DSB announces the UPI Service launch dates
Now calling for industry preparations in readiness for global regulatory requirements
London, 23rd February 2023 – The Derivatives Service Bureau (DSB), the global golden source of reference data for Over the Counter (OTC) derivatives, today announces the launch date for the Unique Product Identifier (UPI) Service following the publication of the CFTC Designation Order[1] confirming the UPI to be required in Recordkeeping and Swap Data Reporting in the United States from 29 January 2024.
To aid industry implementation of the UPI, the DSB’s UPI User Acceptance Test (UAT) environment will be available from 17 April 2023, nine months prior to the United States regulatory mandate coming into effect. The DSB UPI Production environment will be available from 16 October 2023, three months prior to the United States regulatory mandate coming into effect.
Upon the launch of the DSB UPI Service in UAT, the DSB Client Onboarding and Support Platform (COSP) will also become available. The COSP is an online, self-service platform enabling users to onboard to the UPI Service and manage their UPI user access and connectivity requirements.
The DSB is designated by the Financial Stability Board (FSB) as the sole UPI Service Provider to facilitate the creation and distribution of UPIs. The UPI is designed to aid the effective aggregation of OTC derivatives transaction reports on a global basis, facilitating the effective use of OTC trade reporting data, to help authorities assess systemic risk and detect market abuse. Reporting parties are being mandated to incorporate the UPI into their reporting workflows and submit them to trade repositories.
Fulfilling G20 commitments agreed as part of a package of reforms to the OTC derivatives markets made after the financial crisis, mandates to report the UPI have been published in the EU[2], US and Australia[3], with additional jurisdictions to follow. Industry preparations are necessary to meet such pending regulatory requirements and firms are encouraged to take full advantage of the DSB UAT period.
Emma Kalliomaki, Managing Director of ANNA and the DSB, said, “The DSB has undertaken extensive collaboration with stakeholders to ensure the UPI Service is fit-for-purpose and the objectives of the Service align with the DSB principles, such as cost recovery, reasonable and non-discriminatory (RAND) access and equal treatment, preserving the DSB common agreement and ensuring parity and efficiency in delivery of DSB Services. With firm UPI reporting dates now published, we will continue to support industry with their preparations and UPI implementation.”
Legal documentation, connectivity specifications and UPI Product Templates, as well as a UPI User Guide and FAQ are readily available on the DSB website, please do follow the link: https://www.anna-dsb.com/upi/
[1] https://www.cftc.gov/PressRoom/PressReleases/8659-23
[2] EMIR Refit – https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=OJ:L:2022:262:TOC
[3] ASIC Derivative Transaction Rules (Reporting) 2024 – https://www.legislation.gov.au/Details/F2022L01706
ENDS
Media contact for DSB
Charlotte Wilson
Streets Consulting
+44 (0)20 8187 8324
charlotte.wilson@streetsconsulting.com
The Derivatives Service Bureau (DSB) Ltd
The Derivatives Service Bureau, DSB, is the global golden source of reference data for Over the Counter (OTC) derivatives. Serving over 4,000 users spanning approximately 500 institutions, the DSB enables market participants to meet their regulatory reporting obligations to trade repositories, and for post- trade transparency and market abuse reporting related to MiFID II. A global utility with widespread industry representation, expertise and collaboration at its core, the DSB provides its reference data on a cost-recovery basis to increase transparency, efficiencies and interoperability through the use of standards. Users can access the DSB’s automated zero-touch technology platform through an open and easily accessible web interface that can handle multiple taxonomies of definitions and descriptive data for near real-time allocation.
Founded by the Association of National Numbering Agencies, ANNA, the DSB is the sole source of multiple ISO standards for OTC derivatives, including International Securities Identification Numbers (ISINs), Unique Product Identifiers (UPIs), Classification of Financial Instruments Codes (CFIs) and Financial Instrument Short Names (FISNs). In addition to its ISO mandates, the DSB has been nominated by the Financial Stability Board of the G20 to be the exclusive global operator of the UPI Service. This service will enable authorities to aggregate data on OTC derivatives transactions by product or by any UPI reference data element. If you would like to use the Derivatives Service Bureau please visit the DSB website
About ANNA
The Association of National Numbering Agencies (ANNA) is a global member association seeking to foster standardisation within the financial industry by upholding the International Organization for Standardization (ISO) principles and by promoting ISIN, FISN and CFI codes for financial instruments. This is achieved through ongoing, collaborative work with market participants, regulators and other standards bodies.
Under ANNA’s stewardship, the role of the ISIN in enabling global financial communications has been established worldwide. Founded in 1992 by 22 numbering agencies, today ANNA’s membership continues to grow, with more than 120 global members and partners allocating ISIN, FISN and CFI codes on behalf of their local jurisdictions. By putting in place rigorous governance around the development, allocation and sharing of ISIN, FISN and CFI codes, ANNA helps facilitate open, transparent markets diminishing barriers to access, while protecting the integrity of the standards. As a result, ISIN has become the recognised global standard for unique identification for all types of financial and referential instruments, helping to connect and protect global markets.
In addition, ANNA has established the Derivatives Service Bureau (DSB), a fully automated global numbering agency to meet the specific operational and regulatory requirements of the over-the-counter derivatives markets.
For information about ANNA, its members and activities, please visit the website
