industry for a day of discussion and debate. From private markets to digital currencies, the event showcased a growing community committed to collaboration and innovation
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Held at the Eight Club in the City of London, The Securities Services Advisory Group (TSSAG) conference offered a day of detailed debate in an intimate, collaborative setting. The event drew participants from across the buy side, sell side, and technology sectors, reflecting the group’s growing reputation as a forum for practical industry dialogue.
Sessions were deliberately interactive, encouraging questions and contributions from the audience. This structure gave the discussions a distinctive tone — less presentation-driven and more conversational — allowing attendees to engage directly with peers on operational, regulatory, and technological developments shaping securities services today.
Since its formation in 2020, TSSAG has grown from a small network of consultancy and research firms to an international organisation with 25 members. The group’s mission remains focused on connecting specialist firms to share best practices, collaborate on joint projects, and support innovation across post-trade and securities operations.
Adapting to change
Opening remarks from the organising committee highlighted TSSAG’s expansion and the value of its collaborative model. Boutique consultancies, it was noted, play an increasingly important role in providing flexibility and subject matter expertise at a time of market and regulatory transformation.
The opening remarks set the tone for the day, addressing the intersection of technological change, workforce evolution, and policy reform. Discussion centred on how the financial services sector must adapt to the accelerating impact of automation and artificial intelligence. Emphasis was on the need for proportionate regulation, access to capital, and engagement with policymakers to create an environment that enables innovation without undermining stability.
Stablecoins and digital currency developments
With a combined market capitalisation exceeding US$300 billion, and growth rates exceeding 100 per cent annually since 2019, the first panel focused on stablecoins.
Use cases extend beyond trading to include cross-border payments and liquidity management. Commercial banks have already introduced blockchain-based deposit accounts capable of settling transactions continuously throughout the day, while central banks are progressing their own initiatives. The European Central Bank’s wholesale central bank digital currencies (CBDC) project, for example, is scheduled to go live by 2026.
Despite strong progress, regulatory and interoperability issues remain. The lack of harmonised standards for reconciliation, custody, and compliance continues to limit large-scale adoption. Panellists discussed the importance of coordination between traditional financial infrastructure and emerging blockchain systems to ensure a consistent, stable, and trusted framework for digital settlement.
Growth and operational complexity in the private markets
The second panel examined the rapid growth of private markets and the implications for asset servicing. Forecasts suggest that the value of private market investments could rise from US$15 trillion in 2024 to around US$30 trillion by 2030, driven by growing allocations from institutional investors and wealth managers.
Speakers observed that this expansion is changing the shape of the industry, with increased demand for semi-liquid and evergreen fund structures that offer greater access and flexibility.
However, operational and data challenges remain significant. The absence of standardised reporting, complex legal documentation, and difficulties in verifying ESG data continue to limit transparency and scalability.
The discussion also explored the role of technology in overcoming these challenges. AI and distributed ledger technology (DLT) are increasingly being deployed to improve data collection, streamline administration, and enhance transparency.
The panel concluded that future growth in private markets will depend as much on efficient data management and automation as on investor appetite.
Risk and resilience
Risk management and operational resilience were central to the final session. The panel identified a broad spectrum of threats facing the industry, including geopolitical instability, credit and counterparty risk, cyber threats, and third-party dependencies.
Participants agreed that resilience must now be viewed as a core component of the client experience. Beyond regulatory compliance, firms are expected to demonstrate robust testing, clear communication during incidents, and effective coordination with external service providers.
AI featured prominently in this discussion as well, both as a source of efficiency and as a potential point of failure.
Speakers noted that while automation can enhance oversight, it also introduces new dependencies on data quality and governance. Effective human supervision and strong data integrity were highlighted as critical safeguards.
Concentration risk was another focus, particularly the industry’s reliance on a small number of technology and cloud infrastructure providers.
The conversation reinforced the importance of mapping critical services, assessing interdependencies, and maintaining contingency plans to mitigate systemic exposure.
A growing network and a shared commitment
Closing remarks reflected on TSSAG’s evolution from nine founding members to 25 firms across multiple regions. The organisation now includes both member firms and affiliate partners such as fintech providers, enabling collaboration across traditional boundaries of service and technology.
A new website will provide updated member profiles and greater visibility for joint initiatives.
The group also continues to focus on encouraging younger professionals to engage with the network, ensuring the continuity of expertise and perspective that has defined its success to date.
Continuing the conversation
The formal programme concluded with a networking reception, where discussions continued in a more informal setting.
The transition from structured panels to open conversation underlined one of TSSAG’s defining characteristics — the emphasis on professional connection and knowledge sharing beyond the conference room.
Attendees noted that this format, bringing together practitioners from across the industry in an interactive environment, remains one of the group’s greatest strengths. The event once again demonstrated how collaboration between firms of all sizes can drive meaningful progress in addressing shared challenges.
The TSSAG London conference provided a clear reflection of an industry in transition — facing technological disruption, increasing regulatory complexity, and shifting investor expectations, yet responding through cooperation and innovation.
Across panels on private markets, risk management, and digital assets, participants returned to common themes of transparency, adaptability, and trust. As the industry continues to evolve, forums such as TSSAG’s provide an essential space for constructive dialogue and collective progress.
For more information, visit www.tssag.info
Sessions were deliberately interactive, encouraging questions and contributions from the audience. This structure gave the discussions a distinctive tone — less presentation-driven and more conversational — allowing attendees to engage directly with peers on operational, regulatory, and technological developments shaping securities services today.
Since its formation in 2020, TSSAG has grown from a small network of consultancy and research firms to an international organisation with 25 members. The group’s mission remains focused on connecting specialist firms to share best practices, collaborate on joint projects, and support innovation across post-trade and securities operations.
Adapting to change
Opening remarks from the organising committee highlighted TSSAG’s expansion and the value of its collaborative model. Boutique consultancies, it was noted, play an increasingly important role in providing flexibility and subject matter expertise at a time of market and regulatory transformation.
The opening remarks set the tone for the day, addressing the intersection of technological change, workforce evolution, and policy reform. Discussion centred on how the financial services sector must adapt to the accelerating impact of automation and artificial intelligence. Emphasis was on the need for proportionate regulation, access to capital, and engagement with policymakers to create an environment that enables innovation without undermining stability.
Stablecoins and digital currency developments
With a combined market capitalisation exceeding US$300 billion, and growth rates exceeding 100 per cent annually since 2019, the first panel focused on stablecoins.
Use cases extend beyond trading to include cross-border payments and liquidity management. Commercial banks have already introduced blockchain-based deposit accounts capable of settling transactions continuously throughout the day, while central banks are progressing their own initiatives. The European Central Bank’s wholesale central bank digital currencies (CBDC) project, for example, is scheduled to go live by 2026.
Despite strong progress, regulatory and interoperability issues remain. The lack of harmonised standards for reconciliation, custody, and compliance continues to limit large-scale adoption. Panellists discussed the importance of coordination between traditional financial infrastructure and emerging blockchain systems to ensure a consistent, stable, and trusted framework for digital settlement.
Growth and operational complexity in the private markets
The second panel examined the rapid growth of private markets and the implications for asset servicing. Forecasts suggest that the value of private market investments could rise from US$15 trillion in 2024 to around US$30 trillion by 2030, driven by growing allocations from institutional investors and wealth managers.
Speakers observed that this expansion is changing the shape of the industry, with increased demand for semi-liquid and evergreen fund structures that offer greater access and flexibility.
However, operational and data challenges remain significant. The absence of standardised reporting, complex legal documentation, and difficulties in verifying ESG data continue to limit transparency and scalability.
The discussion also explored the role of technology in overcoming these challenges. AI and distributed ledger technology (DLT) are increasingly being deployed to improve data collection, streamline administration, and enhance transparency.
The panel concluded that future growth in private markets will depend as much on efficient data management and automation as on investor appetite.
Risk and resilience
Risk management and operational resilience were central to the final session. The panel identified a broad spectrum of threats facing the industry, including geopolitical instability, credit and counterparty risk, cyber threats, and third-party dependencies.
Participants agreed that resilience must now be viewed as a core component of the client experience. Beyond regulatory compliance, firms are expected to demonstrate robust testing, clear communication during incidents, and effective coordination with external service providers.
AI featured prominently in this discussion as well, both as a source of efficiency and as a potential point of failure.
Speakers noted that while automation can enhance oversight, it also introduces new dependencies on data quality and governance. Effective human supervision and strong data integrity were highlighted as critical safeguards.
Concentration risk was another focus, particularly the industry’s reliance on a small number of technology and cloud infrastructure providers.
The conversation reinforced the importance of mapping critical services, assessing interdependencies, and maintaining contingency plans to mitigate systemic exposure.
A growing network and a shared commitment
Closing remarks reflected on TSSAG’s evolution from nine founding members to 25 firms across multiple regions. The organisation now includes both member firms and affiliate partners such as fintech providers, enabling collaboration across traditional boundaries of service and technology.
A new website will provide updated member profiles and greater visibility for joint initiatives.
The group also continues to focus on encouraging younger professionals to engage with the network, ensuring the continuity of expertise and perspective that has defined its success to date.
Continuing the conversation
The formal programme concluded with a networking reception, where discussions continued in a more informal setting.
The transition from structured panels to open conversation underlined one of TSSAG’s defining characteristics — the emphasis on professional connection and knowledge sharing beyond the conference room.
Attendees noted that this format, bringing together practitioners from across the industry in an interactive environment, remains one of the group’s greatest strengths. The event once again demonstrated how collaboration between firms of all sizes can drive meaningful progress in addressing shared challenges.
The TSSAG London conference provided a clear reflection of an industry in transition — facing technological disruption, increasing regulatory complexity, and shifting investor expectations, yet responding through cooperation and innovation.
Across panels on private markets, risk management, and digital assets, participants returned to common themes of transparency, adaptability, and trust. As the industry continues to evolve, forums such as TSSAG’s provide an essential space for constructive dialogue and collective progress.
For more information, visit www.tssag.info
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