The Data Service Bureau (DSB) that issues ISINs for OTC derivatives under MiFID II has set up change and challenge processes. The change request addresses issues with existing ISINs or with the product definition templates supplied by the DSB for the creation of OTC derivative ISINs. The challenge process allows users to challenge existing ISINs, for example on the basis of an inconsistent underlying ISIN, using a web-based form.
While firms within the scope of MiFID II say the DSB is doing a better than previously expected job on issuing ISINs for OTC derivatives and that all is going relatively smoothly, the DSB acknowledges that some changes are inevitable.
To help users achieve change, it has published a change request document that provides users with a detailed definition of the process required to take a change request from initiation through to release. It also provides examples of change scenarios.
The document notes the DSB’s aim to follow a common change request process to provide participants in the process with a clear understanding of the state of the request and further steps that are to be taken in addressing an issue, and states: “The change request process set out in this document is expected to evolve as industry use of the DSB service matures, therefore this should be considered a living document.”