The Securities Industry and Financial Markets Association (SIFMA) today announced the creation of four new SIFMA Professional Societies that will serve the financial services industry.
“With the introduction of these professional societies, we’ll be able to serve individuals working in the financial services industry with many of the same opportunities as SIFMA provides to its member firms,” said T. Timothy Ryan, president and CEO of SIFMA. “We look forward to engaging with Society members on a range of issues and provide educational and network opportunities for society members to build their careers in the industry.”
SIFMA established the Professional Societies to promote the benefits of educational opportunities, sharing of best practices and peer-to-peer networking among financial service industry professionals. Formerly organized as semi-autonomous Divisions of SIFMA, the new Society structure will promote better integration into SIFMA. The four Professional Societies are organized into categories best meant to represent the various roles professionals play in the financial services industry.
The Professional Societies are: the Compliance and Legal Society, the Internal Auditors Society, the Financial Management Society, and the Operations and Technology Society.
The Operation and Technology Society will also include seven Sections organized along business lines. They are: Corporate Actions, Credit (Margin), Customer Account Transfer, Data Management, Dividend (merging with Corporate Actions on 1/1/10,) Securities Lending, and Securities Operations. The Sections of the Operations and Technology Society will continue to have their distinct missions, yet now also be strengthened by a collective affiliation in the Operations and Technology Society.
Leadership of the Societies will be provided by a President of the Society and an Executive Committee. In the case of the Operations and Technology Society, the Executive Committee will be comprised of the Presidents of its Sections. Sections within the Society will be led by a President; currently the President of the former SIFMA Divisions Society and Section leadership will be from SIFMA member firms. SIFMA continues to offer corporate memberships and will now be able to extend Society memberships to individuals. If Society members are employed by a firm that does not maintain a SIFMA corporate membership, an associate membership, or are unaffiliated with a firm, then their membership is exclusively with the Society, not with SIFMA.
10 FAQ’s on the SIFMA Societies
Current and Incoming Society and Section Presidents:
Current | 2010 | |
| Compliance & Legal | Edward Turan, Citigroup Global Markets | Edward Turan, Citigroup Global Markets |
| Financial Management | Matt Hughey, UBS Wealth Management | Matt Hughey, UBS Wealth Management |
| Internal Auditors | Joseph Pizzuto, Citigroup Global Wealth Management | James Spangler, DTCC |
| Operations and Technology: Corporate Actions Section | John Binder, Deutsche Bank | Len Belvedere, J.P. Morgan |
| Operations and Technology: Credit Section | Vincent Pfalzer, Deutsche Bank | Paul Carroll, Goldman Sachs Execution & Clearance |
Operations and Technology: Customer Account Transfer Section | Kevin McCosker, Pershing | Joseph Zaets, Morgan Stanley |
Operations and Technology: Data Management Section | George Swindasz, National Financial, a Fidelity Investments Company | George Swindasz, National Financial, a Fidelity Investments Company |
Operations and Technology: Dividend Section | Gene Banfi, BNP Paribas | |
Operations and Technology: Securities Lending Section | Irving Klubeck, Pershing | Irving Klubeck, Pershing |
Operations and Technology: Securities Operations Section | Stephen Melanaski, (formerly) Bank of America | Thomas Gooley, Morgan Stanley, Global Wealth Management |
