The DSB Product Committee: A Half-Year in Review
By Bina Mistry
For the DSB Product Committee (PC), an industry representation group which brings together market practitioners and regulators, the first half of 2026 was anything but quiet. Meeting every two weeks and running a summer / winter schedule, in this newsletter we take a moment to pause and reflect on the PC’s work so far this year as well as giving a preview of what’s still to come.
A focus on UPI quality
Identifiers enhance data quality through built-in validation, consistency and common interpretation and the PC plays a key role in upholding data quality standards.
Following a Committee on Derivative Identifiers and Data Elements (CDIDE) review of UPIs, the PC worked through fourteen data quality observations.
Over the first seven months of the year, the PC has closely examined the scope and persistence of the observations, laying the groundwork for next steps.
This effort has resulted in the PC recommending template decommissions, several items with new or revised best practice guidance and FAQ text, and some questions referred outside of the PC for wider industry feedback and input.
The DSB will publish its report in H2 2026 and is now moving to the next stage: reviewing design, approach, and backward compatibility ahead of DSB implementation.
Off mute, in person
The PC came together in London in June for its second in-person meeting of the current Term where members reviewed the DSB product work programme and identified two implementation priorities – the decommissioning of the Rates Swap Cross-Currency Fixed Float NDS and OIS product templates – given these templates present a risk of duplicate identifiers.
Looking back on the first half of 2026, members reaffirmed the importance of ongoing industry education and communication as the market prepares for upcoming product changes.
Guiding not gatekeeping
From time-to-time, the PC establishes dedicated sub-committees to address specific issues which require targeted knowledge, focus and expertise.
The Taskforce for Non-Standard Product guidance was set up to define the principles that govern whether an OTC Derivative product should be classified as Standard or Non-Standard based on the attributes of that product, in a way that is deterministic and jurisdictionally neutral.
The Taskforce completed its work at the end of 2025 and in July 2026, following the CDIDE’s support of its recommendations, published the Principles for Identifying Standard or Non-Standard Product Templates in its DSB Best Practice Guidance document. The Principles will help users select the appropriate product template across OTC ISIN and UPI Services to improve data quality.
Check out this video interview with Grzegorz Skrzypczynski, Team Lead for the European Central Bank data science team and Co-Chair to the CDIDE, for the authorities perspective: https://www.anna-dsb.com/download/dsb-product-committee-interview/
The PC is now focused on some additional recommendations to enhance existing DSB product templates that meet the evolving requirements from Industry which came out of this Taskforce e.g., support of Place of Settlement to all existing Standard FX product templates.
Modifying the ISIN
In July, the Modified ISIN Sub-committee was established to identify the appropriate instrument granularity for all Interest Rate Swap (IRS) products, addressing the current creation of a new ISIN every day for economically identical OTC derivatives instruments. The Sub-committee has broad representation, including buyside, sellside, trading venues and data providers.
The DSB welcomed the FCA’s PS26/15, the final rules on “Improving the UK Transaction Reporting Regime,” issued at the start of August, which states its support for this work. The DSB will publish a report detailing the Sub-committee conclusions in the second half of 2026.
Taxonomy for Virtual Assets
The Digital Asset Sub-Committee (DAS-SC) II is another PC sub-committee, with the objectives of agreeing a methodology for classifying virtual assets in detail within the Virtual Asset category of ISO 10962 (CFI) and assessing what that taxonomy means for the classification and definition of listed and OTC derivatives, including the OTC ISIN and UPI product definitions the DSB maintains.
In July 2026, the PC approved the DAS-SC II’s recommendation report for Virtual Asset underliers. Six groups sit beneath the category: stablecoins, protocol tokens, utility tokens, asset-backed tokens, non-fungible tokens and a residual other.
Following PC approval, the report has been shared with the CFI Maintenance agency (SIX) for consideration. Assessment of what the taxonomy means for OTC Derivative template definitions has been completed by the DAS-SC II and will be referred to the PC after the summer period and following CDIDE feedback.
What the autumn holds
The PC still has several key priorities to bring together before year-end.
The Committee is expected to bring its UPI data quality review to a conclusion through a series of discussions on the recommendations now taking shape. At the same time, the DAS-SC II report on OTC derivatives and the completed work of the Modified ISIN sub-committee are both expected to return to the PC for review.
Thank You
The Product Committee is made possible by the commitment of members who volunteer their time and expertise from across the globe. Every recommendation and piece of guidance produced by the Committee is the result of that collective effort.
“On behalf of the DSB, I would like to thank every member of the Product Committee, and everyone who has volunteered on its sub-committees, for their contribution this year. The Committee’s progress rests on the time, expertise and careful judgement members give, often alongside demanding day jobs. That engagement is what keeps the DSB’s OTC ISIN and UPI Services aligned with the needs of the global OTC derivatives market, and I look forward to seeing what the Committee achieves next.” – Emma Kalliomaki, Managing Director, ANNA and the DSB
Minutes of every PC meeting and its sub-committees are published to the DSB Product Committee webpage.
If your firm relies on OTC derivative identifiers and you would like a hand in shaping them, the DSB continue to welcome new participants from every region across the market. Interested members are requested to share their interest by emailing DSB.Product.Committee@ANNA-DSB.com
