ToTV/uToTV

Show general information about ToTV workflows

The DSB has extended its service to assist with the process of identifying those ISINs that Traded on a Trading Venue (ToTV) and underlying Traded on a Trading Venue (uToTV) by providing ToTV/uToTV indicators. This was requested by the industry via the Product Committee and broader consultation.

In the event of the UK leaving the EU without an implementation period: following the FCA statement published on 1st February 2019, that the FCA will be replacing the ESMA FIRDS Reference Data system for the UK, the DSB will be adding support for FCA FIRDS contingent on the FCA going live on 1st April 2019. Details are available in the notification published here.

This service is available in both UAT and production. Please refer here for the listed issues regarding the ToTV Service.

The DSB is using FIRDS* data for the initial implementation of ToTV. As trades and quotes that occur on a trading venue and are submitted to ESMA, are then made available to public the next day by ESMA. The DSB will collate the FIRDS data and derive the ToTV/uToTV indicators and make the data available via all the existing connectivity methods to the DSB:

GUI
File Download
ReST API
FIX API

DSB ToTV/uToTV flag explained

The DSB’s core service is to provide ISINs for OTC derivatives. Additionally, the DSB provides a service extension to assist with the process of identifying those ISINs that are Traded on a Trading Venue (ToTV) and those that have an underlying instrument that is Traded on a Trading Venue (uToTV). Also included is ESMA sourced data including reference and transparency data.

General information:

The DSB has implemented its ToTV/ uToTV service for all instruments not in scope of the ESMA opinion on OTC Derivatives traded on a trading venue (Ref. ESMA70-156-117), including implementation for cash products and ETDs
The goal of the current implementation model is to allow users to integrate with the service immediately, so that the future extension of the service to OTC Derivatives that are in scope of the above mentioned ESMA ToTV opinion can be seamless
The DSB ToTV and uToTV indicators, as well as the other ESMA sourced data are available alongside the ISIN in a separate JSON file. Users have access to the DSB’s ToTV/ uToTV service via the web-interface, the file download process and on a programmatic basis (via FIX and ReST)
The DSB should not to be treated as a golden source of ToTV or uToTV data and should be one input into a multi-factor determination by each user
The DSB makes available all records published to FIRDS for reference data purposes alongside accompanying transparency reporting information
Users are requested to read the DSB ToTV Current Operating Model specification document which provides detailed information on the scope and application of the DSB’s ToTV and uToTV flag setting process. The document also provides answers to a broad range of user queries
All DSB ToTV and uToTV flags are set to “false” unless deemed to be “true” based on the ruleset in the table published below

The DSB applies the following rules to OTC Derivative instruments where the ISIN reported to FIRDS was issued by the DSB:

For instruments within the scope of the ESMA opinion published in May 2017, the DSB ToTV flag is set to False pending further clarification from ESMA about the specific attributes that determine ToTV
The DSB uToTV flag is set to True if one or more of the underlying instruments are non-OTC derivatives and at least one of which has been reported to FIRDS by a DSB recognized RM/ MTF/ OTF
The DSB uToTV flag remains set to False in any of the following scenarios: the underlying is an OTC derivative; the underlying ISIN has not been reported to FIRDS by a DSB recognized RM/ MTF/ OTF, the underlying instrument is an index or reference rate, an LEI underlying is an LEI, the underlying instrument is a basket containing non-ISIN values

The DSB applies the following rules to non-DSB ISINs i.e. mainly non-OTC Derivative instruments:

The DSB ToTV flag is set to True where the instrument was reported to FIRDS by a DSB recognized RM/ MTF/ OTF
The DSB uToTV flag is set to True where one or more of the non-OTC derivative underlying ISINs haму been reported to FIRDS by a DSB recognized RM/ MTF/ OTF
The DSB uToTV flag is set to False in all other scenarios

DSB ToTV/uToTV flag explained

Please refer to the matrix below for a summary of the DSB’s flag setting process:

Instrument ISIN	Underlying Type	DSB ToTV flag	ToTV Effective Date	DSB uToTV flag	uToTV Effective Date
EZ ISIN[1]	No underlying applicable	False – pending clarification from ESMA	Not on the ToTV record	False	Not on the ToTV record
EZ ISIN	Index/Reference rate LEI Basket of non-ISIN values	False – pending clarification from ESMA	Not on the ToTV record	False as the DSB does not have sufficient information to decide	Not on the ToTV record
EZ ISIN	Underlying ISIN(s): Underlying ISIN(s) are all EZ ISIN	False – pending clarification from ESMA	Not on the ToTV record	False – pending clarification from ESMA	Not on the ToTV record
EZ ISIN	Underlying ISIN(s): At least one Underlying ISIN is a non-EZ ISIN that has been reported to FIRDS by a DSB recognised RM/ OTF/ MTF	False – pending clarification from ESMA	Not on the ToTV record	True	The earliest date of the ToTV Effective Dates that trading venues reported the Underlying ISIN to ESMA The DSB uses the FIRDS “Date of Admission to Trading or Date of First Trade” attribute[2] to derive the ToTV effective date
Non-EZ ISIN that has been reported to FIRDS by a DSB recognised RM/OTF/MTF	No underlying applicable	True	The earliest date of the ToTV Effective Dates that trading venues reported the Instrument ISIN to ESMA The DSB uses the FIRDS “Date of Admission to Trading or Date of First Trade” attribute to derive the ToTV effective date	False	Not on the ToTV record
Non-EZ ISIN that has been reported to FIRDS by an SI(s) or reporting MIC is unknown	No underlying applicable	False	Not on the ToTV record	False	Not on the ToTV record
Non-EZ ISIN that has been reported to FIRDS by a DSB recognised RM/OTF/MTF	Index/Reference rate LEI Basket of non-ISIN values	True	The earliest date of the ToTV Effective Dates that trading venues reported the Instrument ISIN to ESMA The DSB uses the FIRDS “Date of Admission to Trading or Date of First Trade” attribute to derive the ToTV effective date	False as the DSB does not have sufficient information to decide	Not on the ToTV record
Non-EZ ISIN that has been reported to FIRDS by a DSB recognised RM/OTF/MTF	Underlying ISIN(s): Underlying ISIN(s) are all EZ ISIN	True	The earliest date of the ToTV Effective Dates that trading venues reported the Instrument ISIN to ESMA The DSB uses the FIRDS “Date of Admission to Trading or Date of First Trade” attribute to derive the ToTV effective date	False- pending clarification from ESMA	Not on the ToTV record
Non-EZ ISIN that has been reported to FIRDS by a DSB recognised RM/OTF/MTF	Underlying ISIN(s): At least one Underlying ISIN is a non-EZ ISIN that has been reported to FIRDS by a DSB recognised RM/ OTF/ MTF	True	The earliest date of the ToTV Effective Dates that trading venues reported the Instrument ISIN to ESMA The DSB uses the FIRDS “Date of Admission to Trading or Date of First Trade” attribute to derive the ToTV effective date	True	The earliest date of the ToTV Effective Dates that trading venues reported the Underlying ISIN to ESMA The DSB uses the FIRDS “Date of Admission to Trading or Date of First Trade” attribute to derive the ToTV effective dat