2025 OTC ISIN Forecast Total DSB Cost

Annual user fees recover the DSB overhead costs which include a 20% margin for financial sustainability. The 2025 OTC ISIN Forecast Total DSB Cost reflects the normal and expected yearly adjustments, such as inflation. 

In accordance with the DSB Charges Policy, Excess Fee Income resulting from additional contracts as well as operating cost efficiencies, go to defraying the OTC ISIN Forecast Total DSB Cost for the contract year following the audited statutory accounts. Conversely, where the OTC ISIN Actual Total DSB Cost exceeds the OTC ISIN Forecast Total DSB Cost, creating a shortfall in cost recovery, this will be incorporated into the OTC ISIN Forecast Total DSB Cost for the year following the audited financial accounts.

The DSB’s continued focus on cost-efficiency has resulted in operating expenditure of €256K below the 2023 budget. This saving, together with an additional €733K of revenue above the 2023 revenue expectations, due to intra-year new user agreements, has resulted in an Excess Fee Income reduction of €989K against the 2025 OTC ISIN Forecast Total DSB Cost.  

Most fees have increased by 4.5% due to inflation of 4.1% and the DSB Board’s approval of incremental activities which were supported during the annual industry consultation process.  The Search Only API user fee was increased as a result of the 2023 annual industry consultation.

The tables below show the breakdown of the 2025 OTC ISIN Forecast Total DSB Cost upon which the 2025 annual user fees were calculated and includes the 20% margin for financial sustainability:

Build Costs / Capex Amortisation Analysis

DSB Build Costs / Capital Expenditure (Capex) are amortised over 4 years, starting from the year after the service/functionality goes live, as approved via industry consultation. On this basis, Build Costs are funded by the DSB’s financial sustainability margin with 25% of the cost incorporated into the cost basis for the four years following build of the service/functionality. Build Costs are based on the known evolution of the service which is driven by industry consultation. Therefore, Build Costs / Capex for 2026 onwards will be provided when details are known. The below table provides an overview of the consolidated amortisation for the period 2020-2024:

The 2023 Capex figures differ from the prior year table due to unused Capex budget. 

2024 OTC ISIN Forecast Total DSB Cost 

Annual user fees recover the DSB overhead costs which include a 20% margin for financial sustainability. The 2024 OTC ISIN Forecast Total DSB Cost reflects the normal and expected yearly adjustments, such as inflation. 

In accordance with the DSB Charges Policy, Excess Fee Income resulting from additional contracts as well as operating cost efficiencies, go to defraying the OTC ISIN Forecast Total DSB Cost for the contract year following the audited statutory accounts. 

The DSB’s continued focus on cost-efficiency has resulted in operating expenditure of €600K below the 2022 budget. This saving, together with an additional €118K of revenue above the 2022 revenue expectations, due to intra-year new user agreements, has resulted in an Excess Fee Income reduction of €718K against the 2024 OTC ISIN Forecast Total DSB Cost.  

The number of new trading venues and upgrades throughout 2023 is greater than the number of trading venues closed however, some Power users have downgraded to the Search Only User type resulting in a net reduction of 1 Power user.  

The tables below show the breakdown of the 2024 OTC ISIN Forecast Total DSB Cost upon which the 2024 annual user fees were calculated and includes the 20% margin for financial sustainability: 

Build Costs / Capex Amortisation Analysis

DSB Build Costs / Capital Expenditure (Capex) are amortised over 4 years, starting from the year after the service/functionality goes live, as approved via industry consultation. On this basis, Build Costs are funded by the DSB’s financial sustainability margin with 25% of the cost incorporated into the cost basis for the four years following build of the service/functionality. Build Costs are based on the known evolution of the service which is driven by industry consultation. Therefore, Build Costs / Capex for 2025 onwards will be provided when details are known. The below table provides an overview of the consolidated amortisation for the period 2020-2024: 

The 2021, 2022 and 2023 Capex figures differ from the prior year table due to Board agreed rollover from 2021 to 2022 and another rollover from 2022 to 2023.  

2023 Fee Model Variables: 

The DSB currently provides access to OTC ISIN data to more than 500 organisations, across 33 jurisdictions, of which 70% consume the data free of charge. Fee paying user numbers reflect a reduction in Power Users since October 2021, with 124 fee paying users as of 5 October 2022. 

2023 OTC ISIN Forecast Total DSB Cost 

Annual user fees recover the DSB overhead costs which include a 20% margin for financial sustainability. The 2023 OTC ISIN Forecast Total DSB Cost reflects the normal and expected yearly adjustments, such as inflation, in addition to service evolution activity resulting from the 2022 industry annual consultation process, such as proceeding with the Global Agile Architecture two-year programme of work, undertaking a detailed review of the DSB’s enterprise tooling estate, improving the GUI search utility, supporting CFI retrieval through the GUI and achieving savings with the removal of the VPN connectivity option. 

In accordance with the DSB Charges Policy, Excess Fee Income resulting from additional contracts as well as operating cost efficiencies, go to defraying the OTC ISIN Forecast Total DSB Cost for the contract year following the audited statutory accounts. 

The DSB’s continued focus on cost-efficiency has resulted in operating expenditure of €333K below the 2021 budget. This saving, together with an additional €471K of revenue above the 2021 revenue expectations, due to intra-year new user agreements, has resulted in an Excess Fee Income reduction of €804K against the 2023 OTC ISIN Forecast Total DSB Cost. 

The reduction of 6 Power Users, primarily due to closure of MTF/OTF market operations and a lower Excess Fee Income combined with lower capital expenditure applied in 2023 compared to 2022, has impacted the outcome of user fees for 2023, resulting in an annual fee increase. 

The tables below show the breakdown of the 2023 OTC ISIN Forecast Total DSB Cost upon which the 2023 annual user fees were calculated and includes the 20% margin for financial sustainability: 

Build Costs / Capex Amortisation Analysis

DSB Build Costs / Capital Expenditure (Capex) are amortized over 4 years, starting from the year after the service/functionality goes live, as approved via industry consultation. On this basis, Build Costs are funded by the DSB’s financial sustainability margin with 25% of the cost incorporated into the cost basis for the four years following build of the service/functionality. Build Costs are based on the known evolution of the service which is driven by industry consultation. Therefore, Build Costs / Capex for 2024 onwards will be provided when details are known. The below table provides an overview of the consolidated amortisation for the period 2019-2023: 

The 2021 Capex figures differ from the prior year table due to a Board agreed Capex amount moving to 2022, therefore reducing the amortisation charge. This, together with an additional Board agreed Capex expenditure in 2022, has resulted in higher amortised charges than previously stated for 2022.