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Derivatives Service Bureau Hits Deadline of 16 October 2023 with Go-Live of UPI Service

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The Derivatives Service Bureau’s (DSB’s) Unique Product Identifier (UPI) Service went live as planned on Monday 16 October 2023, enabling firms to create and search for UPIs.

UPI reporting starts in major derivatives markets in 2024, with US rules applying from 29 January 2024, the EU EMIR Refit regulations from 29 April 2024, followed by UK EMIR Refit from 30 September 2024. Australia and Singapore will start UPI reporting in October 2024, with Japan planning an April 2025 start date. More G20 jurisdictions are expected to announce UPI rules in coming months.

The UPI, an International Organization of Standardization standard (ISO 4914 UPI), has been developed to enable aggregation of OTC derivatives transactions reported to trade repositories so that authorities can monitor the build-up of systemic risk at a global level.

Emma Kalliomaki, managing director of ANNA and the DSB, said: “I’m delighted to announce go-live of the UPI Service. This is a major milestone following long-term collaboration among authorities, industry and the DSB. In launching the UPI Service three months in advance of the first reporting compliance date, the DSB provides the market with time to incorporate the identifier into reporting workflows.”

Users of the UPI Service have been able to create UPIs for all products since 16 October 2023. In addition, to complement user creation of UPIs, the DSB will start a pre-population process, assigning a UPI to each existing OTC International Securities Identification Number (ISIN) record, which will be completed in advance of 29 January 2024, the start of the US reporting requirement.

For user onboarding, the DSB has developed a self-service Client Onboarding and Support Platform (COSP), that enables users to subscribe to the UPI Service and guides them through the onboarding process. Via the COSP, users can manage connectivity to both the UPI test and live environments, sign the UPI subscription form, provide billing details, complete API certification (where relevant) and raise support tickets.

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