DSB data shows industry ready for UK UPI Reporting
UPI Reporting in the UK comes into force on 30 September 2024
London, Friday 20 September 2024 – The Derivatives Service Bureau (DSB), the global golden source of reference data for OTC derivatives, today released data indicating industry readiness for the start of UK UPI (Unique Product Identifier) reporting on 30 September 2024 under revised UK EMIR rules. The UPI is reported to trade repositories so regulators can monitor the build-up of systemic risk across the OTC derivatives market.
The UK will be the third jurisdiction to implement UPI reporting following the US and EU which went live on 29 January and 29 April 2024 respectively. The FCA and Bank of England published their joint rules on the revised derivatives reporting framework under UK EMIR in February 2023 with general alignment between the UK and EU approach, meaning the OTC ISIN is reported where the EMIR scope aligns with MiFIR, and the UPI reported for derivatives that fall under the wider scope of EMIR. Due to the complementary design of the two identifiers, the UPI is included in the OTC ISIN record to ensure global alignment.
The DSB’s user onboarding data reveals a large number of UK headquartered firms joined the UPI Service in readiness for the US and EU mandates coming into effect, with over 90% leveraging their OTC ISIN connectivity to streamline UPI integration. As a result of the advanced preparation, the DSB is noticing lower uptake in onboarding in the weeks leading up to the UK mandate.
To date, over 390 firms have subscribed to the UPI Service on a fee-paying basis, including 157 programmatic users. Approximately 15% of those organisations are UK headquartered. Quarterly updates on UPI user numbers are published on the DSB’s website. In relation to UPI volumes, UPI generation has increased over the last few weeks, a similar trend seen in advance of the US and EU mandates coming into effect. There are approx. 1.2 million UPIs with over 8,000 new codes generated per week, up from the average of 5,000 per week. Identifier metrics are also published on the DSB website.
Implementation of the UPI brings to fruition a G20 commitment to improve global oversight of OTC derivatives markets following the financial crisis. Australia and Singapore UPI regulatory reporting comes into effect on 21 October 2024, followed by Japan on 7 April 2025 and Canada on 25 July 2025. Hong Kong has consulted on a start date of 29 September 2025 and further jurisdictions, such as Korea and Saudi Arabia, are also actively preparing to introduce the UPI.
With the UPI Service still in its inaugural year of live operation, the increasing number of jurisdictions taking such steps for UPI implementation underscores the continued emphasis G20 authorities place on driving OTC derivative regulatory reform.
ENDS
Media contacts for The DSB
Amanda O’Sullivan, Carmen Rey
Streets Consulting
amanda.osullivan@streetsconsulting.com / 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
