The U.S. Securities Industry Association says it remains committed to moving the industry to straight-through processing.

The SIA plans to appoint an executive team to plan industry-wide technical and operations projects through 2010. The executive team will prioritize the industry’s development programs over the next five years. Consisting of representatives of securities firms, exchanges, utilities, industry services providers, buy-side firms, and custodians, the team will review industry business structures, technology, and operational opportunities. They will also review results of a study on industry business structures and technology and operational opportunities over the next five years.

In a speech to the SIA’s Operations Conference and Exhibit, John Panchery, the trade group’s managing director, systems and technology, said that SIA’s board recently approved continuing efforts towards achieving the key STP deliverables, which are: electronic matching and allocation of institutional trades; electronic book-entry ownership of physical securities; and, working with other industry associations on settlement efficiencies.

“There has been real progress over the past year, as demonstrated by the publishing of the buy-side subcommittee white paper and the Immobilization and Dematerialization Guide,” said Panchery. “And we will continue to work on those initiatives we have identified, especially institutional trade processing and the elimination of physical certificates, which will generate a definite return on the firms’ investments.”

Once these deliverables are achieved, the board will reevaluate the business case for a shortened settlement cycle.

“The board recognizes SIA’s vital role in managing this important project,” said Panchery. “We will continue to work to gain the full support of all the industry for straight-through processing, buy side and retail, through communication and education. It’s in our clients’ best self-interest to automate,” Panchery said.