The Derivatives Service Bureau

What The Derivatives Service Bureau does

The Derivatives Service Bureau (DSB) Limited, incorporated in England and Wales in 2015 (registration 10542063) and headquartered in London, is the first numbering agency designed to operate on a global basis for OTC derivatives. DSB issues ISINs, CFI codes, FISN names, and (since October 2023) Unique Product Identifiers (UPIs) for OTC derivatives, and is the sole global provider of the UPI service under regulatory mandates in Europe, the US, and the UK that took effect in 2024. Its identifier base now exceeds 180 million unique ISINs, supported by ISO 27001:2022 certification and a multi-channel technical platform spanning FIX 4.4 and 5.0 (FIX API), REST API, web GUI, and bulk file delivery, with a dedicated UPI Search GUI in the pipeline. DSB operates a non-profit, cost-recovery model with tiered annual subscription fees that run from free Registered Free and Intermediary tiers up to €86,839 for the Power and Power & Intermediary tiers, with mid-band options of €2,392 (Infrequent) and €28,946 (Standard and Search Only API). Customers are buy-side firms, sell-side institutions, venues, and trade repositories; a separate subscription is required for ISIN/CFI/FISN versus UPI services, and onboarding requires approved user ID structures tied to legal entities. Governance is anchored by a Memorandum of Understanding with the Regulatory Oversight Committee (ROC), a partnership with ANNA (Association of National Numbering Agencies), and dedicated DSB committees (GAC, PC, TAC).

Name

The Derivatives Service Bureau

Legal name

The Derivatives Service Bureau (DSB) Limited

Website

https://anna-dsb.com

Company type

Private

Founded year

2015

Operating status

Operating

Headcount range

11–50 employees

Short description

The Derivatives Service Bureau (DSB) is a London-based, non-profit numbering agency that issues ISINs, CFI codes, FISN names, and Unique Product Identifiers (UPIs) for global OTC derivatives markets, serving buy-side and sell-side firms, venues, and trade repositories on a cost-recovery subscription basis.

Ownership category

akta.pro rank

Product category

OTC Derivatives Identification and Reference Data

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320), Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services (5182)

SIC

Services-Computer Programming, Data Processing, Etc. (7370)

akta.pro primary industry

OTC Derivatives Trade Repositories (Swaps/Derivatives Reporting) (FSAFAJAA)

akta.pro secondary industry

Derivatives Documentation & Legal (ISDA, CSA, Regulatory) (FSACADAN)

Keywords

• OTC derivatives identification
• ISIN allocation services
• UPI reference data
• Financial instrument numbering
• Regulatory reporting identifiers

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Infrastructure, Personnel, Operations, Others

Revenue model

1. ISIN Subscription Fees: Annual subscription fees for ISIN service access, with multiple user types (Registered Free, Distributor, Infrequent, Standard, Search Only API, Power, Power & Intermediary, Intermediary). Operates on cost-recovery basis with annual fees derived from fee model calculation. Payment required in advance through annual contracts.
2. UPI Subscription Fees: Separate annual subscription fees for UPI service access. Requires separate subscription from OTC ISIN service. Onboarding via Client Onboarding and Support Platform (COSP).
3. Premium Support: Additional paid premium support services offering personalized hotline assistance, SSO integration, dedicated survey support, and Business Continuity attestations.
4. Enterprise Service: Managed hosting service with premium pricing for higher throughput and lower latency requirements, providing private infrastructure stack.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels6 records

Core offering

The Derivatives Service Bureau (DSB) operates as the global numbering agency for OTC derivatives, providing fully automated generation of International Securities Identification Numbers (ISINs), Unique Product Identifiers (UPIs), Classification of Financial Instruments (CFI) codes, and Financial Instrument Short Names (FISNs). It is the sole designated service provider for the UPI system and offers access via web-based GUI, FIX API, and REST API, with ancillary services such as managed enterprise hosting, premium support, and transparency reporting for regulators.

Product overview

The Derivatives Service Bureau (DSB) operates as a numbering agency providing fully automated generation of identifiers for OTC derivatives. The core portfolio consists of two primary services: the UPI (Unique Product Identifier) Service for aggregating OTC derivatives transaction reports globally, and the OTC ISIN + CFI Service for generating International Securities Identification Numbers for OTC derivatives. The DSB also offers several ancillary services including BT Radianz connectivity, Enterprise Service (managed hosting), Premium Support, and ToTV/uToTV transparency services. Access to core services is provided via web-based GUI, FIX API, or REST API. The company operates on a cost-recovery basis.

Differentiator

Problem solved

Functional benefit

Products and services

• UPI (Unique Product Identifier) Service Designated sole service provider for the Unique Product Identifier (UPI) system, issuing UPI codes and operating the UPI reference data library to enable effective aggregation of OTC derivatives transaction reports globally; mandated as a reporting requirement in Europe, US, and UK from 2024.
• OTC ISIN + CFI Service Fully automated generator of 12-character ISO 6166 ISINs for OTC derivatives, also producing CFI (Classification of Financial Instruments) codes and FISNs, as the single global provider of OTC derivatives ISINs.
• DSB BT Radianz Connectivity Alternative connectivity option using BT Radianz infrastructure instead of Internet (SSL/TLS) or VPN, providing a hosting and connectivity environment supported by specialized financial technology and business professionals.
• DSB Enterprise Service Managed hosting service implementing a private infrastructure stack that is scalable and configurable, designed for end users with requirements for higher throughput rates and lower or consistent latency.
• DSB Premium Support Premium support service offering personalized hotline assistance, seamless SSO integration, dedicated survey support, and Business Continuity attestations for fee-paying subscribers.
• DSB ToTV/uToTV Service Transparency of Trade Values and Unverified Transparency data services providing transparency reporting for UK and EU regulatory requirements, including weekend snapshot files and file download functionality.
• Client Onboarding and Support Platform (COSP) Online self-service platform enabling fee-paying users to perform administrative tasks associated with onboarding and managing UPI subscriptions; requires a Legal Entity Identifier (LEI).

Segments2 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

Five partnerships are on record, tiered core and ancillary.

• ANNA (Association of National Numbering Agencies)coreStrategic or Co-development PartnerDSB operates as part of the ANNA organization, which provides the framework for international numbering standards. The DSB website (anna-dsb.com) and infrastructure support ANNA's mission for global financial instrument identification.
• BT RadianzancillaryTechnology or IntegrationDSB offers BT Radianz connectivity as an alternative to standard Internet access, providing users with access to a hosting and connectivity environment supported by specialized financial technology professionals.
• ROC (Regulatory Oversight Committee)coreStrategic or Co-development PartnerDSB has an MOU with ROC for the UPI system. ROC-DSB Notifications Protocol established for regulatory coordination. Joint governance of UPI standards and operations.
• ESMA (European Securities and Markets Authority)coreStrategic or Co-development PartnerDSB provides ToTV/uToTV data services to ESMA for UK transparency reporting. FIRDS reconciliation services provided for regulatory compliance. Ongoing coordination for transparency service updates.
• FCA (Financial Conduct Authority)coreStrategic or Co-development PartnerDSB provides UK ToTV/uToTV services under FCA regulatory framework. ToTV transparency services for UK market compliance. Regular coordination for service updates and regulatory requirements.

Scale indicators5 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• DTCC (Depository Trust & Clearing Corporation): Operates the DTCC Data Repository (DDR) and other swap data repositories for OTC derivatives trade reporting under Dodd-Frank and similar regimes. Most direct comparable as it provides critical trade reporting infrastructure for OTC derivatives alongside DSB's identifier services.
• SIX Financial Information: National numbering agency for Switzerland and provides reference data services including identifiers for financial instruments globally. Comparable as a competitor in the financial instrument identifier space and member of the ANNA ecosystem alongside DSB.

Broad incumbents

• London Stock Exchange Group (LSEG) / Refinitiv: Through Refinitiv, provides financial reference data, identifiers, and post-trade infrastructure including WM/Reuters FX benchmarks and various securities identifier services. Comparable as broad incumbent in financial reference data and OTC market infrastructure.
• Intercontinental Exchange (ICE): Operates ICE Futures exchanges for derivatives and ICE Swap Trade trade repository for OTC derivatives reporting compliance. Comparable as operator of regulated derivatives market infrastructure across asset classes.
• CME Group: Operates major derivatives exchanges and the CME Swap Data Repository for OTC trade reporting. Comparable as global derivatives market infrastructure operator serving regulatory reporting and clearing needs.
• Bloomberg L.P. Operates Bloomberg Terminal reference data services for financial instruments including OTC derivatives, providing pricing, identifiers, and analytics. Comparable as a reference data and identifier infrastructure provider serving the same financial institution customer base.

Others

• ANNA (Association of National Numbering Agencies): Industry association under which DSB operates; ANNA coordinates national numbering agencies globally for ISO 6166 ISIN allocation. Comparable as DSB's parent governance and standards-setting body, critical to DSB's mandate legitimacy.
• ISDA (International Swaps and Derivatives Association): Industry trade organization that develops standards, documentation, and definitions for OTC derivatives globally. Comparable as adjacent industry body whose definitions underpin DSB's product definitions and whose members constitute DSB's customer base.

Regional players

• Clearstream (Deutsche Börse): Post-trade services provider for securities settlement, custody, and reporting, owned by Deutsche Börse which also operates derivatives exchanges. Comparable as European post-trade infrastructure provider with overlapping client base in regulated reporting services.
• Euroclear: Operates post-trade infrastructure including settlement, custody, and reporting services for European securities and derivatives markets. Comparable as European-centric post-trade and reporting infrastructure provider adjacent to DSB's OTC derivatives reporting scope.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/DSB_ISIN
• LinkedInlinkedin.com/company/19888147

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about The Derivatives Service Bureau