This note focuses on both OTC ISIN creation and search trends to provide users with more insight into how the DSB is being used.

ISINs Created

  • Most DSB ISINs have not been reported to FIRDS (20% regulatory reporting rate)
  • 10 firms continue to create 75% of all DSB ISINs – 3 venues + 7 banks
  • Marked decrease in the pace of new ISIN creation – 18% month on month (MoM) increase in April vs. 24% in March and 34% in February
    • Equity and FX continue to dominate
    • Largest increase in new OTC ISINs for the following instruments
      • Commodities Swaptions
      • Loan Swaps (credit)
      • Price_Return_Basic_Performance_Single_Index Swap (equity)
      • Price Return_Dividend_Basket Swap (equity)
      • Inflation Basis Zero Coupon Swap (rates)

 

 

  • Asset Class Highlights

 

  • Instrument Type

 

  • Connection Type: surprising variation in user connectivity preferences across asset classes (i.e FIX or ReST)

 

Searches for DSB ISINs

  • Top 10 firms searched the DSB database more frequently
  • 15% increase in the number of search requests received in April vs. March 2018
  • Users used one format of the DSB search function more heavily:
    • 65% to retrieve OTC ISIN records for a given set of attributes
    • 27% to retrieve an OTC ISIN record for a specific ISIN
  • Significant skew in utilization of the DSB:
    • 5,000 searches per week by the top 20 firms (on average)
    • 9 searches per week by the remaining 318 firms that have searched the DSB database

 

Published by Malavika Solanki

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