This year’s focus on cybersecurity and cloud resilience
The Derivatives Service Bureau (DSB), founded by the Association of National Numbering Agencies (ANNA) to facilitate the allocation and maintenance of International Securities Identification Numbers (ISINs), Classification of Financial Instrument codes (CFIs) and Financial Instrument Short Names (FISNs), for OTC derivatives, has today announced the timeline for the 2021 industry consultation related to the 2022 OTC ISIN and CFI service provision, highlighting in particular cybersecurity and cloud resilience.
This year’s consultation for the OTC ISIN and CFI service seeks to build on engagement in previous years, with industry collaboration at its core and a focus on data alignment and harmonisation. Prior consultations have been critical in shaping an operating model that helps bring efficiency and resiliency to the market, and dovetails with ongoing feedback from external stakeholders at each of the Product Committee and Technology Advisory Committee.
Core themes this year focus on providing updates for service enhancements sought last year, as well as risk analysis relating to the DSB’s cybersecurity and cloud resilience. The DSB values the feedback from the process which brings such important industry needs to the fore. This OTC ISIN and CFI consultation process will operate in parallel with the broader, ongoing global consultation focusing on the UPI fee model.
The OTC ISIN and CFI service consultation paper will shape the DSB activity for 2022, and will be published on 30th April. Industry will be able to respond until 5pm UTC on Monday 31st May, with the final results of the consultation delivered on Thursday 1st July. The full timeline is available on the DSB’s website.
Emma Kalliomaki, Managing Director of ANNA and the DSB, said, “We appreciate industry engagement with our ongoing consultations as we strive to consistently find new ways to increase efficiencies. Good governance is at the core of everything we do and stakeholder input is key to this. We value industry feedback to shape the best OTC ISIN solution for the market and want to provide industry advance notice of when involvement is needed as we know it is a busy year with UPI discussions ongoing as well.”
Malavika Solanki, a member of the DSB Management Team, said, “Industry feedback, be it bilaterally from users and trade associations, through the industry representation groups, and participation in the consultations is invaluable. Evidence of this lies in the new, lower-cost services introduced by the DSB as well as an increased focus on ensuring data consistency when creating and consuming OTC derivative reference data. With the UPI on the horizon, being able to hear potential and current users’ views in shaping the DSB’s strategy grows increasingly important.”
As with prior years, the purpose of the consultation is to ensure that the DSB focuses its attention on the areas users consider most helpful. The consultation approach, together with the DSB’s industry outreach and market education efforts, are aimed at ensuring the DSB can continue to best serve its users in a rapidly evolving landscape.