Washington, DC — The Derivatives Market Institute for Standards released its 2024 annual report, highlighting several accomplishments achieved last year.
- Developed the 30-30-30 standard implementation guide
- Published the average pricing standard
- Created the planning/strategy working group
- Received proposals from non-DMIST members
DMIST developed the implementation guide for the "30-30-30” standard (Timeliness of Trade Operations and Give Ups). As members have adopted this standard, it has resulted in tangible improvements. Some firms are reporting trade-date allocation completion rates of 95-97% – even as market volume has increased – mitigating risk across the ecosystem.
“I am proud of the significant progress we achieved in 2024. The exchange-traded derivatives industry has united to implement and realize the benefits of operational standards, driving meaningful improvements in efficiency and risk reduction,” said Samina Anwar, DMIST sponsor board chair and global derivatives operations senior director at Cargill.
Following feedback from the industry via a consultation process, DMIST published its average pricing standard in June 2024, with an implementation guide to follow in the first half of 2025. This will provide a roadmap for clearinghouses setting up a system to average price trades. It will enable brokers to connect more efficiently to a system that follows a global standard. And technology vendors can more rapidly and cost-effectively develop systems using functionality agreed upon by a broad constituency.
The standards body also established the DMIST planning/strategy working group to actively monitor emerging trends such as tokenization, US Treasury clearing, etc. and identify areas where industry-wide operational standards can drive further advancements.
“DMIST has achieved our goal of creating an open, collaborative environment for sharing information across market participants. DMIST members have come together to seek solutions to industry inefficiencies. We have executing and clearing brokers, exchanges and clearinghouses, clients and technology providers working together to understand the issues and propose workable standards,” said Don Byron, executive director of DMIST.
DMIST also received proposals for standards from non-DMIST members for the first time in 2024. The FIA Operations Americas Division and the FIA European and Asian Operations Committees submitted a proposal to standardize position transfers. DMIST published that consultation paper January 17, 2025.
The FIA European and US eTrading Committee submitted a proposal to standardize aspects of self-match prevention. These detailed proposals described the problem, offered recommendations, and identified the significant benefits the proposed standard would achieve. The DMIST Sponsor Board accepted both proposals.
For questions regarding DMIST, contact Don Byron at +1 202.772.3090 or dbyron@fia.org. Contact FIA Media Relations for other inquiries.
