SIFMA today issued the following statement from SIFMA president and CEO Kenneth E. Bentsen, Jr. on the DTCC’s whitepaper, “From Physical to Digital: Advancing the Dematerialization of U.S. Securities”:
“SIFMA appreciates the work of the DTCC as our industry works to achieve full dematerialization in the U.S. financial markets. SIFMA is actively engaged with DTCC and other industry partners as we work to eliminate both the issuance and handling of physical securities, which will result in a more cost-effective, efficient, transparent, secure, competitive, and resilient marketplace. The COVID-19 crisis is a real-world example highlighting the need for change, as the processing of physical securities was disrupted and delayed, while handling certificates issued in paperless form were seamless. We support the points in the whitepaper issued today and will continue our deep engagement with the industry on this initiative.”
