The Derivatives Service Bureau Announces Formation of Governance Advisory Committee for
ISIN and UPI Services
Industry stakeholders to support significant expansion to the identifier landscape in 2024 and beyond
London, 7th December 2023 – The Derivatives Service Bureau (DSB), the global golden source of reference data for Over the Counter (OTC) derivatives, today announced the formation of a new Governance Advisory Committee (GAC) to provide additional industry guidance for both the International Securities Identification Number (ISIN) and the Unique Product Identifier (UPI) Services.
The GAC will complement the DSB’s existing two committees: the Product Committee (PC), which supports the evolution of the DSB’s product definitions, and the Technology Advisory Committee (TAC), which supports the evolution of the DSB’s technology and operations.
As part of a continuing commitment to serve the needs of participants in the OTC derivatives markets, the GAC will provide recommendations to the DSB board on governance matters related to the ISIN and UPI Services, including the DSB fee model, policies and subscription terms.
The launch of the UPI Service on 16th October 2023 was the first in a series of important dates for global regulatory reporting, including the start of UPI reporting on 29th January 2024 in the US, followed by the EU-29th April 2024, UK-30th September 2024, Australia and Singapore from October 2024 and Japan 7th April 2025.
The DSB is responsible for the creation and distribution of both the ISIN – ISO 6166 for OTC derivatives, which is used in the EU & UK for price transparency and market abuse detection purposes, and the UPI – ISO 4914 to be used for transaction aggregation to identify the build-up of systemic risks at a global level. The GAC will provide guidance on key governance matters, such as the terms of use that support the best interests of all market participants globally.
Commenting on the announcement, Emma Kalliomaki, Managing Director of the DSB, said, “The new DSB Governance Advisory Committee will complement the DSB’s existing industry representation groups and the annual industry consultation process by enabling more frequent and in-depth dialogue between the DSB and stakeholders on governance matters. We look forward to the committee’s recommendations assisting to shape the DSB’s future.”
The timeline for the GAC establishment is as follows:
- 17 Jan 2024: Call for participation and publication of the GAC Charter
- 14 Feb 2024: Closure of applications
- 12 Mar 2024: Publication of the GAC membership
- 28 Mar 2024: Inaugural GAC meeting
GAC membership applications are encouraged from the broad range of market participants within the global OTC derivatives ecosystem, reflecting the variety of institutions across function, size and geographic region.
ENDS
For Media enquiries, please contact:
Carmen Rey at Streets Consulting. carmen.rey@streetsconsulting.com
The Derivatives Service Bureau (DSB) Ltd
The Derivatives Service Bureau, DSB, is the global golden source of reference data for Over the Counter (OTC) derivatives. Serving over 4,000 users spanning approximately 500 institutions, the DSB enables market participants to meet their regulatory reporting obligations to trade repositories, and for post- trade transparency and market abuse reporting related to MiFID II. A global utility with widespread industry representation, expertise and collaboration at its core, the DSB provides its reference data on a cost-recovery basis to increase transparency, efficiencies and interoperability through the use of standards. Users can access the DSB’s automated zero-touch technology platform through an open and easily accessible web interface that can handle multiple taxonomies of definitions and descriptive data for near real-time allocation.
Founded by the Association of National Numbering Agencies, ANNA, the DSB is the sole source of multiple ISO standards for OTC derivatives, including International Securities Identification Numbers (ISINs), Unique Product Identifiers (UPIs), Classification of Financial Instruments Codes (CFIs) and Financial Instrument Short Names (FISNs). In addition to its ISO mandates, the DSB has been nominated by the Financial Stability Board of the G20 to be the exclusive global operator of the UPI Service. This service will enable authorities to aggregate data on OTC derivatives transactions by product or by any UPI reference data element. If you would like to use the Derivatives Service Bureau please visit the DSB website
About ANNA
The Association of National Numbering Agencies (ANNA) is a global member association seeking to foster standardisation within the financial industry by upholding the International Organization for Standardization (ISO) principles and by promoting ISIN, FISN and CFI codes for financial instruments. This is achieved through ongoing, collaborative work with market participants, regulators and other standards bodies.
Under ANNA’s stewardship, the role of the ISIN in enabling global financial communications has been established worldwide. Founded in 1992 by 22 numbering agencies, today ANNA’s membership continues to grow, with more than 120 global members and partners allocating ISIN, FISN and CFI codes on behalf of their local jurisdictions. By putting in place rigorous governance around the development, allocation and sharing of ISIN, FISN and CFI codes, ANNA helps facilitate open, transparent markets diminishing barriers to access, while protecting the integrity of the standards. As a result, ISIN has become the recognised global standard for unique identification for all types of financial and referential instruments, helping to connect and protect global markets.
In addition, ANNA has established the Derivatives Service Bureau (DSB), a fully automated global numbering agency to meet the specific operational and regulatory requirements of the over-the-counter derivatives markets.
For information about ANNA, its members and activities, please visit the website
