The Derivatives Service Bureau (DSB) has announced the results from its first consultation of 2019, and the opening of its second consultation aimed to shape the DSB service provision for 2020.
The DSB was founded by the Association of National Numbering Agencies (ANNA) to facilitate the allocation and maintenance of International Securities Identification Numbers (ISINs), Classification of Financial Instrument codes (CFIs) and Financial Instrument Short Names (FISNs), for OTC derivatives.
The first consultation closed on 5 June 2019, and sought responses on a series of questions regarding the DSB’s service and functionality from both direct and indirect users. A total of 15 responses were received representing 19 institutions and included responses from six trade associations – double the number from the previous consultation.
Of the 25 user driven questions put forward to industry, five were dismissed as not of interest to broader industry participants, and 10 are proposed to be taken forward by the DSB on a “business as usual” basis, with no impact on current costs. Included in those to be taken forward on a business as usual basis are the grouping of underlying data sources used by the DSB to be expanded, as well as highlighting specific aspects that they wish to see the DSB focus on as part of its ongoing data review activity.
A further 10 questions from the first consultation require further industry feedback and investigation and will be included on the second consultation which will run until the 29 July 2019. Some of these items include providing support for DSB/MiFID II taxonomy mapping, leveraging the ISIN-LEI service to provide the LEI and other supplemental data, and a focus on cybersecurity.
Emma Kalliomaki (pictured), Managing Director of ANNA and the DSB, says: “We are grateful for the industry engagement and responses from the first consultation, which were considered and thoughtful. As part of this feedback, we are focusing on creating a line of segmentation between what we can bring forward as “business as usual” with no cost impact to users, and other, new areas of work at the direct request of the industry.”
Malavika Solanki, a member of the DSB Management Team, says: “The ideas put forward in the first consultation were the direct result of the relationships and on-going dialogue the DSB has had with the industry during the first part of 2019, and we look forward to continuing to build on those relationships moving into the second half of the year. As a result of this collaborative approach, the DSB is not only looking at how to improve its current offering, but also at what new use cases it can bring forward such as providing additional data to support OTC derivative workflows.”
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