ISITC Securities Operations Conference – Fall 2025 Recap

The 2025 ISITC Fall Forum brought together professionals from across the financial services industry to explore the trends and technologies reshaping operations. Discussions ranged from the explosive growth of private markets to Europe’s complex roadmap to T+1, the shifting stablecoin landscape, and the push toward extended trading hours in the U.S. Despite the breadth of topics, a common theme stood out: firms that thrive will be those that move with speed, embrace complexity, and modernize their operating models for the future. Meradia’s representatives, Jake Daly-Leonard and Ryan Bond, have compiled this recap capturing the most important takeaways and recurring themes from this year’s Forum.

Private Markets: Capital Growth, Data Gaps

Private equity and private credit are drawing record inflows, but operations are straining to keep up. Unlike public markets, retail ownership is significantly smaller than institutional ownership within the private markets. Private markets remain restricted, opaque, and plagued with stale or inconsistent data. Transaction sizes are larger and risks are more complex. Panelists agreed that transparency will hinge on stronger data pipelines and that scalability must become a priority if private markets are to sustain their current momentum.

Europe’s Path to T+1

Europe and the UK face a far more complex journey to T+1 than the U.S. With 27 Central Securities Depository (CSDs) across the EU, compared to one in the U.S., coordination will be the greatest hurdle. The October 2027 deadline is already driving planning and budgeting, with builds in 2026 and testing in 2027. While T+1 is technically achievable, the debate is shifting to whether T+0 makes sense everywhere. Panelists noted that real-time settlement is powerful, but it may not make sense in every scenario.

Data Governance and Interoperability

Data fragmentation remains a persistent challenge, making it difficult for firms to track, manage, and standardize information across the enterprise. Panelists pointed to the FAIR principles (findable, accessible, interoperable, reusable) as a foundation for improving governance. Semantic models, supported by consistent metadata and a semantic middle layer, were highlighted as essential tools for enhancing interoperability and ensuring data remains reliable and reusable. The message was clear: firms that invest in governance and standardization will be able to turn complexity into competitive advantage.

Advancing Derivatives Standards

Derivatives operations are evolving quickly, with ISITC announcing a new joint working group with DMIST to advance standardization. Priorities include applying consistent tagging across CCPs, such as Tag 1031. Separately, the derivatives working group also wants to establish a focus to develop processing guidelines for corporate actions that impact OTC underliers.

Stablecoins: Regulation Meets Demand

The passage of the GENIUS Act in July 2025 marked a milestone, creating the first U.S. framework for payment stablecoins. Stablecoins are digital tokens designed to maintain a stable value, typically by pegging to a reserve asset such as the U.S. dollar. Today, more than 99 percent are USD-backed, and hedge funds are experimenting with use cases like weekend settlement and treasury trading. Yet adoption remains in its infancy. The GENIUS Act prohibits interest, leaving a gap between client demand for yield and what the market currently offers. Innovation will continue to push at these boundaries, especially around custody and product design.

Extending the Trading Day

Retail investors increasingly expect markets to function like crypto, always on. DTCC’s NSCC and major exchanges are preparing for a 23-hour trading day with a one-hour pause, targeting early 2027. The benefits are clear: broader access, more flexibility, and greater alignment with global markets. The challenges are equally clear: infrastructure upgrades, resilient post-trade processes, and a fresh approach to corporate actions in an almost continuous cycle.

Corporate Actions in a Digital World

The evolution of corporate actions was another highlight. Listed companies are beginning to offer options such as receiving dividends in either traditional currency or cryptocurrency, including ETH (Ethereum). Current systems, however, are not yet built to process these events seamlessly. The discussion underscored the need for modernized workflows, new custody models, and alignment with legislation such as the Clarity Act as corporate actions expand to cover both traditional and digital assets.

Meradia’s Key Takeaway: Operations at the Center

The Fall Forum underscored that operations are no longer behind the scenes. They are at the center of how markets evolve. Whether scaling private market infrastructure, coordinating Europe’s settlement transition, or integrating digital assets, the firms that succeed will be those that modernize with purpose.