Published by Malavika Solanki

OTC ISIN activity (creation and search) continued in a similar vein to prior months, with two notable items: (a) overall OTC ISIN creation activity was at its lowest level vs. that in the prior year and (b) users are now making steady use of the three new portfolio swap templates introduced in February 2019. Analysis by user type, asset class and product type is set out below.

Data Creation Trends

With the exception of FX and Rates, the sell-side continues to dominate most OTC ISIN creation activity – see below.

Overall asset class trends are fairly consistent with earlier reporting.

Month on Month (MoM) changes in both absolute and relative terms show that although the number of new ISINs largely holds steady, there is a relative rise in the number of non-standard and complex product ISINs being created. It is hard to determine whether the underlying source of the increased creation activity is driven by EMIR Level III (which needs CFI codes), MiFID II or other purposes.

Search Trends

Users’ search activity in the DSB database continues unchanged, with the majority of messages sent via FIX for all but “Search for ISIN Records by Attributes” where 61% of searches are conducted via the DSB web front end.

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