The Derivatives Service Bureau published the agenda of the first meeting of its new Technology Advisory Committee. Topics of discussion range from infrastructure issues regarding the stability and resiliency of the DSB platform to usability issues related to download formats and increased efficiency. Many of these topics derive from industry feedback in the most recent initial industry consultation on the 2019 fee model and user contract.
The mission of the industry-based TAC is to provide recommendations to the DSB Board on technology implementation and investment to support the DSB role as a critical market infrastructure for providing financial instrument identifiers. As part of the DSB governance structure, it will also enable the DSB to sample industry sentiment regarding potential changes in services and performance. Further details of the TAC’s purpose are available in the TAC Charter here.
“As an industry utility run on a cost-recovery basis, we look forward to receiving the TAC’s views on the appropriate level of investment in technology for the DSB to meet its responsibilities as a critical market infrastructure” said Marc Honegger, TAC Sponsor and board member of the DSB. “The TAC’s input on our technology planning will be an invaluable part of this decision process.”
The first meeting was held on Wednesday, 27th of June. In the interest of transparency, TAC meetings are public and observable through webinar access. The meeting was recorded for later playback. Meeting recording available here.
“In launching the DSB, we were focused on enabling the derivatives markets to meet the MiFID II reporting requirements for OTC derivatives. We succeeded in that goal,” said Sassan Danesh, member of the DSB management team and the Designated DSB Officer of the TAC. “Now we are addressing the refinements requested by DSB users. The TAC represents a substantial cross-section of stakeholders, but we also encourage other members and stakeholders to view the webinar to ensure that their interests are being addressed.”
Beyond the most recent announcement of the DSB membership, new additions and changes to the TAC membership include the following:
- (New Member) JP Morgan: Rajiv Malik, Vice President
- (New Member) SEB: Henrik Martensson, Markets CTO Office
- (New Member) Tradeweb: Elodie Cany, Director, Technology Product Development
- (Change of Representative) Rabobank: James Brown, Delivery Manager, IT Systems
- (Change of Representative) Thomson Reuters: David Bull, Head of FI Content Management
The meeting agenda, the full list of TAC participants and regulatory observers, and minutes of meetings will be available at the DSB website.
About The Derivatives Service Bureau (DSB) Ltd
Headquartered in London, the DSB is a legal 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 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 recognised and adopted ISO standards for identifying and classifying financial instruments.
Established in 1992 by 22 founding numbering agencies, ANNA is the membership organisation of national numbering agencies, which are operated by depositories, exchanges, government agencies, nationally central data vendors and other financial infrastructure organisations. ANNA also serves as the registration authority for the ISIN and FISN standards, under appointment by the International Organisation for Standardisation (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.