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Derivatives Service Bureau Sets Start Date of UPI Service on 29 January 2024

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The Derivatives Service Bureau (DSB) has set a start date for the Unique Product Identifier (UPI) service following publication of a CFTC designation order confirming the UPI will be required in recordkeeping and swap data reporting in the US from 29 January 2024.

The DSB initially planned to go live with the UPI service in July 2022, but delayed its start until regulatory mandates were published requiring inclusion of the identifier. Fulfilling G20 commitments agreed as part of a package of reforms to OTC derivatives markets after the financial crisis, mandates to report the UPI have now been published in the US, EU and Australia, with additional jurisdictions expected to follow.

To aid implementation of the UPI, the DSB’s UPI User Acceptance Test (UAT) environment will be available from 17 April 2023, nine months before the US regulatory mandate comes into effect. The DSB UPI production environment will be available from 16 October 2023, three months before the mandate takes effect.

The DSB Client Onboarding and Support Platform (COSP) will be released alongside the UPI service providing a self-service platform for users to onboard to the UPI service and manage UPI user access and connectivity requirements.

“The DSB has undertaken extensive collaboration with stakeholders to ensure the UPI service is fit-for-purpose and the objectives of the service align with DSB principles such as cost recovery, reasonable and non-discriminatory access, and equal treatment,” says Emma Kalliomaki, managing director of ANNA and the DSB. “With firm UPI reporting dates now published, we will continue to support industry with its preparations and UPI implementation.”

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