ANNA DSB Faces Industry Concerns Over ISINs for OTC Derivatives

Licensing and user agreements surrounding ANNA's service burea for OTC derivative ISIN numbers have sparked fireworks over recent months as the service goes live ahead of Mifid II. Joanne Faulkner investigates.

Because many of these derivatives have never needed an ISIN before, the new regulations have required the construction of a fresh infrastructure to facilitate the near-real-time allocation of ISINs upon application by a user. The Association of National Numbering Agencies Derivatives Service Bureau (ANNA DSB) aims to fulfil this task, and will be the first numbering agency designed to operate globally.

The DSB will operate on a cost-recovery basis, and will charge fees—up to €65,000 per annum,

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