OSTTRA becomes a Derivatives Market Institute for Standards (DMIST) ambassador

14 July 2022

In response to the FIA’s report calling on participants in the futures and options industry to work together on a major initiative to improve the efficiency of the trading and clearing process for exchange-traded derivatives, we are proud to have become ambassadors of the independent standards body called DMIST in Q2 2022.

As DMIST ambassadors, we will support DMIST’s mission to continue defining solid best practice standards and provide a foundation for the futures industry to improve risk management, increase operational resilience, and grow capacity. This is central to OSTTRA’s objective to be at the centre of the post-trade community and drive the post-trade innovation that is pivotal to industry evolution.

Robert Costick, Director of New Business Initiatives FX & Securities at OSTTRA, explains: “We believe that the cornerstone of this initiative is the propagation of a commonly known Parent Order ID throughout the entire T-zero workflow, to which all subsequent Child Orders are linked and which is recognised by all parties involved in the trade. This Order ID creates an irrefutable link between Executions, Orders and Allocations, ensuring that the right trade will be booked to the right account, at the right clearer, at the right time. At OSTTRA, we have already delivered this Order ID matching capability to production and are now working with a core group of futures commission merchants and investment management firms to advance widespread adoption of this initiative, which we believe will become an integral component of the standards to be set out by DMIST.”

We believe that standardisation will help solve painful inefficiencies in the futures market. As DMIST ambassadors, our team of subject matter experts will help identify, develop, and submit standards to the DMIST Sponsor Board for consideration. By bringing together the people, processes and networks to solve the markets’ most challenging problems, we will help innovate, integrate and optimise the post-trade workflow for exchange traded and cleared derivatives.

 

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