Preview Provides Hands-On Experience for OTC Derivative ISIN Allocations
Brussels, Belgium – The Association of National Numbering Agencies (ANNA) today announced access to the demo website that will enable users to interact with the Derivatives Service Bureau which is currently under development. The ANNA DSB Demo allows users to create new ISINs, search for existing identifiers and download ISIN data attributes.
The ANNA DSB Demo site can be accessed at https://www.anna-dsb.com/demo/
This demo is not a fully functioning numbering agency and ISINs obtained will be examples only and not retained for more than a week. Access to the ANNA DSB Demo will be phased by entity type as follows:
- Mon 07 Nov: Access to regulators
- Mon 14 Nov: Addition of trading venues
- Mon 28 Nov: Addition of sell-side
- Mon 12 Dec: Addition of buy-side
- Tue 03 Jan: Addition of all other entities
The attributes included for the current sub-set of defined instruments in the ANNA DSB Demo are largely based on the templates developed by the ISO Derivatives Study Group during the early part of this year. These will be finalized as part of the ongoing work of the ANNA DSB Product Committees that will begin in December.
The Demo shows some of the functionality that will be in the production services, including ISIN queries, ISIN allocation, and the ISIN files that will be available for download. Though many market participants will opt to connect their front-office systems directly to the ISIN engine, this early prototype of the web interface offers a clear look at the hierarchical structure of the ISIN data and how it adapts across product classes. As will be shown in the Demo, all this reference data is included in the ISIN files – from the top-level ISIN identifier down to the underliers.
“As we progress toward the release of the DSB platform for user acceptance testing in late Q1 2017, we wanted offer an early look at the prototype for user feedback,” said Dan Kuhnel, chairman of the ANNA board. “The preview version provides information we think will be of interest to the industry – including insight into the ISIN creation process, the structure and granularity of the required associated data.”
The ANNA DSB Demo site will be available until the service moves into full User Acceptance Testing in late Q1 2017.
About the ANNA Derivatives Service Bureau
The DSB is being developed to serve the needs of the OTC derivatives market participants 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 ISO standard for identifying financial instruments.
The DSB provides an automated, real-time, open source platform based on the Digital Object Architecture designed and developed by the Corporation for National Research Initiatives (CNRI). The Digital Object Architecture (DOArch) provides a basic infrastructure that can facilitate long-term interoperability between or among different systems, processes, and other information resources. The DSB platform relies on Cordra software and Handle.Net software, which are reference implementations of the DOArch that CNRI made available to public.
“This technology provides scalable, secure, and uniform access to ISIN reference data even when the storage technologies change behind the scenes,” explains Giridhar Manepalli, CNRI director of information management technology. “Tapping into a globally distributed system based on the DOArch for making available ISIN reference data just-in-time from any environment or device offer immeasurable potential benefit to the financial communities.”
Additional contribution was made by capital markets technology provider Itiviti, which developed the FIX-based connectivity scheme for the DSB and made significant contributions to the software design and development of the DSB.
“With direct exposure to the work of the ISO study group developing the ISIN for OTC derivatives and deep knowledge of the specific needs of the derivatives practitioners and markets, Itiviti was well positioned to contribute to the technology base of this project,” notes Jim Northey of Itiviti. “We look forward to seeing it in production to serve these markets and their regulators.”
The DSB will provide the 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 development is keyed to full production when mandatory reporting of OTC derivatives is required by the second iteration of the Markets in Financial Instruments Directive (MiFID 2) in January 2018. The schedule incorporates time for industry testing and implementation of the service.
The DSB will be incorporated as a separate legal subsidiary of ANNA, supported by minority investors that recognize 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 announcements 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 more than 200 jurisdictions worldwide. 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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