Published by Malavika Solanki
OTC ISIN creation activity increased marginally in the final month of last year, with 5% more OTC derivative ISIN records having been created. ISIN creation activity rose at a consistent rate for the following instruments:
- Commodities: Forwards
- Credit: Corporate CDS
- Equity: Single Name Portfolio Swaps, Price Return Basic Performance Single Name Swaps and Single Name Equity Swaps
- FX: Forwards and Swaps
- Rates: Basis Swaps, Fixed-Float Swaps, Fixed-Float OIS and Swaptions
In addition, it is worth noting that OTC ISIN creation activity was higher than usual for the following instruments (detailed information is provided via the usual tables below):
- Commodities: Single Index Swaps and Swaptions
- Credit: Total Return Swaps
- Equity: Parameter Return Dividend Single Name Swaps, Parameter Return Volatility Basket Swaps and Portfolio Swap Other
- FX: NDFs
- Rates: Inflation Basis Swaps, Inflation Fixed-Float Zero Coupon Swaps and Non-Standard Options and Swaps
- Others/ Cross-Asset: Swaps
Readers interested in understanding the types of institutions that search the DSB database for information should review the metrics published in September 2019. All other metrics – for creation and search activity – have been refreshed for December month-end and are available below.
Broad asset class trends are consistent with the previous month.
Month on Month (MoM) changes in both absolute and relative terms show variations in the number of new OTC ISINs at product level.
Search Trends: Search activity in the DSB database increased 4% in the month of December, largely driven by higher volumes of API “Retrieve ISIN Record by Attribute” messages. Highlights include:
- FIX remains the dominant messaging protocol when interacting with the DSB – 76% of all search messages sent to the DSB using the FIX protocol
- GUI users make most use of the “Search for ISIN Records by Attributes” message and are the most common type of DSB user although they submit only 2% of all search requests
- There was a 6% increase in the number of search requests attempting to retrieve the OTC ISIN record by Attribute and a 3% increase in the number of search requests seeking to retrieve the OTC ISIN record by ISIN
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