DEFINITION of 'International Securities Association For Institutional Trade Communication - ISITC'
An organization of financial institutions and technology providers that improves the operational effectiveness of the financial industry. One key initiative the ISITC is promoting vigorously is the industry-wide use of straight through processing (STP). Currently, many of the financial transactions take several days to complete because of the complexity involved and that it must be done manually. By encouraging and supporting the use of STP, the financial markets can become more resourceful and economical.
BREAKING DOWN 'International Securities Association For Institutional Trade Communication - ISITC'
Members of this organization are professionals who seek to improve the financial markets by making the process faster and more efficient. The ISITC believes the STP can reduce time and costs making the financial markets more effective. Transaction settlements now can take place within a day, minutes or seconds - rather than within days.