Amid Increasing User Numbers, DSB Calculates Final Fees

FAQ
Glossary

London, UK – The Derivatives Services Bureau, the global utility for creation of International Securities Identification Numbers (ISINs) for over-the-counter derivatives, has finalized fees for the current user contracts running from 2 October 2017 to 31 December 2018. The calculations reflect the overall growth in fee-paying users from 78 to 103 firms over the last three weeks. The greatest revenue impact was the increase from 66 to 78 Power Users. At the same time, the number of users opting to access the DSB’s free, open data services has leapt by 93 percent.

A large number of investment firms have subscribed to the DSB’s free data services, which enable OTC ISIN lookups and downloads. In addition, some trading venues, which originally discussed subscribing multiple MTFs / OTFs as fee-paying Power Users with the DSB, have so far contracted significantly lower numbers.

“Whilst we are delighted with the large uptake of the DSB’s free, open data services, we are mindful that the smaller-than-expected number of users contributing to the DSB’s cost recovery results in an increase in individual user fees.” notes Emma Kalliomaki, DSB managing director. “We believe that all the user numbers will continue to grow. We are continuing to receive new inquiries for the DSB paid-for services from firms that are just realizing they will be creating OTC ISINs, and we expect new users with the increase in systematic internalizers later in the year.”

User fees recover the DSB overhead costs. The total annual overhead upon which the cost-recovery fees were calculated is €9.2m, which is 4.8 percent higher than the €8.8 million previously stated. The additional sum reflects development and operating costs identified in Q4 2017 by regulatory imperative and industry requests.

The fee calculation was based on the contracts in force as of 5 January and the user categories those contracts represent. Excess revenues caused by additional contracts signed after 5 January will go to defraying user fees for the next contract year.

User Numbers

The difference between the preliminary annual fees compared to the final annual fees are as follows:

User type Contracted firms 5 Jan 2018 Preliminary annual fees Final annual fees
Registered 205 free free
Infrequent 15 €3,000 €3,000
Standard 10 €22,000 €37,500
Power 78 €65,000 €112,500

 

The current proportion of cost-recovery payments by business sector is as follows:

 

Sector #Firms Total Value %Cost Recovery
Investment Banks 56 €4,942,500 54%
Trading Venues 32 €3,009,000 33%
Other sectors including Asset Management and Data Management 15 €1,243,500 13%

 

“The proportionately higher participation of banks, relative to trading venues in the cost recovery, validates the design of the OTC-ISIN as internally useful for business operations beyond satisfying reference data reporting obligations under MiFID II,” said Kalliomaki. “In 2018, we will continue our collaborations with industry to ensure the DSB receives appropriate guidance on industry’s evolving needs.”

Later this year, the DSB will reopen the fee model consultation with the industry. The objective will be to refine the cost-recovery model for 2019,  considering the data and usage patterns established in 2018.

Connect with the DSB

All use of the Derivatives Service Bureau requires registration. To register and to obtain technical support, please email your request to technical.support@anna-DSB.com.

To obtain non-technical information on the DSB including information on product templates, to obtain the user agreement and related documentation, as well as to subscribe to the DSB updates by email, please send your request to secretariat@anna-DSB.com.

For detailed information on pricing and user categories, technical principles of the DSB, and information about the DSB product committee and its activities, please visit the DSB section of the ANNA website.

About The Derivatives Service Bureau (DSB) Ltd
Headquartered in London, the DSB is a legal subsidiary of ANNA. Its core purpose is to serve as a global numbering agency, providing unique identification of OTC derivatives to serve the needs of market participants and regulators through allocation of the International Securities Identification Number (ISIN), as well as the Classification of Financial Instruments (CFI) and Financial Instrument Short Name (FISN), as OTC products are created. The ISIN, CFI and FISN are globally recognized and adopted ISO standards for identifying and classifying financial instruments.

The DSB provides services that range from no-cost Web-based lookup of OTC ISINs and daily automated downloads of ISIN records, to ISIN creation by three categories of fee-paying users. These are Infrequent and Standard Users that access the DSB through a web interface, and Power Users that are programmatically connected for more automated operations.

More detailed information on the DSB and its development path can be found in the DSB section and related pages, as well as recent announcements at the ANNA website.

About ANNA

Established in 1992 by 22 founding numbering agencies, ANNA is the membership organization of national numbering agencies, which are operated by depositories, exchanges, government agencies, nationally central data vendors and other financial infrastructure organizations. ANNA also serves as the registration authority for the ISIN and FISN standards, under appointment by the International Organization for Standardization (ISO).

Under ANNA’s stewardship, the role of the ISIN in enabling global financial communications has been established worldwide. ISINs are issued today more than 200 jurisdictions worldwide. In addition, ANNA is developing the Derivatives Service Bureau (DSB), a fully automated global numbering agency to meet the operational and regulatory requirements of the over-the-counter derivatives markets. The number of national numbering agencies and nations working to establish national numbering agencies continues to grow each year, now surpassing 120 jurisdictions globally.  For information about ANNA, its members and activities, please visit anna-web.org.

Contact:
Kathleen Hawk for the DSB
kathleen@clearviewpr.com
+1 347 256 3960

ANNA Launches Free, International ISIN Lookup Service

FAQ
Glossary

Service Provides Downloadable Codes and Reference Data

Brussels, Belgium – The Association of National Numbering Agencies today announced the availability of its ANNA ISIN Lookup Service, which enables any user to find and download ISINs by providing relevant reference data. Responses to queries include not only International Securities Information Numbers (ISINs) with matched reference data, but also companion codes – the Classification of Financial Instruments (CFI) and Financial Instrument Short Name.

“These three codes are important elements not only in financial operations, but also in reporting for regulations such as MiFID II/MiFIR, MAR, EMIR, etc.,” said Dan Kuhnel, chairman of the ANNA board. “The ANNA ISIN Lookup Service offers industry participants and investors a means to find instrument identification codes simply and quickly.”

The service works by matching reference data provided by the user – such as instrument type, country, currency and issuer name — against the global ISIN database of the ANNA Service Bureau, which incorporates tens of millions of ISINs issued on every type of instrument identified by the ISIN. The one exception is OTC derivatives, which are numbered by the ANNA Derivatives Service Bureau and can be looked up through the DSB’s Web interface.

Both services require registration. Registration and access to the ANNA ISIN Lookup Service is on the ISIN page of the ANNA website. Registration for the DSB may be initiated through contact with tech.support@anna-isin.com.

About ANNA

Click here to find ISINs. Click here to find a national numbering agency.

Established in 1992 by 22 founding numbering agencies, ANNA is the membership organization of national numbering agencies, which are operated by depositories, exchanges, government agencies, nationally central data vendors and other financial infrastructure organizations. ANNA also serves as the registration authority for the ISIN numbering standard, under appointment by the International Organization for Standardization (ISO).

Under ANNA’s stewardship, the role of the ISIN in enabling global financial communications has been established worldwide. ISINs are issued today via 91 certified members for more than 200 jurisdictions worldwide. The number by national numbering agencies and nations working to establish national numbering agencies continues to grow each year, now surpassing 120 jurisdictions globally.

For further information about ANNA, its members and activities, please visit anna-web.org.

Contact:
Kathleen Hawk for ANNA
kathleen@clearviewpr.com
+1 845 687-2222

Banks Lead Industry Preparations for MiFID II Reporting

FAQ
Glossary

Contract Submissions Suggest Changing Profile of DSB User Base

London, UK — The Derivatives Service Bureau (DSB) reports today on progress in new contracts received for fee-based services. These include creation of new International Securities Identification Numbers (ISINs) for OTC derivatives and programmatic connections to the DSB which enable fully automated operations and real-time updates. As of 7 December, 77 entities have submitted contracts in which fees are applicable, more than doubling the number reported last month.  Another 74 firms have registered for no-cost data services.

Emma Kalliomaki, managing director of the DSB, says, “In the run- up to the January deadline, our administrative and technical staff are working overtime to facilitate user contracts and expedite integrations with user systems for MiFID II readiness. Not surprisingly, we have found that organizations that helped shape our policies and operations through the DSB’s industry consultations tend to have easier onboarding experiences because they are better informed and prepared.”

A trend emerging among the fee-based contracts is the higher than expected proportion of participation by banks (both global and regional), major buy-side firms and smaller trading venues. Anticipated participation by larger trading venues has not yet materialized. According to indications received by the DSB, some organizations owning multiple trading venues may limit ISIN-creation activity to only a few of their venues, rather than all as previously expected.

Evolving DSB Fee Distribution Profile

The breakdown of fee-paying users is as follows:

  • 66 Power Users – connecting programmatically
  • 5 Standard Users – ISIN creation via web interface
  • 6 Infrequent Users – low-volume ISIN creation via web interface

The DSB is an industry utility that operates on a cost-recovery basis – that is, recovering its overhead cost through user fees. No profits are obtained from cost recovery operations, and each additional contract lowers the fees for all others. Final fees for the first contract period from 2 October 2017 to 31 December 2018 will be announced on 15 January 2018, and based on contracts received by 5 January 2018.

Considering the contracts received to date and indications from the larger trading venues, the DSB is projecting that fees paid by investment banks may be required to cover 60 percent of the overhead of the service, with 15 percent of costs covered by vendors and the buy-side. With the delay in contract submissions and indications of reduced numbers of contracts from larger venues, the DSB is estimating the venues’ share of overhead recovery may be as little as 25 percent.

Malavika Solanki, Principal Consultant at Etrading Software, the Management Services Partner of the DSB, notes, “The increased activity seen in the last month was driven by firms wishing to be in production by mid-December. However, new contracts continue to arrive and are moving through the onboarding process at a steady pace. We look forward to working with industry to further evolve the service and deliver greater operational efficiencies.”

ISINs Available for Regulatory Reporting

Users have created more than 625,000 ISINs since the service was opened in October for on-demand ISIN generation and retrieval. The DSB’s initial adopters had focused on equity derivatives, with increasing volume of FX and interest rate products appearing in recent weeks.

Meeting the SLA

In the first two months of operation, the DSB has met all its performance and resiliency targets, including surpassing the 99.9% availability rate of the service level agreement (SLA) with zero outages in production. Similarly, the performance of the system has surpassed the 1000ms requirement of the latency SLA, with the DSB processing 99% of all requests within 220ms.

“The resiliency and performance targets of the service reflect industry feedback in Q1 of 2017 to meet the trading venues’ end-of-day ISIN reporting requirements of MiFID II. Since then, we have seen mounting interest from banks to incorporate DSB reference data into their front-office trading flows to meet MiFID II intraday transparency requirements.  We are pleased that the DSB’s modern technology is enabling the industry to step up to these entirely new reporting requirements,” says Sassan Danesh, Managing Partner at Etrading Software, providing the day-to-day management of the DSB.

Governance

The DSB operates in accordance with the ISO principles of a numbering agency for the provision of ISINs – and the principles of open and equitable access. The DSB has conducted additional consultations on topics such as technology infrastructure, operations, product scope and functionality. The DSB is keen to remain in open dialogue with industry as the service evolves so that industry views continue to shape its planning.

The DSB is currently welcoming applications for its technology and advisory committee which is due to be set up in 2018.

Connect with the DSB

All use of the derivatives service bureau requires registration. To register and to obtain technical support, please email your request to technical.support@anna-DSB.com.

To obtain non-technical information on the DSB including information on product templates, to obtain the user agreement and related documentation, as well as to subscribe to the DSB updates by email, please send your request to secretariat@anna-DSB.com.

For detailed information on pricing and user categories, technical principles of the DSB, and information about the DSB product committee and its activities, please visit the DSB section of the ANNA website.

About The Derivatives Service Bureau (DSB) Ltd
Headquartered in London, the DSB is a legal subsidiary of ANNA. Its core purpose is to serve as a global numbering agency, providing unique identification of OTC derivatives to serve the needs of market participants and regulators through allocation of the International Securities Identification Number (ISIN), as well as the Classification of Financial Instruments (CFI) and Financial Instrument Short Name (FISN), as OTC products are created. The ISIN, CFI and FISN are globally recognized and adopted ISO standards for identifying and classifying financial instruments.

More detailed information on the DSB and its development path can be found in the DSB section and related pages, as well as recent announcements at the ANNA website.

About ANNA

Established in 1992 by 22 founding numbering agencies, ANNA is the membership organization of national numbering agencies, which are operated by depositories, exchanges, government agencies, nationally central data vendors and other financial infrastructure organizations. ANNA also serves as the registration authority for the ISIN and FISN standards, under appointment by the International Organization for Standardization (ISO).

Under ANNA’s stewardship, the role of the ISIN in enabling global financial communications has been established worldwide. ISINs are issued today more than 200 jurisdictions worldwide. In addition, ANNA is developing the Derivatives Service Bureau (DSB), a fully automated global numbering agency to meet the operational and regulatory requirements of the over-the-counter derivatives markets. The number of national numbering agencies and nations working to establish national numbering agencies continues to grow each year, now surpassing 120 jurisdictions globally.  For information about ANNA, its members and activities, please visit anna-web.org.

Contact:
secretariat@anna-dsb.com

Derivatives Service Bureau Reports Rise in Registrations

FAQ
Glossary

London, UK –  Since the Derivatives Service Bureau (“DSB”) entered production on 2 October, the DSB has witnessed a steady rise in registrations, with rising numbers of firms looking to be on-boarded in time for the start of MiFID II on 3 Jan 2018. Given the DSB’s status as a new OTC derivatives market infrastructure utility, the DSB is publishing this report to inform the industry of its progress and performance and to inform market participants of timelines for guaranteed on-boarding before MiFID II go-live.

Rising Interest for Connectivity

As the industry’s first fully automated OTC derivatives reference data utility, there has been strong and rising interest for programmatic connectivity from swap market participants. Activity amongst technology vendors has also been strong, with many referring their own end-users to the DSB to discuss the best user model for each, including the use of the DSB’s free open-data.

In the first month of operations, the DSB has received executed contracts from 29 firms for programmatic connectivity, representing the majority of top-tier US and European swap dealers as well as some buy-side and trading venues. This pace of on-boarding is ahead of original expectations and with two months remaining to the end of the year, the DSB expects total numbers opting for programmatic connectivity to be at least the original projection of 100 contracts.

“The initial operations of the DSB have run smoothly, showing no issues with the platform, nor our capacity to onboard new programmatic users within five days,” said Sassan Danesh of the DSB management team. “However, anticipating a continued rise in applications for connectivity, we strongly advise incoming programmatic users to submit their executed contracts by Tuesday 28 November as the DSB will guarantee production on-boarding for all such users by Monday 18 December.”

Registration for web search and file download have also been rising, with many users seeking information on the free to use end-of-day file download. Currently 90 market participants are using the DSB’s web GUI for ISIN creation and search, with another 700 in the DSB testing environment.

Interactions with users have also been steadily growing. Non-technical interactions through the DSB Secretariat have almost tripled from 30 queries a day in July, to 80 a day in October, with no sign of slowing. Technical support, which assists with connectivity and onboarding processes, has also experienced a similar growth in interactions.

Creation of OTC Derivatives Reference Data

The DSB is unique in providing a fully automated reference data service for OTC derivatives with reference data creation based on user interest. The initial group of users onboarded in October, have focused on Equity derivative instrument reference data creation, with additional instruments created for Credit, FX and Rates. As of 3 November, the following numbers represent the current archive of OTC derivative reference data:

  • Equity – 116,014
  • Rates – 13,017
  • FX – 10,056
  • Credit – 1,848
  • Total – 140,936

Performance and Resiliency

In the first month of operation, the DSB has met all its performance and resiliency targets, including surpassing the 99.9% availability rate of the Service Level Agreement (SLA), with zero outages in production. Similarly, the performance of the system has surpassed the 1000ms requirement of the Latency SLA, with the DSB processing 99% of all requests within 230ms.

“The resiliency and performance of the system was originally scoped for meeting the end of day reference data reporting requirements of MiFID II,” said Malavika Solanki of the DSB management team. “However, we have received rising interest from swap dealers to integrate the DSB into their critical front office trading flows and therefore we have designed the DSB to the much higher performance and resiliency requirements of real-time trading flows.”

Ongoing Developments

Additional product templates and updates for more complex OTC derivatives are being released on a near-weekly basis, with the current 49 products in production expected to be supplemented by an additional 34 products across all asset classes, including many exotic, non-standard products.

The DSB is also providing integration with European Securities and Markets Authority’s own instrument reference database, in order to provide market participants with the unified view of market and regulator instrument data that is required for determination of ToTV (Traded on a Trading Venue). Revised specifications and samples have already been released to allow industry preparations. The DSB will be hosting a webinar on this topic on 17 November, with speakers from ESMA and the DSB providing the latest information.

How To

All use of the Derivatives Service Bureau requires registration. To register, to obtain the user agreement and related documentation, and to obtain technical support, please email your request to technical.support@anna-dsb.com.

To obtain non-technical information on the DSB including information on product templates, or to register for the 17 November ToTV webinar, as well as to subscribe to the DSB updates by email, please send your request to secretariat@anna-dsb.com.

For detailed information on pricing and user categories, technical principles of the DSB, and information about the DSB Product Committee and its activities, please visit the DSB section of the ANNA website.

About The Derivatives Service Bureau (DSB) Ltd

Headquartered in London, the DSB is a legal subsidiary of ANNA. Its core purpose is to serve as a global numbering agency, providing unique identification of OTC derivatives to serve the needs of market participants and regulators through allocation of the International Securities Identification Number (ISIN), as well as the Classification of Financial Instruments (CFI) and Financial Instrument Short Name (FISN), as OTC products are created. The ISIN, CFI and FISN are globally recognized and adopted ISO standards for identifying and classifying financial instruments.

More detailed information on the DSB and its development path can be found in the DSB section and related pages, as well as recent announcements at the ANNA website.

About ANNA

Established in 1992 by 22 founding numbering agencies, ANNA is the membership organization of national numbering agencies, which are operated by depositories, exchanges, government agencies, nationally central data vendors and other financial infrastructure organizations. ANNA also serves as the registration authority for the ISIN and FISN standards, under appointment by the International Organization for Standardization (ISO).

Under ANNA’s stewardship, the role of the ISIN in enabling global financial communications has been established worldwide. ISINs are issued today more than 200 jurisdictions worldwide. In addition, ANNA is developing the Derivatives Service Bureau (DSB), a fully automated global numbering agency to meet the operational and regulatory requirements of the over-the-counter derivatives markets. The number of national numbering agencies and nations working to establish national numbering agencies continues to grow each year, now surpassing 120 jurisdictions globally.  For information about ANNA, its members and activities, please visit anna-web.org.

Contact:
secretariat@anna-dsb.com

Derivatives Service Bureau to Establish Technology Advisory Committee

FAQ
Glossary

Industry Group to Support Ongoing Evolution of DSB Technology for Expanding Market Needs

London, UK – The Board of the Derivatives Service Bureau today announced that an industry committee will be formed to advise the DSB on future evolutions of the DSB technology platform to address changing market requirements, initially for a two-year period. In recognition of both emerging technologies and potential new requirements for product identifiers for OTC derivatives, the DSB Technology Advisory Committee will develop reports and recommendations to the Board, representing the conclusions of the group, including minority opinions.

“As a critical market infrastructure, the DSB must be concerned with maintaining the integrity of its platform and services, as well as reacting appropriately and in a timely fashion to new technologies and market requirements,” said Sassan Danesh of the DSB management team. “With a view toward enhancing transparency and reinforcing governance, the Board created the TAC as a means to consult with the industry on the technology decisions, including investments, that will ensure best practices and optimal service for users of the DSB.”

The TAC will comprise up to 20 members. Members may serve either as the representative of an organization or identifiable group of persons with interests affected by the work of the TAC or as a special DSB agent (“SDA”). It is expected that representative members will primarily reflect to the DSB Board and to the TAC the views and interests of the organizations and/or groups that they represent. SDA members will be chosen to provide advice to the DSB Board on the basis of their expertise and best independent judgment in a manner free from conflicts of interest.

The timeline of founding the TAC is as follows:
• 14 December 2017 – deadline for receipt of applications
• 31 January 2018 – Board announcement of TAC members
• 15 March 2018 – first TAC meeting

Applications for membership in the TAC are invited, and can be obtained, along with a copy of the TAC charter, by an emailed request to the secretariat@anna-dsb.com. The charter of the Technology Advisory Committee may also be downloaded from the DSB TAC page on the ANNA website.

About The Derivatives Service Bureau (DSB) Ltd
Headquartered in London, the DSB is a legal subsidiary of ANNA. Its core purpose is to serve as a global numbering agency, providing unique identification of OTC derivatives to serve the needs of market participants and regulators through allocation of the International Securities Identification Number (ISIN), as well as the Classification of Financial Instruments (CFI) and Financial Instrument Short Name (FISN), as OTC products are created. The ISIN, CFI and FISN are globally recognized and adopted ISO standards for identifying and classifying financial instruments.

More detailed information on the DSB and its development path can be found in the DSB section and related pages, as well as recent announcements at the ANNA website.

About ANNA
Established in 1992 by 22 founding numbering agencies, ANNA is the membership organization of national numbering agencies, which are operated by depositories, exchanges, government agencies, nationally central data vendors and other financial infrastructure organizations. ANNA also serves as the registration authority for the ISIN and FISN standards, under appointment by the International Organization for Standardization (ISO).

Under ANNA’s stewardship, the role of the ISIN in enabling global financial communications has been established worldwide. ISINs are issued today more than 200 jurisdictions worldwide. In addition, ANNA is developing the Derivatives Service Bureau (DSB), a fully automated global numbering agency to meet the operational and regulatory requirements of the over-the-counter derivatives markets. The number of national numbering agencies and nations working to establish national numbering agencies continues to grow each year, now surpassing 120 jurisdictions globally.

For information about ANNA, its members and activities, please visit anna-web.org.

Contact:
Kathleen Hawk for the Derivatives Service Bureau
kathleen@clearviewpr.com
+1 347 256-3960

DSB Launches Real Time ISINs for OTC Derivatives

FAQ
Glossary

London, UK — The Derivatives Service Bureau launched its real-time International Securities Identification Number (ISIN) creation service today and users can now create OTC derivative ISINs and obtain associated reference data to address regulatory reporting obligations and processing requirements.

A year after the initial announcement of the core functionality of the first automated global ISIN-allocation engine, the DSB has met its commitment to be in full production on this date. The first users are being onboarded for creation of ISINs for OTC derivatives, resulting in the beginning of a global OTC ISIN data archive, which will also contain Classification of Financial Instruments (CFIs), Financial Instrument Short Name (FISNs) and associated reference data. Inclusion of ToTV (Traded on a Trading Venue) flagging will begin UAT testing on 20 November and move into production in the latter half of December 2017.

“The successful launch into production illustrates the effective collaboration between industry and the DSB to enable market participants to meet their European reporting obligations,” said Dan Kuhnel, chair of the board of the Association of National Numbering agency, parent organization of the DSB.

The DSB provides Web-based, direct connection and intermediary access to the DSB services of OTC derivative ISIN creation and access to the OTC ISIN data archive for research or download. Registered users requiring only Web-based research and/or automated download of the archive current to the most recent end-of-day are charged no fees. For users creating ISINs, requiring intraday information about new ISINs or connecting programmatically to the DSB, annual fees are charged, funding the operations of the DSB on a cost-recovery basis. The DSB ISINs may be used and redistributed without restriction.

Today’s launch signals the beginning of the transition from pre-production User Acceptance Testing (UAT) mode that has been open for five months. More than 500 users from 167 organizations made use of the UAT environment. Sixty-six organizations have applied for direct FIX connectivity, of which 36 are active across 130 connections. Three organizations have connected with the UAT environment through the REST API. Many more organizations have informed the DSB that they are evaluating connectivity options, including utilizing intermediaries for programmatic connections.

The launch of the DSB production environment also represents the ongoing work of the DSB Product Committee, the industry group responsible for determining the reference data requirements to create ISIN identification codes for a broad range of over-the-counter derivative products. These product templates have been loaded into the DSB.

“We congratulate and thank all who contributed to turning this vision into a reality for the benefit of the global financial industry”, says Emma Kalliomaki, Managing Director of the DSB.

For additional information and assistance in becoming a DSB user, please contact technical.support@anna-dsb.com.

About The Derivatives Service Bureau (DSB) Ltd

Headquartered in London, the DSB is a legal subsidiary of ANNA. Its core purpose is to serve as a global numbering agency, providing unique identification of OTC derivatives to serve the needs of market participants and regulators through allocation of the International Securities Identification Number (ISIN), as well as the Classification of Financial Instruments (CFI) and Financial Instrument Short Name (FISN), as OTC products are created. The ISIN, CFI and FISN are globally recognized and adopted ISO standards for identifying and classifying financial instruments.

More detailed information on the DSB and its development path can be found in the DSB section and related pages, as well as recent announcements at the ANNA website.

About ANNA

Established in 1992 by 22 founding numbering agencies, ANNA is the membership organization of national numbering agencies, which are operated by depositories, exchanges, government agencies, nationally central data vendors and other financial infrastructure organizations. ANNA also serves as the registration authority for the ISIN and FISN standards, under appointment by the International Organization for Standardization (ISO).

Under ANNA’s stewardship, the role of the ISIN in enabling global financial communications has been established worldwide. ISINs are issued today more than 200 jurisdictions worldwide. In addition, ANNA is developing the Derivatives Service Bureau (DSB), a fully automated global numbering agency to meet the operational and regulatory requirements of the over-the-counter derivatives markets. The number of national numbering agencies and nations working to establish national numbering agencies continues to grow each year, now surpassing 120 jurisdictions globally.

For information about ANNA, its members and activities, please visit anna-web.org.

Contact:
Kathleen Hawk for the Derivatives Service Bureau
kathleen@clearviewpr.com
+1 347 256-3960

DSB Opens Second and Final Fee Model Consultation

FAQ
Glossary

London, UK – The Derivatives Service Bureau today opened its second industry consultation on the proposed final fee model of user payments and other topics related to the cost-recovery financial basis of the DSB. The fee model will go into effect on 2 October 2017 when the DSB completes its start-up phase and becomes operational.

Topics of this second fee model consultation include the following:

  • Utilization of annual excess revenue beyond operating costs
  • Free access to the archive of ISINs and associated reference data for OTC derivatives
  • Further simplification of the fee model

In addition, this consultation will present further details of the projected operating cost bases – in both the start-up and initial operational phases – from which the annual user fee distribution is calculated.

The consultation paper is available now for download at the DSB Consultation – Fee Model 2 page on the website of the Association for National Numbering Agencies.

The DSB will host a webinar on the proposed final fee model on 15 May 2017 at 1400 BST.  Full details can be obtained by emailing secretariat@anna-dsb.com.

Responses to the second fee model consultation may be sent to the secretariat@ANNA-DSB.com until the consultation closes on 31 May 2017.  Responses will be published with attribution on the consultation page of the ANNA website, unless anonymity is requested.

After consideration of the industry responses, the DSB will publish a final report on 28 June 2017.

About The Derivatives Service Bureau (DSB) Ltd

Headquartered in London, the DSB is a legal subsidiary of ANNA. Its core purpose is to serve as a global numbering agency, providing unique identification of OTC derivatives to serve the needs of market participants and regulators through allocation of the International Securities Identification Number (ISIN), as well as the Classification of Financial Instruments (CFI) and Financial Instrument Short Name (FISN), as OTC products are created. The ISIN, CFI and FISN are globally recognized and adopted ISO standards for identifying and classifying financial instruments.

More detailed information on the DSB and its development path can be found in the DSB section and related pages, as well as recent announcements at the ANNA website.

About ANNA

Established in 1992 by 22 founding numbering agencies, ANNA is the membership organization of national numbering agencies, which are operated by depositories, exchanges, government agencies, nationally central data vendors and other financial infrastructure organizations. ANNA also serves as the registration authority for the ISIN and FISN standards, under appointment by the International Organization for Standardization (ISO).

Under ANNA’s stewardship, the role of the ISIN in enabling global financial communications has been established worldwide. ISINs are issued today more than 200 jurisdictions worldwide. In addition, ANNA is developing the Derivatives Service Bureau (DSB), a fully automated global numbering agency to meet the operational and regulatory requirements of the over-the-counter derivatives markets. The number of national numbering agencies and nations working to establish national numbering agencies continues to grow each year, now surpassing 120 jurisdictions globally.

For information about ANNA, its members and activities, please visit anna-web.org.

 

Contact:
Kathleen Hawk for the Derivatives Service Bureau
kathleen@clearviewpr.com
+1 845 687-2222

 

DSB Product Committee Opens Consult on ISIN Definition Details

FAQ
Glossary

Feedback on OTC ISIN attributes sought for MiFID II reporting and planned UPI

London, UK – The Product Committee of the Derivatives Service Bureau today opened its second industry consultation with the publication of the consultation paper which uses the example of a specific swap product to define in principle the relevant International Securities Identification Number (ISIN). Comments and feedback are solicited by the DSB Product Committee, an industry group responsible for developing and ratifying ISIN definitions for OTC derivatives products.

The paper, which presents a proposed structure of attributes for the Fixed Float Plain Vanilla Interest Rate Swap Product Definition, raises questions in four areas as follows:

  • Adequacy or appropriateness of the proposed definition structure
  • Potential usefulness or requirement for additional attributes
  • Correlation with the work of CPMI-IOSCO in development of the Unique Product Identifier standard for OTC derivatives
  • Impact of the definition of Tradeable on a Trading Venue (ToTV) and Underlier Tradeable on a Trading Venue (uToTV)on the ISIN granularity

The consultation paper is available for download at the DSB PC Consultation – 2 page on the website of the Association for National Numbering Agencies.

The consultation period will extend to 12 May 2017, the deadline for submission of comments and feedback to secretariat@ANNA-DSB.com. Responses with be published with attribution of respondents unless anonymity is requested.

After considerations of industry response, the DSB product committee will publish a final report on this consultation.

About The Derivatives Service Bureau (DSB) Ltd

Headquartered in London, the DSB is a legal subsidiary of ANNA. Its core purpose is to serve as a global numbering agency, providing unique identification of OTC derivatives to serve the needs of market participants and regulators through allocation of the International Securities Identification Number (ISIN), as well as the Classification of Financial Instruments (CFI) and Financial Instrument Short Name (FISN), as OTC products are created. The ISIN, CFI and FISN are globally recognized and adopted ISO standards for identifying and classifying financial instruments.

More detailed information on the DSB and its development path can be found in the DSB section and related pages, as well as recent announcements at the ANNA website.

About ANNA

Established in 1992 by 22 founding numbering agencies, ANNA is the membership organization of national numbering agencies, which are operated by depositories, exchanges, government agencies, nationally central data vendors and other financial infrastructure organizations. ANNA also serves as the registration authority for the ISIN and FISN standards, under appointment by the International Organization for Standardization (ISO).

Under ANNA’s stewardship, the role of the ISIN in enabling global financial communications has been established worldwide. ISINs are issued today more than 200 jurisdictions worldwide. In addition, ANNA is developing the Derivatives Service Bureau (DSB), a fully automated global numbering agency to meet the operational and regulatory requirements of the over-the-counter derivatives markets. The number of national numbering agencies and nations working to establish national numbering agencies continues to grow each year, now surpassing 120 jurisdictions globally.

For information about ANNA, its members and activities, please visit anna-web.org.

Contact:
Kathleen Hawk for the Derivatives Service Bureau
kathleen@clearviewpr.com
+1 845 687-2222

The Derivatives Service Bureau Achieves Funding Goal

FAQ
Glossary

London, UK – The Association of National Numbering Agencies (ANNA) today announced that  the funding to complete development and support initial operations of the Derivatives Service Bureau (DSB) has been secured. The investors are four organizations representing some of the largest and longest established National Numbering Agencies, which are also founding members of ANNA.

“We are pleased and honored that these organizations, which have already been hugely supportive of the globalization of ISO financial standards through their own numbering agencies, have made the decision to support the DSB and its critical role as the first global numbering agency extending ISO standards into the realm of OTC derivatives,” said Dan Kuhnel, chairman of the ANNA board of directors. “Their investments will ensure that the DSB continues to meet its milestones toward production, industry implementation and provision of OTC identifiers for regulatory reporting in time for the start of MiFID II on 3 January 2018.”

The four investors are as follows:

  • Euroclear SA/NV
  • Herausgebergemeinschaft Wertpapier-Mitteilungen Keppler, Lehmann GmbH & Co. KG (WM Datenservice)
  • S&P Global European Holdings Luxembourg S.A.R.L. (CUSIP Global Services)
  • SIX Financial Information AG

The completion of funding enables the appointment of the board of directors of the DSB. Six board members will be appointed by ANNA, and each of the four additional investors will appoint a board member. To maintain compliance with ANNA’s ISO obligations as a Registration Authority, ANNA board members will be responsible for direction of the core numbering agency functions of the DSB – the creation of new International Securities Identification Numbers (ISINs) for OTC derivatives, and maintenance and user access to the archive of OTC identifiers and reference data. They will work directly with the DSB Product Committee in governing the ongoing development of the ISIN for OTC derivatives, as well as ratifying the OTC ISIN definitions for the relevant derivative products. In addition, they will oversee related connectivity, cost-recovery, fee model, and conditions of use.

About The Derivatives Service Bureau (DSB) Ltd

Headquartered in London, the DSB is a legal subsidiary of ANNA. Its core purpose is to serve as a global numbering agency, providing unique identification of OTC derivatives to serve the needs of market participants and regulators through allocation of the International Securities Identification Number (ISIN), as well as the Classification of Financial Instruments (CFI) and Financial Instrument Short Name (FISN), as OTC products are created. The ISIN, CFI and FISN are globally recognized and adopted ISO standards for identifying and classifying financial instruments.

More detailed information on the DSB and its development path can be found in the DSB section and related pages, as well as recent announcements at the ANNA website.

About ANNA

Established in 1992 by 22 founding numbering agencies, ANNA is the membership organization of national numbering agencies, which are operated by depositories, exchanges, government agencies, nationally central data vendors and other financial infrastructure organizations. ANNA also serves as the registration authority for the ISIN and FISN standards, under appointment by the International Organization for Standardization (ISO).

Under ANNA’s stewardship, the role of the ISIN in enabling global financial communications has been established worldwide. ISINs are issued today more than 200 jurisdictions worldwide. In addition, ANNA is developing the Derivatives Service Bureau (DSB), a fully automated global numbering agency to meet the operational and regulatory requirements of the over-the-counter derivatives markets. The number of national numbering agencies and nations working to establish national numbering agencies continues to grow each year, now surpassing 120 jurisdictions globally.

For information about ANNA, its members and activities, please visit anna-web.org.

Contact:
Kathleen Hawk for ANNA
kathleen@clearviewpr.com
+1 845 687-2222

 

 

 

 

DSB User Acceptance Testing Begins

FAQ
Glossary

Latest provisional OTC derivative product definitions also available for industry review

London, UK – The Derivatives Service Bureau today opened the DSB User Acceptance Testing (UAT) platform to the industry with a revised and updated set of product templates that are consistent with MiFID II requirements.  The UAT platform is a functionally complete system that will provide near real-time allocation of International Securities Identification Numbers (ISINs) for OTC derivatives as well as generate additional attributes that are mandated by MiFID II, such as the Classification of Financial Instruments (CFI) and Financial Instrument Short Name (FISN) ISO standard values.

“We are delighted to make available the UAT platform for formal industry testing on time and within budget.” said Sassan Danesh of the management team of the DSB. “We remain confident of all our delivery milestones and look forward to assisting users to integrate with the DSB in preparation for go-live on 2 Oct 2017.”

The UAT platform provides DSB services via the web, file download and FIX.  Through the web, all users can create and search for ISINs and their associated reference data.  The same ISINs are also available via file download, while organizations accessing via FIX can also receive new ISINs automatically in real-time as they are created.

Simultaneously with the operation of the UAT platform, the DSB is also releasing the latest set of provisional product definitions, based on attributes on which the Product Committee has achieved consensus. This set provides the first detailed view of the ISIN attributes expected to go live in October 2017. Additional attributes may be added as the Product Committee achieves consensus on the need for their inclusion.

The UAT platform will be loaded with the provisional product definitions on the following schedule:

  • 03 Apr: Rates
  • 18 Apr: Credit
  • 24 Apr: FX
  • 02 May: Equity
  • 08 May: Commodities

Next Steps

Users can register for UAT by sending an email addressed to technical.support@anna-dsb.com with “UAT Registration” in the subject line to receive a brief application form.

Additional information on user operational processes and the product definitions will be provided in the next scheduled DSB webinar on 10 April 2017 at 13:00 UTC (14:00 BST).  To register for the webinar please send an email to secretariat@anna-dsb.com.

With UAT delivered, the DSB is now shifting focus to hardening the service – adding resiliency, capacity and performance to the system to ensure that production will meet the demands of the global OTC derivatives industry.  Production launch remains on track for 2 October 2017.

About The Derivatives Service Bureau (DSB) Ltd

Headquartered in London, the DSB is a subsidiary of the Association of National Numbering Agencies. Its core purpose is to serve as a global numbering agency, providing unique identification of OTC derivatives to serve the needs of market participants and regulators through allocation of the International Securities Identification Number (ISIN) as OTC products are created. The ISIN is a globally recognized and adopted ISO standard for identifying financial instruments.

More detailed information on the DSB and its development path can be found in the DSB section and related pages, as well as recent announcements at the ANNA website.

About ANNA

Established in 1992 by 22 founding numbering agencies, ANNA is the membership organization of national numbering agencies, which are operated by depositories, exchanges, government agencies, nationally central data vendors and other financial infrastructure organizations. ANNA also serves as the registration authority for the ISIN and FISN standards, under appointment by the International Organization for Standardization (ISO).

Under ANNA’s stewardship, the role of the ISIN in enabling global financial communications has been established worldwide. ISINs are issued today more than 200 jurisdictions worldwide. In addition, ANNA is developing the Derivatives Service Bureau (DSB), a fully automated global numbering agency to meet the operational and regulatory requirements of the over-the-counter derivatives markets. The number of national numbering agencies and nations working to establish national numbering agencies continues to grow each year, now surpassing 120 jurisdictions globally.

For information about ANNA, its members and activities, please visit anna-web.org.

Contact:
Kathleen Hawk for ANNA
kathleen@clearviewpr.com
+1 845 687-2222