Industry Backs DSB’s Discovery-Led Approach and Holistic Review of User Model
The DSB has published the final report on its ninth annual industry consultation, revealing broad support for a more holistic, evidence-based review of its user model.
London, 20 July 2026 – The Derivatives Service Bureau (DSB) published its 2026 Industry Consultation Final Report on Friday 17 July 2026, in which participants welcomed the DSB’s discovery-led approach to engaging with stakeholders, aimed at deepening the DSB’s understanding of its users and the broader ecosystem in which they operate.
A key principle of the DSB is to provide its UPI and OTC ISIN services on a cost-recovery basis, with costs allocated fairly among stakeholders. The 2026 Industry Consultation sought industry views on a range of related topics, including the fair allocation of cost recovery, potential fee tiering of the Distributor user type, and stakeholders’ willingness to engage with the DSB during this exploratory phase. To support the consultation, the DSB also hosted two stakeholder roundtable sessions on 24 June 2026 for end users and third-party service providers.
Feedback supported:
● A holistic review of the user model: the DSB’s user model will be reviewed holistically, supported by further engagement and analysis during 2026–2027.
● A clarified and expanded Distributor definition: broadening the definition of Distributor to capture derived, validation and display use cases, in addition to raw data redistribution.
● A dedicated Distributor and Intermediary engagement forum: there was strong support across the industry for creating a dedicated forum for Distributors and Intermediaries, reflecting agreement that third-party providers occupy a distinct position within the ecosystem.
● A fairer distribution of cost recovery: broad recognition of the objective of achieving a fairer distribution of cost recovery across the user base, given that the majority of users currently access DSB data free of charge.
Emma Kalliomaki, Managing Director of ANNA and the DSB, said: “Recognising how broad and varied the DSB user community has become, this year’s consultation engagement highlighted strong support for deeper stakeholder collaboration and insight into the ecosystem the DSB supports. As we enter a discovery-led phase of engagement, the feedback received will continue to shape the future evolution of our services, ensuring they remain aligned with stakeholder needs while continuing to uphold the principles of fairness, transparency and cost recovery.”
The DSB will continue to engage with stakeholders during 2026 and 2027 on factors such as the timeliness and content of free data, the possible extension of API access to a broader set of end users, clearer boundaries between different user types, and adequate lead time for the implementation of any substantial changes.
From 4 to 27 August 2026, the DSB will consult on proposed amendments to the DSB Main Terms and Policies, giving users the opportunity to provide feedback. The 2027 Main Terms and Policies will be published on 24 September 2026 and will apply from 1 January 2027.
You can read the Final Report on the DSB website: DSB 2027 Final Report – DSB
For more information about how to get involved with industry engagement, please contact the DSB via industry_consultation@anna-dsb.com.
ENDS
Media contacts for the DSB
Carmen Rey, Amanda O’Sullivan
Streets Consulting
+44 (0)20 7073 2649
carmen.rey@streetsconsulting.com / amanda.osullivan@streetsconsulting.com
ENDS
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.
