BearingPoint helps ANNA with setup of Derivatives Service Bureau

25 October 2016 Consultancy.uk

The Association of National Numbering Agencies has hired consulting firm BearingPoint to help the organisation streamline the operations of its newly launched Derivatives Service Bureau.

Established in 1992 by 22 founding numbering agencies, The Association of National Numbering Agencies (ANNA in short) is the membership organisation of national numbering agencies. The organisation serves as the registration authority for the International Securities Identification Number (ISIN) numbering standard – one of the most used financial communications standards in the financial services industry, as well as being used by depositories, exchanges, government agencies and data vendors.

In the run up to the implementation of the second version of the Market in Financial Instruments Directive (MiFID 2), ANNA has established a so-called Derivatives Service Bureau (DSB). The DSB will, once fully up and running, provide rapid allocation of the ISIN for OTC derivatives products. DSB’s platform, which is being developed in collaboration with London-based technology house Etrading Software (ANNA’s technology partner), will also provide users with a landscape that connects to their trading platforms and front office systems.

BearingPoint helps ANNA with setup of Derivatives Service Bureau

To support the DSB establish and groom the start-up entity, ANNA has called in the help of BearingPoint. Consultants from the consulting firm will help DSB with, among others, the setup of the governance framework, validation of the funding model, revenue model development and support of the RFP-based selection of the service provision partner to manage the technical infrastructure of the DSB. BearingPoint will in addition lead programme management work and provide consultancy support to DSB stakeholders.

Commenting on the decision to turn to BearingPoint, Dan Kuhnel, Chairman of the ANNA board of directors, says, “The financial services division of BearingPoint brings a depth of expertise that massively magnifies our own knowledge in the processes of establishing a robust and forwarding-looking business foundation for the DSB. We expect their presence to lead to an initiative that is well managed from day one and well prepared for the inevitable changes in scope that are characteristic of both the derivatives and standards related realms.”

Gabriele Hoehler, a Frankfurt-based Partner at BearingPoint, adds: “We are delighted that ANNA has selected us as their management consulting partner to support their important next steps towards smooth DSB operations and collaborations with the financial services community. This will ultimately facilitate 2018 MiFID II reporting requirements and introduce transparency to the OTC derivatives markets.”

MiFID II

According to a recent study by PA Consulting Group, the 12 month delay of MiFID II until January 2018 has propelled many financial services organisations into a ‘wait and see’ mode, on the back of continuing uncertainty over key requirements, wider regulatory pressures and project teams which are struggling to maintain momentum.

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