Washington, D.C., September 29, 2020 – 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.”

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SIFMA is the leading trade association for broker-dealers, investment banks and asset managers operating in the U.S. and global capital markets. On behalf of our industry’s nearly 1 million employees, we advocate for legislation, regulation and business policy, affecting retail and institutional investors, equity and fixed income markets and related products and services. We serve as an industry coordinating body to promote fair and orderly markets, informed regulatory compliance, and efficient market operations and resiliency. We also provide a forum for industry policy and professional development. SIFMA, with offices in New York and Washington, D.C., is the U.S. regional member of the Global Financial Markets Association (GFMA). For more information, visit http://www.sifma.org.