- Origin has upgraded its instant ISIN feature for Eurobonds (i.e. “XS” ISIN codes) by connecting to Clearstream’s new Primary Issuance API (PMI API)
- Market participants can now allocate and activate ISINs directly through the Origin platform for ICSD eligible issuance
- Other codes such as CFI and FISN codes also generated
- Clearstream’s PMI API has been developed using the latest version of Airbrush, v3, designed and launched by Origin in 2021
Origin, the London-based fintech digitising debt capital markets, has launched Instant-ISIN 2.0, upgrading the instant code allocation feature that was initially released in June 2021. The feature now offers both allocation and activation of ISINs for Eurobond issuance (ie “XS” ISINs), while also providing CFI and FISN codes automatically.
The instant-ISIN feature is available to Origin Dealer Customers who draft termsheets for eligible issuers on Origin’s Documentation platform. Upon request, the platform returns an ISIN instantly, while simultaneously communicating the transaction terms and details to other infrastructure providers within the Eurobond market.
Powered by Airbrush
Instant-ISIN 2.0 is driven by connecting into Clearstream’s new Primary Issuance API (PMI API). The API has been developed using the latest version of the open-source data standard Airbrush v3 that was designed and launched by Origin in 2021.
By utilising Airbrush, the API ensures that codes are only allocated / activated when all necessary data points defining the security have been agreed, including economic details, as well as tax status, note type, and more. This ensures the highest standard of data quality, helping reduce the manual reconciliation work required by securities service providers. The Clearstream API joins the LuxSE digital listing API as the second major market API to be developed off the Airbrush data standard.
Raja Palaniappan, CEO and co-founder of Origin, said: “Dealers and issuers have been calling out for faster code allocation in the EMTN market for a long time now, and we are very excited to offer this huge benefit to the market together with Clearstream. The power and promise of Origin’s Documentation tool has always been in possibility of straight-through-processing with standardised and structured transaction data. With the launch of the Clearstream PMI API built upon the Airbrush data standard, we are now seeing these benefits come to life.”
Guido Wille, Head of Eurobonds Business at Clearstream, said: “Clearstream’s mission for bonds is to provide a zero-touch, real-time, standardised debt issuance process. Origination and pre-issuance processes are undergoing rapidly evolving technological change which is presenting the securities issuance community with the opportunity to provide fully digital services. This will drive process efficiency, reduce operational risk and improve interoperability.”
About Origin Markets
As a pioneer of digital debt capital markets, Origin sits at the intersection of fixed-income market participants – from dealers to issuers and paying agents – providing a unique insight into the data needs of different players used to inform integrated, efficient solutions. Origin offers three products that work together to automate debt issuance: Origin Marketplace, Documentation and Post-Trade modules. The company now has over 90 issuers and 20 dealers as clients, including some of the largest participants in the international capital markets. Origin’s ambition is to establish a digital, end-to-end, straight-through-processing issuance platform for international fixed-income capital markets.
With no universal standard for bond issuance, the same data points are created several times in multiple systems, with different names, formats and validation, meaning market participants must translate data as it is passed from platform to platform, creating inefficiency and increased risk of error.
Airbrush aims to determine the minimum set of data required for the processing of fixed income issuance, by consolidating the data requirements across post-trade market participants. Using the Airbrush standard removes the need for multiple costly and error prone bilateral interfaces. Market participants do not need to change internal systems, such as platform IT or data models, and technology providers can utilise their own markup languages. Airbrush ensures that when communicating with one another, systems will send and receive the necessary set of parameters in a consistent format.
The data will be aligned with the needs of downstream market participants, and curated and reported by Origin in an accessible and consumable format. The data standard will be published using the OpenAPI specification, accessible at https://originmarkets.com/airbrush , The specification has been implemented into the Origin platform’s new Transactions API, enabling clients to pull their post-trade transaction data effective immediately.
As an international central securities depository (ICSD), headquartered in Luxembourg, Clearstream, which is part of Deutsche Börse Group, provides the post-trade infrastructure for the Eurobond market and services for securities from 58 domestic markets worldwide. With 16 trillion Euros in assets under custody, Clearstream is one of the world’s largest settlement and custody firms for domestic and international securities.