The Derivatives Service Bureau (DSB) announced the launch date for the Unique Product Identifier (UPI) Service following the publication of the CFTC Designation Order confirming the UPI to be required in Recordkeeping and Swap Data Reporting in the US 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 US 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.
Emma Kalliomaki, managing director of ANNA and the DSB, said in a statement: “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.”
Access the legal documentation, connectivity specifications and UPI product templates