OSTTRA helps FIA define data standard for post-trade processing of exchange traded derivatives

Rick Steves

“The persistence of common data fields is the key to unlocking efficiency in the current ETD post-trade workflow. This is the clear next step on the roadmap for evolutionary change in ETD and illustrates further tangible support for the DMIST initiative.”

OSTTRA is working with FIA’s Derivatives Market Institute for Standards (DMIST) members to identify a data standard for post-trade processing of exchange traded derivatives (ETD), the firm confirmed.

Home of MarkitServ, Traiana, TriOptima and Reset, OSTTRA brings processes and networks together along with the expertise to solve post-trade challenges in the global financial markets.

Common data standard in ETDs for quality, efficiency, reduced systemic risk

The global post-trade solutions company has provided data to help the industry define a common data standard aimed at increasing data quality, creating operational efficiency, and reducing systemic risk by minimizing breaks on trade date.

Both organizations have been working with key industry participants to identify the data set required at five stages of the ETD post-trade workflow, from voice trade recaps to clearing broker booking confirmations, addressing the most persistent causes of trade breaks.

The contributions from OSTTRA have resulted in significant progress in defining this data standard, which will support the DMIST draft standard on timeliness currently under review by the industry.

Unlocking efficiency in the current ETD post-trade workflow

Don Byron, Head of Global Industry Operations & Execution, FIA, said: “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, bringing us closer to valuable efficiencies in ETD markets, as outlined in our recent DMIST annual report.”

Joanna Davies Head of FX and Securities, OSTTRA, commented: “The persistence of common data fields is the key to unlocking efficiency in the current ETD post-trade workflow. This is the clear next step on the roadmap for evolutionary change in ETD and illustrates further tangible support for the DMIST initiative. We will continue to work within the FIA DMIST framework to further refine the dataset that will contribute to the core requirement of any suggested standard.”

Samina Anwar, Global Derivatives Operations Director for Cargill added: “The adoption of common data fields in ETD is the next step toward reducing hedging risk through data standardisation for voice trading. We’re delighted that market participants are working together to reach this milestone, which presents real practical progress in the effort to foster cross-industry engagement on the DMIST 30/30/30 standard.”

Read this next

Education, Fintech, Inside View

How to Get Into Fintech: Best Tips to Succeed

The Fintech sector is experiencing significant growth, with fresh opportunities emerging rapidly.  Innovations such as machine learning and cryptocurrency are revolutionising finance, leading to a need for trained experts.

Digital Assets

FalconX launches Prime Connect on Deribit

“We are pleased to launch Prime Connect with Deribit and look forward to providing our full suite of prime services which allow institutions to confidently scale their digital assets portfolios while trading on exchanges.”

Retail FX

Lion launches multi-currency trading accounts powered by AI

The core advantages of multi-currency trading account services include enabling significant cost savings and higher efficiency for investors.

Inside View, Interviews

Interview: Stanislav Bunimovich on Finalto’s white label solution

To explore what makes Finalto’s white-label solutions stand out in such an incredibly competitive market, Finalto sat down with its Chief Operating Officer, Stanislav Bunimovich, for an interview. 

Digital Assets

Talos acquired Cloudwall for a better portfolio management system

Cloudwall’s additional expertise in portfolio risk systems further positions Talos at the forefront of portfolio management systems across spot, futures, perps, and options.

Digital Assets

Bybit’s Bitcoin market share explodes, up by 400%

“This milestone is a testament to our sharp trading products and the loyalty of our users. As the industry evolves, Bybit remains at the forefront, ready to set new standards in the crypto trading world.”

Crypto Insider

Why Self-Custody is the Key to Secure Crypto Trading

Crypto trading is fast gaining popularity; as of writing, the total market capitalization stands at $2.3 trillion, double what it was at the onset of the 2021 bull market.

Industry News

UK FCA sues Lee Steven Maggs for FX scam Kube Trading

‘Kube Trading’ allegedly received around £2.67 million for FX trading and concealed significant losses from investors.

Market News

AUD/USD Soars Following Inflation Report

Australia’s CPI surge hints at prolonged tight monetary policy. Watch the Aussie dollar as US economic data looms.

<