Stronger together

What have been the most significant developments within the securities finance industry from your perspective over the last year?

Christel Carroll (CC) - Regulation and investment in technology are two key themes in securities finance currently. It is an exciting time in our industry. There are a number of regulations impacting securities finance, either directly or indirectly – the move to T+1 settlement cycle in US and Canada, SEC proposal 10c-1 aimed at improving transparency in securities lending, Basel III ‘end game’, and money market reform to name a few.

While regulatory changes require firm resources to digest and build for compliance, regulation can also spur innovation as firms look to improve efficiency, increase revenues and/or reduce costs. A number of the alternative structures that have emerged in our industry in recent years were a result of regulatory pressures.

I think we will see a new cycle of innovation in our industry over the next 3-5 years as a result of regulations. Firms are already exploring how emerging technologies such as tokenisation and distributed ledger technology can benefit industry participants.

Nancy Allen (NA) – As a result of advancements in technology and regulatory requirements, the securities finance industry is focused more than ever on obtaining real time information. Whether that be real time trade data to help determine pricing and liquidity, more timely matching intelligence to identify settlement breaks, or greater transparency through potential regulation (SEC 10c-1 proposal), the market requires information to be readily available.

From a fintech perspective, a number of our new initiatives are focused on connectivity across all our products from trading to posttrade, books and records and data in order to help our clients take actions using real time information.

Do the changes to work practices introduced in response to the Covid pandemic continue to impact women working in securities finance?

NA – The evolution of remote work practices which accelerated during Covid has had an impact on all employees, not just women. While I am very supportive of the flexibility, I do believe it brings its own challenges and that it is important that we all make an effort to focus on connectivity with our colleagues and to maintain a presence in the physical office.

I am lucky in that EquiLend has introduced a hybrid policy that combines in-office collaboration with remote work flexibility. We have 100 remote days we can use at our discretion and as a team, we generally try to coordinate our office days to ensure optimal in-person collaboration.

CC - I think many recognise that the flexibility in work schedules and locations as a result of the pandemic has improved the ability to manage work-life balance. I have been fortunate enough to work at a company and for managers that have always been very supportive of my needs as a working mother, but the ease at which we all can now work from home and stay connected has made it that much easier.

While we often talk about flexible work arrangements in the context of women, it is equally as important that the same flexibility be extended to all and that the onus of work/ home balance is not left exclusively with women. For example, we are seeing more and more companies offer men parental leave equal or comparable to women’s leave – and just as importantly you are seeing men utilise an extended parental leave.

Another area where the impact of Covid and remote working is still felt is with new hires within our organisations. There are many new hires coming into the workplace that have spent the majority, or in some cases, their entire career working remotely and are now learning to navigate the office environment and build out their professional network.

I think it is important that we recognise this and offer support for career development. WISF programming has focused heavily on networking and mentorship opportunities this year as a way to connect members of the securities finance industry.

Do you feel there is significant recognition of the fact that diversity is about more than just gender?

Lori Paris (LP) - Yes, I do think there is an awareness and focus on diversity beyond gender. From the start, one of WISF’s primary missions has been to foster community within the securities finance industry - our events are always open to all and we are mindful in our programming to explore diversity issues through a broad lens.

One example is the courageous conversation series of the Perspectives by Women in Securities Finance podcast which has covered race and sexual orientation in the workplace.

NA – Absolutely. Diversity is about bringing together people with different perspectives. When you are able to create an environment that is inclusive, and respects and values different ideas and points of view, you will create a more powerful environment which will help to drive success and the bottom line. I think most people recognise this to be true, but what we need to work on is putting it into action.

What is on the agenda for WISF over the next 12 months?

NA - Professional development to build future leaders has been the key theme for WISF this year. One area of focus for the group has been expanding the reach of WISF and growing our chapter footprint. Recently I was appointed as a New York chapter Lead to help grow the chapter and provide a more formal structure in the New York market.

The first official New York event was a networking golf clinic focused on the benefits of the sport from a professional development perspective. With over 70 members of the securities finance community in attendance, the group heard from Becky McDaid, the 2002 US Women’s Amateur Champion turned teaching pro about her experience as an elite athlete and how she has seen first-hand the role golf can play in a professional’s career growth. The group then hit the simulators to fine-tune their swings!

Our next event will centre around philanthropy, being a community outreach event, where chapter members volunteer at God’s Love we Deliver, a non-profit organisation that cooks and home-delivers nutritious, medically tailored meals for people too sick to shop or cook for themselves.

With a growth mindset to continue to build the community, we held an in-person event on the west coast earlier this year in partnership with Blackrock and Charles Schwab. It was a well-attended event with lots of networking and connections happening.

CC - Another area of focus for us has been networking and mentorship opportunities. In addition to informal networking events that we are holding across all of our chapters, the London and Boston chapters have rolled out the Grow Your Network programme in each respective chapter.

The Grow Your Network programme helps members expand their professional network through one-to-one connections across the WISF community. The London chapter is now on its second round of Grow Your Network while the Boston chapter launched its inaugural round in the spring of 2023. Feedback from the initial rounds of Grow Your Network has been extremely positive and we plan to hold additional rounds in both London and Boston as well as expand the programme to other chapters in the near future.

LP - We have also joined forces with the 100K Mentor Challenge, powered by ProMazo, with the goal of helping 100,000 underrepresented students secure their first job. I am partnered with a college sophomore at DePaul University in Chicago who dreams of being an equity trader and she will be meeting with several Northern Trust equity partners and learning about the internship program for future years. We have also partnered with the Women in Business student group at University of Wisconsin to do a virtual DE&I presentation and plan future sessions with Midwest universities.

Christel

Lori