OSTTRA and DMIST eye ETD post-trade data standard
OSTTRA, a global post-trade solutions company and a member of the FIA’s Derivatives Market Institute for Standards (DMIST), confirmed it is working with DMIST members to identify a data standard for post-trade processing of exchange traded derivatives (ETD).
As part of ththeis process, OSTTRA has provided data that takes the industry much closer to defining this standard, as detailed in the DMIST Annual Progress Report for 2023.
OSTTRA and DMIST believe the application of a common data standard is required to increase data quality, create operational efficiency, and reduce systemic risk by minimising breaks on trade date. They 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.
Data and analysis from OSTTRA-led sessions with other DMIST participants has been contributed to DMIST’s data and information working group, resulting in significant progress in defining this data standard, which will support the DMIST draft standard on timeliness currently under review by the industry.