Derivatives Service Bureau Announces Key Initiatives for 2026 in Industry Consultation Final Report
The report outlines industry feedback and next steps on proposals for 2026 focusing on the principles of fair allocation of costs and data access
London, 17 July 2025 – The Derivatives Service Bureau (DSB), the golden global source of reference data for Over-the-Counter (OTC) derivatives, has published the 2025 Industry Consultation Final Report today with a focus on fairer allocation of costs and data access. The report relates to the DSB’s Unique Product Identifier (UPI), OTC International Securities Identification Number (ISIN), and the Classification Financial Instrument code (CFI) services.
This report follows the DSB’s 8th annual consultation with industry in May 2025, highlighting industry views and next steps, which will come into effect 1 January 2026:
- Fairer Allocation of Cost Recovery across users: Currently 75% of DSB users access services free of charge. Industry supported the principle of changes to ensure fair allocation of costs among users of DSB data. Additional analysis will be undertaken by the DSB Governance Advisory Committee on potential changes to user functionality and access to DSB data.
- New ‘Distributor’ User Type: The DSB will introduce a new fee-paying Distributor user type for distribution of free DSB data to end users.
- Extension of Intermediary Model: There was broad support to extend the existing Intermediary model to include all DSB fee-paying user types. An Intermediary is a non-fee paying user permitted to distribute paid-for DSB data to end users.
- Realignment of Cost Allocation Policy between UPI and OTC ISIN Services: There was unanimous support to revise the cost allocation policy based on the allocation of direct cost, resulting in an allocation of 67% of shared costs to the UPI Service and 33% to the OTC ISIN Service. Th
- Further work on Acceptable Policy breaches: DSB will undertake further analysis on managing acceptable use breaches following industry feedback.
Emma Kalliomaki, Managing Director of ANNA and the DSB, said: “The annual consultation process is a cornerstone of the DSB’s commitment to industry collaboration, ensuring evolution of the service remains aligned with stakeholder needs. Given the proposed changes across user types and functionality for ensuring an equitable cost allocation, we are grateful for the user feedback received and the work of the industry representation groups in shaping the service provision for 2026.”
Following the publication of the Final Report, the DSB will publish the proposed amendments to the Main Terms and Policies for 2026, incorporating the above items. The draft agreement will be open for industry consultation from 1 August 2025, with the deadline for feedback being 27 August 2025. Following consideration of any feedback received, the 2026 Main Terms and Policies will be published on 24 September 2025.
Further details can be found within the full report, available on the DSB website: https://www.anna-dsb.com/download/dsb-2026-final-report/
ENDS
Media contacts
Carmen Rey, Amanda O’Sullivan – Streets Consulting
carmen.rey@streetsconsulting.com / amanda.osullivan@streetsconsulting.com
+44 (0)207073 2649
The Derivatives Service Bureau (DSB) Ltd
The Derivatives Service Bureau, DSB, is the global golden source of reference data for Over the Counter (OTC) derivatives. Serving over 4,000 users spanning approximately 500 institutions, the DSB enables market participants to meet their regulatory reporting obligations to trade repositories, and for post- trade transparency and market abuse reporting related to MiFID II. A global utility with widespread industry representation, expertise and collaboration at its core, the DSB provides its reference data on a cost-recovery basis to increase transparency, efficiencies and interoperability through the use of standards. Users can access the DSB’s automated zero-touch technology platform through an open and easily accessible web interface that can handle multiple taxonomies of definitions and descriptive data for near real-time allocation.
Founded by the Association of National Numbering Agencies, ANNA, the DSB is the sole source of multiple ISO standards for OTC derivatives, including International Securities Identification Numbers (ISINs), Unique Product Identifiers (UPIs), Classification of Financial Instruments Codes (CFIs) and Financial Instrument Short Names (FISNs). In addition to its ISO mandates, the DSB has been nominated by the Financial Stability Board of the G20 to be the exclusive global operator of the UPI Service. This service will enable authorities to aggregate data on OTC derivatives transactions by product or by any UPI reference data element. If you would like to use the Derivatives Service Bureau please visit the DSB website.
About ANNA
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.
