The Derivatives Service Bureau (DSB) announced that the UPI (unique product identifier) service is set to go live in July 2022. UPIs are designed to facilitate effective aggregation of over-the-counter (OTC) derivatives transaction reports on a global basis.
The DSB is also conducting a second UPI fee model consultation for 2021, focusing on the UPI timeline and seeking industry views on services and costs. Market participants will be required to report OTC derivatives to trade repositories, and reporting parties will be mandated to incorporate the UPI into their workflows.
Emma Kalliomaki, managing director of ANNA and the DSB, said in a statement: “We are running the second UPI consultation in parallel with the Request for Information (RFI) process to identify a reference data provider for provision of underlier identifiers for the UPI. We are working hard to ensure that best practice and good governance principles are enshrined in the UPI service, so that both industry and regulators will have the most efficient UPI from next July, 2022.”
Malavika Solanki, a member of the DSB Management Team, said in a statement, “We value the ongoing industry collaboration, and are making our loudest call for responses from all geographies and different sectors of the industry on this second consultation. Responses provided in the first consultation, for example, have altered the proposed service already, such as the timing of free to use files being available, and the estimated number of fee-paying users, so it is crucial industry submit responses to the consultation to help shape the future UPI standard to be one which works best for everyone.”
DSB was founded by the Association of National Numbering Agencies (ANNA), to facilitate the allocation and maintenance of multiple identifiers for OTC derivatives.