About a-team Marketing Services

A-Team Insight Blogs

Derivatives Service Bureau Delays Implementation of Unique Product Identifier

Subscribe to our newsletter

The Derivatives Service Bureau (DSB) has delayed implementation of the Unique Product Identifier (UPI), which was initially due to go live in Q3 2022, but will now be implemented in response to regulatory mandates, the first of which is expected to come from the CFTC in November 2023.

The decision to delay implementation and wait for a regulatory mandate is based on covering the costs of the identifier, although plans are in place, but not yet confirmed, to finalise and publish UPI product templates 15 months ahead of the first regulatory reporting mandate, along with UPI technical specifications for API connectivity.

A user acceptance and integration testing environment, as well as user onboarding, are expected to go live nine months ahead of the first regulatory reporting mandate, with a UPI production system available and able to create, search and report live UPIs three months ahead of a regulatory mandate. This, says the DSB, should allow users plenty of time for testing and getting the UPI into production on time to meet a mandate.

“UPI implementation is on track and waiting for an official mandate,” says Emma Kalliomaki, managing director of the Association of National Numbering Agencies (ANNA) and the DSB. “The CFTC is expected to provide a 12-month notice period towards the end of 2022 and mandate use of the UPI in November 2023.

“The EU and UK are a waiting game, although they have indicated an 18 month lead time, suggesting the US will lead on implementation, followed by the EU and UK. Regulatory authorities in Australia and Japan are indicating a similar timeframe.”

The UPI is designed to facilitate effective aggregation of OTC derivatives transaction reports on a global basis. In the first instance, it will be used to uniquely identify the product involved in an OTC derivatives transaction that an authority requires, or may require in the future, to be reported to a trade repository. Longer term, the UPI will work in conjunction with Unique Transaction Identifiers (UTIs) and Critical Data Elements (CDE) that are also expected to be reportable to global regulatory authorities.

Subscribe to our newsletter

Related content

WEBINAR

Upcoming Webinar: Unlocking Transparency in Private Markets: Data-Driven Strategies in Asset Management

10 September 2025 10:00am ET | 3:00pm London | 4:00pm CET Duration: 50 Minutes As asset managers continue to increase their allocations in private assets, the demand for greater transparency, risk oversight, and operational efficiency is growing rapidly. Managing private markets data presents its own set of unique challenges due to a lack of transparency,...

BLOG

Mainframes’ Utility in Deriving Value from Data Endures: Webinar Review

Despite advances in modern data architecture and hosting strategies, a majority of financial firms still house more than half of their data on mainframes, presenting them with novel data management pressures, an A-Team Group webinar discussed. Capital market participants and data professionals who viewed the event – entitled Are you making the most of the...

EVENT

AI in Capital Markets Summit London

The AI in Capital Markets Summit will explore current and emerging trends in AI, the potential of Generative AI and LLMs and how AI can be applied for efficiencies and business value across a number of use cases, in the front and back office of financial institutions. The agenda will explore the risks and challenges of adopting AI and the foundational technologies and data management capabilities that underpin successful deployment.

GUIDE

AI in Capital Markets: Practical Insight for a Transforming Industry – Free Handbook

AI is no longer on the horizon – it’s embedded in the infrastructure of modern capital markets. But separating real impact from inflated promises requires a grounded, practical understanding. The AI in Capital Markets Handbook 2025 provides exactly that. Designed for data-driven professionals across the trade life-cycle, compliance, infrastructure, and strategy, this handbook goes beyond...