Background:

The DSB evaluated its approach for transition to CFI 2019-21 based on the expectation that the CFI Maintenance Agency could make annual revisions to the CFI standard.

The original plan, which included updating existing OTC ISIN and UPI records with the latest CFI versions, required an 18-month delivery period for each revision. To reduce the timeline, valuable stakeholder feedback was considered, and a new approach has been approved by the DSB Board and communicated to the Regulatory Oversight Committee (ROC), the DSB Product Committee and the DSB Technology Advisory Committee.

Change Scope: 
 
The new CFI Service will separate the CFI code derivation from the core identifier system, simplifying the maintenance required when adopting a new revision of the CFI standard. The CFI Service will be integrated with the OTC ISIN and UPI Services to ensure minimal impact to users. 
 
Additionally:    

• A CFI component will be appended to the returned message or displayed on the GUI  
  • DSB supported CFI version(s) will be included in the CFI component 
• CFI versions will be updated independently of the OTC ISIN and UPI Services. 
• Users will receive the DSB supported CFI version(s) along with the CFI attributes, names and values, when creating or retrieving an OTC ISIN or UPI. 
• The returned CFI version(s) will be clearly labelled in a structured response with a status indicator.

Impact to Product Templates:

Record

• All Record templates will be updated to contain a new Optional CFI component that will be added in the Derived section.

Request

• There will be no generic CFI changes to Request templates, however some updates will be required, for example:
  • New CFI 2021 codes that have no equivalence in CFI 2015 will be added in Request enumerations
    • e.g. Cap/Floor values for Valuation method or trigger in Rates Options.
• Updated mappings for an ISO 20022 input
  • e.g. Cash/Physical updated to Deliverable/Non-deliverable for Delivery Type in CFI 2021 for Rates Swaps:

ISO values will stay CASH/PHYS, but their display values will be updated in Request to contain the revised 2021 values.

Draft Template Versions:

The DSB will make an initial draft of the JSON templates available to users. Please note, the draft versions of the JSON templates released may be subject to change prior to the UAT release. 

Please visit the release page on the DSB website for information about this release including milestones and links to JSON templates – CFI Service Implementation – DSB (anna-dsb.com)