Outlining core services and fee model available to users at launch of the service
London, 28th September 2021 – The Derivatives Service Bureau (DSB), founded by the Association of National Numbering Agencies (ANNA), to facilitate the allocation and maintenance of ISINs, CFIs and FISNs for OTC derivatives, today announces that the Unique Product Identifier (UPI) fee model consultation Final Report is now published, focusing on the principles underlying the UPI fee model and cost basis of the UPI service.
The UPI is designed to facilitate effective aggregation of over-the-counter (OTC) derivatives transaction reports on a global basis. Reporting parties will be mandated to incorporate the UPI into their workflows and submit these to trade repositories once mandates come into effect in each of Africa, Asia, Australia, Europe and the Americas.
The report documents the final shape of the UPI service at launch. Particular items of interest highlighted within include: anticipated user estimates, a description of the functionality to be made available, user types, as well as the invoicing and contractual approach on day one of the service. UPI users will be able to connect on a free-to-use and fee-paying basis, with services tiered accordingly. The DSB will also seek to utilise a consistent framework when launching new services so that users seeking both UPI and OTC ISIN services can leverage their connectivity to best effect.
Emma Kalliomaki, Managing Director of ANNA and the DSB, said, “The DSB has undertaken an extensive consultation with industry who have widely concurred with DSB proposals and have helped shape the service. We are working hard to ensure that best practice and good governance principles are enshrined in the UPI, so that both industry and regulators will have the most efficient UPI service.”
The DSB will launch a further industry consultation on the UPI Legal Terms and Conditions on 2nd November 2021.
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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.
From Q3 2022, the DSB also expects to be providing Unique Product Identifiers (UPIs) for over-the-counter (OTC) derivatives to enable global regulatory authorities to aggregate data on OTC derivatives transactions to help assess systemic risk. This follows designation by the Financial Stability Board (FSB) in 2019 as the sole service provider for the future UPI system, performing the function of issuer of UPIs as well as operator of the UPI reference data library.
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 the website