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Derivatives Service Bureau Looks to Grow Ranks to Address Data Challenges

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The Derivatives Service Bureau (DSB), which was 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 announced an extension of global participation in its technology forum, the Technology Advisory Committee (TAC).

The DSB is inviting applicants to participate in the next term of the TAC, which starts in October 2020, with an application deadline of Friday, September 4th.

“There is already considerable technical expertise and skill that sits behind the DSB’s TAC. This could be seen in the TAC’s responsiveness during COVID-19 and the seamless continuity of service and resilience of infrastructure and accessibility,” said Emma Kalliomaki, Managing Director of ANNA and the DSB.” The DSB’s call for additional technical expertise is partly designed to reflect the recent update of DSB TAC Charter which extends the TAC’s work to cover UPIs. It will also help further expand the range of geographic perspectives that shape the work of the DSB,” she added.

According to DSB literature, the TAC was established to provide technical support to the DSB and is currently composed of twenty-seven members, most of which originate from banks, vendors, trade associations and wider OTC derivatives community. It meets in March and October for technology governance purposes, and more regularly in response to the wider and more urgent needs of the industry that arise through the DSB’s annual industry consultation process. In addition to the OTC ISIN, the TAC is extending its remit from October this year to cover matters relating to the Unique Product Identifier (UPI).

The Bureau said up to ten new members will be brought onto the TAC, with applicants from Asia, the Middle East, Africa and South America particularly welcome. The DSB is expecting to expand the TAC with technologists from a broad spectrum of institution types, with expertise in infrastructure and cloud-based technology, workflows and cybersecurity. At the same time, a new TAC Chair will also be appointed for the next term.

“Over the last couple of years the TAC has been responding successfully to the data challenges the financial industry is having to deal with daily in the OTC derivatives markets,” said Andy Hughes, a member of the DSB Management Team. “By extending our geographical technological expertise, the DSB TAC will continue to work with a team of pragmatic practitioners on data alignment to ensure the DSB continues to provide accurate data that is timely and relevant, critical to reducing risk, thereby enabling trading decisions to be more efficient,” Hughes added.