CMA Reinforces Commitment to Global Securities Services Standards
February 16, 2026
Stockholm, Sweden
CMA Small Systems AB continues to strengthen its role within the global post-trade community through active participation in the working groups of the International Securities Services Association (ISSA). This engagement reflects CMA’s long-term strategic commitment to aligning its technology roadmap with internationally recognized standards and contributing to the evolution of global securities services practices.
Active Engagement Across Key Industry Initiatives
Throughout 2025, CMA has deepened its involvement across three major ISSA working groups:
Accelerated Settlement (T+1 and T0 Analysis)
As global markets transition toward shorter settlement cycles, operational readiness, liquidity optimization, and cross-border harmonization have become critical priorities. CMA’s participation enables direct dialogue with leading central securities depositories, global custodians, and market infrastructures on practical implementation considerations, risk mitigation frameworks, and change management strategies.
Domestic CSD: Due Diligence and Change Management
Market infrastructures are increasingly required to modernize legacy systems while maintaining systemic stability. Through ISSA collaboration, CMA contributes to discussions on governance models, implementation best practices, vendor oversight, and transition methodologies that ensure resilient and transparent modernization programs.
Digital Identity and Onboarding
The adoption of structured digital identity frameworks, including LEI and vLEI standards, is reshaping investor onboarding and compliance processes. CMA’s involvement ensures that evolving identity standards are embedded within the architecture and workflows of its DEPO/X platform, supporting interoperability, transparency, and regulatory alignment.
Translating Industry Standards into Product Evolution
Bulat Nizamov, Head of Capital Markets Products at CMA, commented: “Industry transformation is accelerating across settlement cycles, identity standards, and operational governance frameworks. Participation in ISSA working groups is not a symbolic activity for us. It directly informs the ongoing development of DEPO/X, ensuring that our platform remains aligned with global post-trade standards while supporting advanced capabilities such as Securities Lending and Borrowing, investor portals, tokenized asset servicing, and structured automation of post-trade processes. Our 2026 development priorities include the integration of AI and machine learning components to enhance reconciliation, exception management, and operational efficiency.”
By maintaining a continuous feedback loop between industry discussions and product development, CMA ensures that regulatory expectations, interoperability requirements, and risk management considerations are reflected in system architecture decisions.
Strategic Value for Emerging and Developing Markets
Maxim Neshcheret, Regional Director for Asia-Pacific and Central Asia at CMA, added: “For developing and emerging markets, alignment with international post-trade standards is fundamental to building credibility and facilitating cross-border integration. Our engagement within ISSA strengthens CMA’s role as a long-term strategic partner to financial market infrastructures. It allows us to combine global best practices with localized implementation expertise, particularly in markets undergoing structural modernization.”
The insights derived from ISSA working groups directly support CMA’s delivery of complex transformation projects, including integrated CSD implementations such as the recent project for the Vietnam Securities Depository and Clearing Corporation. These projects demonstrate how global standards can be applied pragmatically within diverse regulatory and operational environments.
Commitment to Global Best Practice
With more than 35 national CSD installations and deployments across over 55 countries, CMA remains committed to supporting central banks, stock exchanges, and depositories in modernizing their post-trade infrastructures in line with international standards.
Active participation in ISSA reinforces CMA’s position as a trusted partner in shaping efficient, resilient, and globally connected capital markets.
