The list of Product Definitions defined by the DSB cover all five assets classes in scope for MiFID II Reference Data Reporting – Rates, Credit, FX, Equities & Commodities. The population was originally based on the ISDA 2.0 taxonomy and has been expanded upon through the input of various industry taskforces.
A Product Definition is a unique representation of the population of attributes applicable to a specific OTC Derivative product within an asset class.
Each Product Definition has been grouped into four distinct sections:
- Product Definition Selection: Set of fields to identify the product specific schema. This schema defines the full set of attributes for that product
- Product Definition Input Attributes: User input fields
- Product Definition Defaulted Input: The set of attributes that contain defaulted values which are valid for ISIN creation however the user can engage and select a different value if required
- Product Definition Derived Attributes: Attributes that will be inferred by the combination of Product Definition Selection & Product Definition Input Attributes and will be returned to the user as part of the full ISIN record
The combination of the above 4 sections comprise the record of the ISIN that will be returned to the requester.
The Product Definition Selection fields will identify the product specific schema. This schema defines the full set of attributes for that product.
Product Definition selection interface is comprised of the below fields:
- Asset Class: ISO 10962 CFI Letter #210
- Instrument Type: ISO 10962 CFI #1
- Product: Unique human readable label that defines the product (this is based on the ISDA 2.0 Taxonomy combination of Sub product and Transaction Type, where applicable)
- Level: Label assigned to the ISIN to describe its level in the hierarchy – the day 1 level will be ‘InstRefDataReporting’ to satisfy the technical requirements articulated by MiFID II / MiFIR RTS 23 Annex 1 while bearing in mind the requirements for future implementation of CPMI-IOSCO’s UPI
Product Definition Input Attributes are the population of attributes that require user input when requesting an ISIN.
Attributes can be populated by either selecting a value from an enumerated list e.g FpML Floating Rate Index List or entering text in a specific format e.g. Expiry date YYYYMMDD. The full list of attributes and their enumerations can be found in section 4 below.
Product Definition Derived Attributes are those which are inferred by the combination of Product Definition Selection & Product Definition Input Attributes. These will be auto populated by the DSB ISIN engine and returned to the user as part of the ISIN record