Our CEO Dario Crispini spoke to Lynn Strongin-Dodds of Best Execution about the steps being taken towards greater standardisation of data contracts, content, identifiers and post-trade procedures.
Last year the International Swaps and Derivatives Association (ISDA) published a paper entitled “Future of Derivatives Processing and Market Infrastructure” which called for firms to work together to develop standardised data contracts, content, identifiers and post-trade procedures. While few expected to see the industry change overnight progress has been slower than expected.
“Under EMIR and MiFID, you have regulatory pressure to standardise instruments that are traded OTC because of the clearing and margin rules. However, one of the problems with the ISINs in the derivatives space is that they are only focused on Europe and are not global. If you trade an ETD on a third country market you will need an alternative. Another point of contention around OTC derivatives is that the DSB is run by ANNA, whose members are all profit-making companies and I am not sure that is the right approach,” Dario told Best Execution.
Read the full article here.