The Derivatives Market Institute for Standards (DMIST) today released its 2025 Annual Report, outlining a year of progress in developing and advancing industry-led standards to improve efficiency, resiliency, and transparency across exchange-traded and cleared derivatives markets.
In 2025, DMIST published two new operational standards—Position Transfer and Self-Match Prevention—bringing the total number of DMIST standards to four since inception. These build on the Improving Timeliness of Trade Give-Ups and Allocations (30/30/30) and Average Pricing standards, addressing long-standing operational inefficiencies and reducing downstream risk across the trade lifecycle.
“2025 marked a turning point for DMIST as we moved from development to measurable impact,” said Don Byron, Executive Director of DMIST. “The standards delivered this year focus on real operational challenges and provide a foundation for greater consistency, automation, and scalability across global markets.”
The report highlights continued industry engagement around adoption and implementation, including the release of implementation guides, formation of targeted working groups and expanded outreach to exchanges, clearinghouses, brokers, clients and service providers. DMIST also advanced work on Execution Source Code, publishing a public consultation to address adoption challenges and emerging post-trade use cases.
Looking ahead, DMIST outlined its strategic priorities for 2026, centered on delivering new standards, driving adoption and deepening industry engagement and horizon scanning. Planned initiatives include finalizing standards for Execution Source Code and Persistent Client Tracer ID, expanding implementation guidance and increasing global outreach and education.
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