The Association of National Numbering Agencies (ANNA) today announced the official launch of its search for the Service Provision Provider of the Derivatives Service Bureau which is to provide ISINs for OTC derivatives. A request for proposal has been released.
The development of the criteria for this role and the selection of the provider is being overseen by BearingPoint, the management and technology consultancy that serves as trusted advisor to ANNA in development and oversight of start-up activities and business strategies and practices.
In brief, the Service Provision Provider will provide distributed server and cloud services with an emphasis on resiliency, security and non-stop uptime in hosting the Derivatives Service Bureau platform and archive, as well as facilitating messaging communications.
“The Service Provision Provider is the last piece of the technical structure of the DSB,” said Sassan Danesh, partner in Etrading Services, the technical partner to ANNA and management services provider of the Derivatives Service Bureau. “Upon the engagement of this partner, the DSB will have the capacity for scalable, global service in provision of ISINs to the OTC derivatives markets for regulatory reporting and business operations.”
The request for proposal document may be obtained by contacting Regina Wist from BearingPoint at email@example.com.
“As a management consulting partner of ANNA, we are supporting the RfP process to select a service provision provider (SPP) that covers the needs of the DSB. We are looking forward to receiving proposals from all qualified SPP candidates that meet the requirements laid out in the RfP,” said Gabriele Höhler, partner at BearingPoint.
About the ANNA Derivatives Service Bureau
The DSB will serve the needs of the OTC derivatives markets and regulators for unique identification of these financial products through allocation of the International Securities Identification Number (ISIN). The ISIN is a globally recognized and adopted standard for identifying financial instruments.
The DSB is being developed on an automated, real-time, open source platform. The development timeline is keyed to full production in January 2018 when mandatory reporting of OTC derivatives is required by second iteration of the Markets in Financial Instruments Directive (MiFID 2) is in force. The schedule incorporates time for industry testing and implementation of the service.
The DSB will provide ISIN allocation service through two vehicles – manual registration through a web-based portal and fully automated registration through connectivity between the DSB and users’ front-office systems.
The DSB will be incorporated as a separate legal subsidiary of ANNA, supported by minority investors who recognise the importance of this regulatory driven structural change and wish to assist in the successful launch of the service. ANNA retains a majority stake to guarantee full compliance with ANNA’s ISO obligations, including appropriate cost-recovery and governance models.
More detailed information on the DSB can be found in recent announcement at the ANNA website.
Established in 1992 by 22 founding numbering agencies, ANNA is the membership organization of national numbering agencies, which are operated by depositories, exchanges, government agencies, nationally central data vendors and other financial infrastructure organizations. ANNA also serves as the registration authority for the ISIN numbering standard, under appointment by the International Organization for Standardization (ISO). Under ANNA’s stewardship, the role of the ISIN in enabling global financial communications has been established worldwide. ISINs are issued today in excess of 200 jurisdictions worldwide, while the number by national numbering agencies and nations working to establish national numbering agencies continues to grow each year, now surpassing 120 jurisdictions globally. For information about ANNA, its members and activities, please visit anna-web.org.
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