Data shows number of firms prepared for UPI regulatory reporting in the US is in line with DSB expectations
First G20 jurisdiction goes live with UPI compliance mandate on 29 January 2024
London, Tuesday 16th January 2024 – The Derivatives Service Bureau (DSB), the global golden source of reference data for Over the Counter (OTC) derivatives, has today released figures indicating industry readiness for the first jurisdictional compliance date for Unique Product Identifier (UPI) regulatory reporting in the United States (US) on 29 January 2024.
With just over a week until the US reporting date, there are 131 organisations subscribed across all fee-paying User Types covering the different connectivity options, 71 of which are programmatic users. At organisation type level, Banks have the largest number of entities at 46%, with Trade Execution Platforms – SEF, Clearing Houses, Brokerages, Trade Repositories and Data Management Providers also onboarded. When focusing on the US specifically, 35% of the organisations onboarded have headquarters based in the US. Given the staggered approach to UPI mandate compliance dates, these figures are in line with DSB onboarding expectations at this stage.
The US is the first jurisdiction to commence UPI reporting in the G20 derivatives markets with EU EMIR Refit regulations following from 29 April 2024, UK 30 September 2024, Australia and Singapore from 21 October 2024 and Japan 7 April 2025.
Emma Kalliomaki, Managing Director of ANNA and the DSB, said,
“This first UPI compliance milestone is another step forward in the journey of realising the G20 commitments following the financial crisis toward global aggregation of OTC derivatives data to enhance the regulators’ understanding of global systemic risk.”
“The first reporting date for UPI will come into effect very shortly and the DSB’s scalable Client Onboarding and support platform means users who still need to onboard will be able to do so in an efficient manner. Firms are encouraged to prepare for the commencement of reporting obligations with the DSB offering a range of connectivity and support service options that facilitate access to UPIs for all products.”
The UPI Service launch involved the collaboration of industry participants, global authorities and the DSB as the UPI Service Provider. Since the launch on 16 October 2023, over 850,000 UPIs have been generated and made available to users with UPI volumes broken down by asset class published weekly on the DSB website.
To discuss the first UPI reporting compliance milestone, the DSB’s Managing Director, Emma Kalliomaki will be hosting a virtual event with the US authorities, Commodities and Futures Trading Commission (CFTC) and Securities and Exchange Commission (SEC) on:
17 January 2024 at 4pm UTC/ 11am EST / 8pm PST
To register please follow the link here.
ENDS
Media contact for The DSB
Carmen Rey
Streets Consulting
carmen.rey@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
