DSB Announce User Fee Discounts amid Additional Service Improvements
Below budget 2017 build and operating costs
London, 8 October 2018 – The Derivatives Service Bureau (DSB) today announce additional service improvements for 2019, as well as estimated 2019 user fees 4% below 2018 levels, assuming similar uptake of the service amongst the OTC derivatives community.
The DSB is a fully automated generator of International Securities Identification Numbers (ISINs) for OTC derivatives. The DSB is the first numbering agency designed to operate on a global basis to meet the particular requirements of the OTC derivatives markets including near real-time allocation of ISINs.
The 2019 financial projections incorporate additional service improvements requested by industry during the 2018 consultation process, including increased operational hours to 24 / 6.5 and improved email support response times. Enhancements to the OTC-ISIN functionality are also planned for later in 2019 to enable real-time updates to DSB reference datasets such as currency codes and benchmark reference rates. Costs related to this enhanced functionality will be amortized from 2020, after the functionality is operational and in accordance with the DSB capital expenditure model approved through industry consultation.
“With the 2017 financial audit now complete, we are delighted to confirm the 2017 build and operating costs of the service were well under budget,” said Emma Kalliomaki, DSB managing director. “Under the cost recovery principles of the DSB, these savings will be passed back to users in 2019.”
The audited DSB build cost of €5,101K was €751K under budget, resulting in €250K pa of reduced amortisation costs in each of 2019 / 2020 / 2021. Additionally, 2017 Q4 audited operating costs of €1,612K were €672K below audited Q4 2017 revenues. These Q4 2017 operational cost savings will also be rebated in the 2019 fee year and more than offset the underlying increase of 3% due to industry requested service improvements, increased transparency initiatives and inflation.
“Building a state of the art technology platform to aggressive timescales and below budget was a challenge, especially considering the large number of unknowns when the project started,” said Sassan Danesh, managing partner of Etrading Software, the Management Services Partner of the DSB. “Achieving this outcome required deep OTC expertise coupled with knowledge of the latest cloud-based technologies and substantial experience of managing a diverse OTC market stakeholder base. We are grateful to the DSB Board for their strategic guidance and to OTC market participants for their collaborative approach to launching the service.”
Full details of the 2019 estimated user fees and the 2017 costs can be found on the DSB website.
Connect with the DSB
All use of the Derivatives Service Bureau requires registration. To register, obtain technical support or subscribe to information about new product releases, etc. please email your request to technical.support@anna-DSB.com.
To subscribe to DSB blogs, please sign-up here: anna-dsb.com/ and to obtain the DSB user agreement and related documentation please visit anna-dsb.com/fees-rules/. All other non-technical information on the DSB including information on product templates can be obtained by sending your request to secretariat@anna-DSB.com.
For detailed information on pricing and user categories, technical principles of the DSB, and information about the DSB product committee and its activities, please visit the DSB website.
About The Derivatives Service Bureau (DSB) Ltd
Headquartered in London, the DSB is a legal subsidiary of the Association of National Numbering Agencies. Its core purpose is to serve as a global numbering agency, providing unique identification of OTC derivatives to serve the needs of market participants and regulators through allocation of the International Securities Identification Number (ISIN), as well as the Classification of Financial Instruments (CFI) and Financial Instrument Short Name (FISN), as OTC products are created. The ISIN, CFI and FISN are globally recognised and adopted ISO standards for identifying and classifying financial instruments.
Please visit the DSB website, anna-dsb.com for more information about the DSB’s role and activities in meeting the identification requirements of financial markets.
Established in 1992 by 22 founding numbering agencies, ANNA is the membership organisation of national numbering agencies, which are operated by depositories, exchanges, government agencies, nationally central data vendors and other financial infrastructure organisations. ANNA also serves as the registration authority for the ISIN and FISN standards, under appointment by the International Organization for Standardization (ISO).
Under ANNA’s stewardship, the role of the ISIN in enabling global financial communications has been established worldwide. ISINs are issued today more than 200 jurisdictions worldwide. In addition, ANNA is developing the Derivatives Service Bureau (DSB), a fully automated global numbering agency to meet the operational and regulatory requirements of the over-the-counter derivatives markets. The number of national numbering agencies and nations working to establish national numbering agencies continues to grow each year, now surpassing 120 jurisdictions globally. For information about ANNA, its members and activities, please visit anna-web.org.