DSB reveals “significant appetite” for data quality and cybersecurity analysis
The Derivatives Service Bureau (DSB) has revealed “a significant appetite” for further data quality and cybersecurity analysis, published in its second industry consultation this year.
The industry, represented by nine responses from 12 institutions, suggested the DSB undertake a cost-benefit analysis on leveraging the International Securities Identification Number to Legal Entity Identifier (ISIN-LEI) service to provide supplemental data to further improve data quality.
The DSB has now published the draft 2020 DSB Access and Usage Agreement
Another request was for the adoption of an international best practice on cyber-security governance, prompting the DSB to create the new part-time role of Chief Information Security Officer (CISO) who will strengthen the DSB’s cyber-security process.
“As we continue to adopt user sourced initiatives, we are increasingly focusing on aiding consistent use of data contained within the over-the-counter (OTC) ISIN record,” says DSB’s MD, Emma Kalliomaki.
She added: “We have also observed an evolution from use of OTC ISIN for RTS [regulatory technical standard] 23 purposes to improve integration in users’ infrastructures, as the industry realises the benefits of using OTC ISIN records in their own workflow processes.”
The industry, who concurred with 80% of the consultation proposals, additionally asked the DSB to look at the Classification of Financial Instruments (CFI) code coverage it provides today and how it may need to be taken forward for implementation, looking at the annual fee determination process and setting up an agreement forum to include recommendations for the 2020 consultation.
The DSB has now published the draft 2020 DSB Access and Usage Agreement alongside associated policies, giving companies an opportunity to comment before the 2 September 2019 deadline.
