The Association of National Numbering Agencies (ANNA) today announced the publication of formation details and the application for participation in product governance of the ANNA Derivatives Service Bureau (DSB). Currently under development, the DSB will provide services related to OTC derivatives, including allocation of identifying codes and access to related reference data.
The invitation to participate, framework document and application form are available through this link.
Management and technology consultancy BearingPoint has been engaged by ANNA to define the role and oversee the formation and selection of participants in the governance body, to be called the DSB Product Committee. The work of the committee will include the following:
- To provide recommendations to the DSB to review and approve directives relating to data standards for taxonomies, processes and procedures;
- To advise on the development of OTC derivatives definitions, characteristics and classifications and ensure that the product attributes are appropriately defined, maintained and governed;
- To define the OTC derivatives descriptors, to identify the taxonomies from which they are derived, as well as to validate and ensure the integrity of these product terms;
- To ensure clear and complete criteria and methods to monitor and control data quality in order to create accurate definitions of the product descriptors for ISINs of OTC derivatives.
The composition of the DSB Product Committee is envisioned to include a balanced representation of industry and technical experts from trading venues, banks and buy-side, as well as regulators as observers. The selection of committee members will be based on experience in areas such as OTC derivatives and data architecture. Details on the committee makeup and selection criteria will be found in an appendix of the application form.
About the ANNA Derivatives Service Bureau
The DSB is being developed to 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 based on an automated, real-time, open source platform for code management. Its development timeline is keyed to full production 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 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 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.
BearingPoint consultants understand that the world of business changes constantly and that the resulting complexities demand intelligent and adaptive solutions. Our clients, whether in commercial or financial industries or in government, experience real results when they work with us. We combine industry, operational and technology skills with relevant proprietary and other assets in order to tailor solutions for each client’s individual challenges. This adaptive approach is at the heart of our culture and has led to long-standing relationships with many of the world’s leading companies and organizations. Our global consulting network of more than 10,000 people serves clients in over 75 countries and engages with them for measurable results and long-lasting success. For more information, please visit www.bearingpoint.com.
+1 845 687-2222
Save as PDF