Post-trade solutions provider OSTTRA has collaborated with other members of the Futures Industry Association’s (FIA’s) Derivatives Market Institute for Standards (DMIS) to establish a data standard for the post-trade processing of exchange-traded derivatives (ETDs).
The project aims to improve data quality and operational efficiency and reduce systemic risk through the minimisation of breaks on trade date. In its research, the organisation is taking into account the data sets needed at five points in the ETD post-trade workflow, identifying where trade breaks are most likely to occur.
OSTTRA has contributed data and analysis to the initiative, the results of which can be seen in the DMIST Annual Progress Report for 2023. Gathered from sessions with DMIST members, the firm states that “significant progress” has been made in defining a data standard.
Don Byron, head of global industry operations and execution at the FIA, says: “Building on our initial timeliness standards set out in the first phase of DMIST, it’s become increasingly clear that data standardisation is fundamental to completing the transformation of ETD post-trade workflows. The work is uniting key market participants around a common set of data fields.”
Joanna Davies, head of foreign exchange and securities at OSTTRA, comments: "The persistence of common data fields is the key to unlocking efficiency in the current ETD post-trade workflow. We will continue to work within the FIA DMIST framework to refine the dataset that will contribute to the core requirement of any suggested standard.”
