DSB Launches Unique Product Identifier User Acceptance Test Service
Prospective UPI Users Encouraged to Maximise UAT access with UPI Service Onboarding
London, 17th April 2023 – The Derivatives Service Bureau (DSB), the global golden source of reference data for Over the Counter (OTC) derivatives, today announces the launch of its Unique Product Identifier (UPI) Service User Acceptance Test (UAT) environment and associated Client Onboarding Support Platform (COSP).
The DSB has been designated by the Financial Stability Board (FSB) as the sole service provider for the Unique Product Identifier (UPI) System, performing the function of issuer of UPI codes as well as operator of the UPI reference data library. The UPI will aid the effective aggregation of OTC derivatives transaction reports on a global basis, facilitating the effective use of OTC trade reporting data and helping authorities assess systemic risk and detect market abuse. Under jurisdictional regulations, reporting parties must incorporate the UPI into their reporting workflows and submit them to trade repositories.
Following the publication of UPI regulatory mandates in the major derivatives markets, being amendments to the US Recordkeeping and Swap Data Reporting, EU EMIR REFIT and UK EMIR, the DSB has made the UPI Service UAT environment available to aid industry readiness and implementation. The nine month UAT period before the first compliance date will allow prospective UPI users valuable time to implement and test their UPI connectivity, data integration and workflows in advance of compliance dates. The DSB will subsequently launch the UPI Service into production on 16 October 2023, three months before the first regulatory compliance date.
The DSB also launches its Client Onboarding and Support Platform (COSP) today. The COSP is an online, self-service platform which will guide users through the DSB’s UPI Service onboarding process. Users can create a user entity profile to manage UPI subscription and connectivity options for access to search for and/or create UPIs. As part of this process, the DSB has redesigned the website to enable market participants to easily access the information needed for utilising both the OTC ISIN and UPI Services. Publication of Indicative UPI User Fees are also available from today, to enable firms to address budgetary planning requirements, in advance of the final UPI User Fees being published on 4 September 2023. Full details are available in the UPI Fee Model Final Report – Update 2023.
Emma Kalliomaki, Managing Director of ANNA and the DSB, said, “The DSB is proud to launch the UPI UAT Service as scheduled to help all stakeholders with preparations for the upcoming regulatory requirements. Thanks go to our dedicated team who have made this key service available for testing more than nine months before the first compliance dates come into force. We now encourage stakeholders to onboard with the DSB and maximise the testing time available.”
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, UK, US and Australia, 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.
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/
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
