Derivatives Service Bureau wins ‘Best Innovative Technology for Regulatory Compliance’ at the RegTech Insight Awards 2019
London, 7th May 2019 – The Derivatives Service Bureau, founded by the Association of National Numbering Agencies (ANNA) to facilitate the allocation and maintenance of International Securities Identification Numbers (ISINs), Classification of Financial Instrument codes (CFIs) and Financial Instrument Short Names (FISNs), for OTC derivatives, has today announced it has been awarded ‘Best Innovative Technology for Regulatory Compliance’ at the RegTech Insight Awards 2019.
The awards are designed to recognise both start-ups and established providers who are creatively finding solutions to help with regulatory challenges and span a wide range of regulatory requirements. The awards were overseen by the RegTech Insight Awards Advisory Board, who have helped shape the categories and review the winners in collaboration with the A-Team Insight editors.
The Derivatives Service Bureau (DSB) offers a zero-touch, fully automated platform for multi-channel OTC ISIN generation, search, subscription and download. The global solution enables users to easily map from industry taxonomy to regulatory taxonomy and was delivered under budget, three months ahead of schedule and in collaboration with target users.
Up and running within 15 months of inception, the DSB’s OTC ISIN solution was fundamental for participants trading OTC derivatives to meet their MiFID II reference data reporting obligations, with industry rapidly adopting the service to facilitate other regulatory reporting needs – such as other MiFID II requirements and EMIR level III reporting. The DSB provides both free of cost and paid access on a cost-recovery basis to users, supporting multi-channel access (subject to any given user’s needs) while also providing users with an OTC ISIN record containing additional identifiers and product attributes.
Angela Wilbraham, CEO of A-Team Group, which hosts the RegTech Insight Awards, said, “We are delighted that our cross-platform readership of over 20,000 senior technology officers and data specialists clearly rated The Derivatives Services Bureau, as the Best Innovative Technology for Regulatory Compliance in a very competitive field. We congratulate them on their prestigious RegTech Insight Award win.”
Emma Kalliomaki, Managing Director of ANNA and the DSB, said, “We are delighted to receive recognition from RegTech Insight and would like to thank the industry for their assistance in establishing the DSB’s OTC ISIN solution. The DSB worked hard to ensure the broad views and needs of the stakeholders led the direction of development of the service. By working collaboratively, both within the teams at ANNA and the DSB, as well as its stakeholder user base, the DSB was able to ensure all views were considered. This collaborative approach has been instrumental in achieving the smooth running of the DSB so quickly and efficiently.”
Malavika Solanki, a member of the DSB Management Team, said, “The early launch of the DSB allowed all impacted industry participants to test and prepare in advance of the regulatory deadline, ensuring they could meet their regulatory obligations. The DSB has just completed its first full year of providing the OTC derivative ISIN service and is now embedded in industry infrastructure; providing OTC instrument identifiers which improve efficiency and transparency in the global OTC derivatives market.”
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The Derivatives Service Bureau (DSB) Ltd
The Derivatives Service Bureau is a global numbering agency for OTC derivatives serving the needs of market participants through the allocation of International Securities Identification Numbers (ISINs), the Classification of Financial Instruments (CFI) and Financial Instrument Short Name (FISN), all globally recognised and adopted ISO standards for identifying, classifying and describing financial instruments. With an underlying technology platform that is built to support multiple taxonomies of definitions and descriptive data, as well as numbering in near-real-time, the DSB is motivated to bring greater transparency and integration within the OTC derivatives market, enabling institutional investors to standardise data and better control operational risk. Users can access the DSB through a web interface, by accessing data in daily update files or by direct integration to front-office systems for trading and order management.
The DSB is a legal subsidiary of the Association of National Numbering Agencies (ANNA). With widespread industry representation, expertise and collaboration at its core, the DSB’s history, pedigree and expertise are rooted in ANNA, with its broad experience and overview of handling both on and off-exchange ISINs for all asset classes. If you would like to use the Derivatives Service Bureau please visit the DSB website
The Association of National Numbering Agencies (ANNA) is a global member association seeking to foster standardisation within the financial industry by upholding the International Organization for Standardization (ISO) principles and by promoting ISIN, FISN and CFI codes for financial instruments. This is achieved through ongoing, collaborative work with market participants, regulators and other standards bodies.
Under ANNA’s stewardship, the role of the ISIN in enabling global financial communications has been established worldwide. Founded in 1992 by 22 numbering agencies, today ANNA’s membership continues to grow, with more than 120 global members and partners allocating ISIN, FISN and CFI codes on behalf of their local jurisdictions. By putting in place rigorous governance around the development, allocation and sharing of ISIN, FISN and CFI codes, ANNA helps facilitate open, transparent markets diminishing barriers to access, while protecting the integrity of the standards. As a result, ISIN has become the recognised global standard for unique identification for all types of financial and referential instruments, helping to connect and protect global markets.
In addition, ANNA has established the Derivatives Service Bureau (DSB), a fully automated global numbering agency to meet the specific operational and regulatory requirements of the over-the-counter derivatives markets.
For information about ANNA, its members and activities, please visit anna-web.org.