• Dan Kuhnel, Member of the Board of Directors at ANNA


• 14.02.2022 04:38 pm

Why has ANNA been so successful?

During my tenor as the Chairman of ANNA, I have seen quite a number of changes and evolutions to the General Meeting’s structure and day to day operating of the Association.  ANNA has always been very proud of the federated model that has been created between the Management team and the membership/partner organisations. Our federated model brings a number of benefits to the membership as it allows for enhanced cooperation between all of the Association stakeholders – irrespective of location. This model allows ANNA to operate in a flexible and agile way across independently cooperating entities i.e. our members. 

This model also allows the Association to be aware of individual local market needs and requirements, position us to leverage our members – who are the experts on the ground – and to solve local problems locally wherever possible.  Our members are able to perform their roles in their local markets with independent lines of business and a sufficient level of autonomy.  Local lines of business can therefore ensure diversity and uniqueness tailored to local market needs whilst at the same time allowing interoperability and collaboration with the ANNA membership as a whole, adhering common visions and objectives.

What has been the ANNA and ISIN milestones you remember most?

I personally became involved with ANNA and its’ activities in 1999 – so I do not have the full historical picture of all the milestones of the Association as some of the others in the Management team do.  That said, I have been very much involved in the Association and its work since becoming involved 1999. For me, I would like to focus on two key milestones for the Association, both around the creation of the ANNA Service Bureau (ASB). 

The first being the actual launch in 2001. ANNA’s objective was to collect and share data on three critical ISO standards related to financial instruments: International Securities Identification Numbers (ISINs), Classification of Financial Instrument codes (CFIs), and Financial Instrument Short Names (FISNs). The actual deliverable then grew from a collective group of ISIN experts working together (along with representatives of the two ASB operators (CUSIP Global Services and SIX Financial)) to draw up a plan for a global database of ISINs and related financial information to replace an aging ANNA database.  

Little did we know at the time that this ‘conceptual’ database being developed on paper would become the largest single database of ISINs, CFI and FISN standards and defined securities data in the world – with coverage of 117 capital markets (capturing +200 jurisdictions worldwide) and +78 million ISINs and related information on file. 

The second milestone is more recent. On 18 September 2021, the first of two phases of the ‘Future State’ ASB was launched. Phase 1 was encompassed an improved and modernised ANNA Service Bureau – which included functionality to streamline data processing, improve communication flows between the various parties contributing to the ANNA Service Bureau and to deliver an improved user experience. Phase II will launch in 2022 to introduce new data elements linked to the 2020 revision of the ISO 6166 ISIN standard. The new ASB also includes the migration of the platform to a cloud-based infrastructure allowing for reduced latency and increased cyber-security. 

For me, two very important milestones for ANNA, its members and the financial industry as a whole.  ANNA continues to adopt and move towards a more digital way of working and ensuring cyber-security aspects are given the appropriate priority to match the working environments we now find ourselves in. 

Q:  ANNA has developed considerably as a global trade association since its initial formation 30 years ago.  What have been some of the key drivers?

 The ANNA Management Committee have always tried to ensure communication with the ANNA membership is done in an open, transparent manner and with the necessary frequency to ensure information sharing is maintained.  It is important that the Management team serve an ANNA membership that is truly global in nature, covering many diverse cultures and multiple native languages.  It has therefore been key that the Management Committee conduct the business of the Association vis-à-vis our members, in the spirit of a true partnership working in true collaboration with our members.  To continue to succeed; ANNA must maintain a strong level of cooperation with the membership thus ensuring ANNA continues to fulfil its’ mission statement and objectives in the overall financial standards world.   

Q:  The world has been impacted by the Covid-19 health situation – which has also impacted businesses across all sectors.  What challenges did Covid present to the ANNA Management?

 COVID-19 often comes up in respect of how ANNA and its’ members have been impacted over the last 18 months. The Association has been operating in a largely virtual manner due to our existing framework and organisational structure.  If I just use the example of our quarterly Board meetings – we have not been able to meet in person since Jan 2020…and this has continued through 2021. Despite time zone differences, we have successfully continued to manage the business of the Association in an effective, timely and efficient manner – through VTC, email and phone calls as and when needed. The Board and the ANNA Management team continue to focus on meeting our deliverables to our members and the user community we serve.  Our objective is to embed the ability to hold virtual General Meetings into the existing Articles of the Association – so we can remain as agile as possible to continue to meet the needs of our members in the changing working environment we find ourselves in.

My personal view is that Work From Home (WFH) is the new norm and offering further job flexibility will be factored into future work models. Business travel will reduce (which is also better for the overall global environment); but I do not see virtual/video meetings replacing all of the benefits that come with face to face interactions. Virtual vs face to face meetings will need to be balanced, based on the merits of each situation and the needs of the involved parties. BUT…. First, we must continue getting this pandemic under control and allow further normality to return to people’s lives