The Derivatives Service Bureau opens cybersecurity-focused consultation
17 March 2021 UK
Image: stock.adobe.com/denisismagilov
Cybersecurity and measures to protect the cloud are front and centre of the Derivatives Service Bureau’s (DSB) 2021 industry consultation in the run up to its 2022 OTC ISIN and CFI service provision.
The DSB, which maintains International Securities Identification Numbers (ISINs), Classification of Financial Instrument codes (CFIs) and Financial Instrument Short Names (FISNs) for over-the-counter (OTC) derivatives, is seeking to collaborate with the wider industry to promote data harmonisation — as it has done with past consultations — to make the market more efficient and resilient.
Key aims of this year’s consultation are conducting risk analysis relating to the DSB’s cybersecurity and cloud resilience, providing updates for any previously sought service enhancements, ensuring that the DSB focuses its attention on areas most important to its users and keeping up with the rapidly evolving landscape.
The consultation opens today and will run until 31 May, with the findings available 31 July, and will operate in parallel with DSB’s ongoing global consultation focusing on the unified payment interface (UPI) fee model.
The OTC ISIN and CFI service consultation paper will shape the DSB’s activities for 2022, and will be published on 30 April.
The DSB, founded by the Association of National Numbering Agencies (ANNA), is a fully automated generator of ISINs for OTC derivatives.
Emma Kalliomaki, managing director of ANNA and the DSB, says: “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, says: “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.”
The DSB, which maintains International Securities Identification Numbers (ISINs), Classification of Financial Instrument codes (CFIs) and Financial Instrument Short Names (FISNs) for over-the-counter (OTC) derivatives, is seeking to collaborate with the wider industry to promote data harmonisation — as it has done with past consultations — to make the market more efficient and resilient.
Key aims of this year’s consultation are conducting risk analysis relating to the DSB’s cybersecurity and cloud resilience, providing updates for any previously sought service enhancements, ensuring that the DSB focuses its attention on areas most important to its users and keeping up with the rapidly evolving landscape.
The consultation opens today and will run until 31 May, with the findings available 31 July, and will operate in parallel with DSB’s ongoing global consultation focusing on the unified payment interface (UPI) fee model.
The OTC ISIN and CFI service consultation paper will shape the DSB’s activities for 2022, and will be published on 30 April.
The DSB, founded by the Association of National Numbering Agencies (ANNA), is a fully automated generator of ISINs for OTC derivatives.
Emma Kalliomaki, managing director of ANNA and the DSB, says: “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, says: “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.”
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