About the Derivatives Service Bureau
Global Numbering Agency for OTC Derivatives
The ANNA Derivatives Service Bureau (DSB) is a fully automated generator of International Securities Identification Numbers (ISINs) for OTC derivatives. The DSB will be the first numbering agency designed to operate on a global basis. Currently under development for scheduled industry implementation in late 2017, the DSB has been designed to meet the particular requirements of the derivatives markets.
These requirements include near-realtime allocation of ISINs upon application by a user. Its underlying technology platform handles multiple taxonomies of definitions and descriptive data for OTC derivatives. User access to the numbering services can be through a web interface or direct integrations to users front-office systems for trading and order management.
Created by ANNA as a subsidiary Special Purpose Vehicle, the DSB will be governed by a board of directors alongside an industry Product Committee that determines the specifications for ISINs representing a broad range of derivative types, as well as maintaining the technical integrity of the ISIN. The proposed structure of the DSB is illustrated in the graphic below.
The creation of the DSB was triggered by a decision in September 2015 by European regulators to require ISIN identifiers for new regulatory reporting mandates coming into effect, specifically MiFID II, MiFIR and MAR. These regulations would now require ISIN-based reporting of certain OTC derivatives transactions for the first time.
The development timeline for the DSB is keyed to the in-force date of MiFID II in early January 2018. At that time, industry implementation of the new automated global numbering agency must be completed to support reporting of OTC derivatives.
Governance of the DSB is effected by the business and technical requirements imposed by ISO on numbering agency operatons. Oversight and enforcement is the responsibility of ANNA, which serves as the ISIN Registration Authority under contract with ISO. These ISO requirements include pricing of numbering agency services on a cost-recovery basis.
Further information and updates can be found in the News section of this website. More detailed information on the Product Committee which oversees the expansion of the ISIN to cover applicable derivative products, as well as maintaining the integrity of the standard, can be found here.
During its development period, the DSB will conduct a series of open industry consultations to ensure that it meets the needs of participants in OTC derivatives markets. Here are links to the consultation pages where the downloadable consultation papers can be found, as well as industry responses and finalized papers: