The Derivatives Market Institute for Standards, a body established by FIA in 2022 to encourage widespread adoption of standards in the exchange-traded and clearing derivatives industry, has released its latest annual report outlining the progress of the organization over the last year. DMIST also announced changes to its organizational structure to help accelerate the pace of development and adoption of standards in the exchange-traded derivatives markets.
In June 2023, DMIST published its first standard on Improving the Timeliness of Trade Give-Ups and Allocations, which establishes 30-minute timeframes for completing steps in the allocation process.
DMIST also published a consultation paper on a Standard Regarding Average Pricing. The Average Pricing Working Group is considering the comments received and drafting the final standard. The final standard is expected to be published in Q2 2024.
In Q4 2023, the DMIST Sponsor Board began work on a Strategic Blueprint to identify areas that would benefit from standardization beyond allocations and give-ups. It established a Planning/Strategy Working Group to identify and prioritize areas that could benefit from standardization for future standards development. The Working Group will be consulting with all types of market participants to gather feedback on their priorities.
Organizational Enhancements
Samina Anwar, Global Derivatives Operations Director, Cargill, has been appointed Chair of the DMIST Sponsor Board. She has been actively engaged in DMIST since its inception in 2022.
“We are pleased that Samina Anwar has agreed to become the first Chair of the DMIST Sponsor Board,” said FIA President and CEO Walt Lukken. “From her position as a user of the global markets, she recognizes the promise of DMIST to improve efficiency, reduce risk and enhance operational resilience. We are grateful for her leadership as we launch into the next phase of standards development.”
Don Byron, Head of Global Industry Operations and Execution for FIA, will also assume the role of Executive Director of DMIST, helping drive its strategic priorities. Byron joined FIA in 2019 and was instrumental in the launch of DMIST.
Staci Parrish has joined FIA as a Business Analyst, focusing on FIA’s operational and technology projects, including DMIST. Prior to joining FIA, Parrish held various positions at J. P. Morgan Chase, including most recently Executive Director and Program Manager. Parrish brings in-depth knowledge of the exchange-traded and cleared derivatives industry with particular focus on front-to-back data business and technology workflows that support operations, execution and clearing.
Parrish joins the DMIST team which includes FIA Associate General Counsel, Natalie Tynan, and former FIA COO, Mary Ann Burns, consultant to DMIST.
About DMIST
DMIST encourages widespread adoption of standards in the exchange-traded and cleared derivatives industry that will help make markets more efficient, resilient, and competitive. DMIST membership includes executing and clearing brokers, exchanges and clearinghouses, end-users, and technology vendors. In its first full year of operation, membership doubled, representing 34 firms and more than 360 subject matter experts contributing to the development and adoption of standards.
