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European Firms Ready for Next Week’s UPI Regulatory Reporting Deadline

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The Derivatives Service Bureau (DSB) has released data on industry readiness for European Unique Product Identifier (UPI) regulatory reporting requirements that are part of EU EMIR Refit regulations. The EU will implement UPI reporting from 29 April 2024, the second G20 jurisdiction to do so following the US that went live from 29 January 2024, and ahead of the UK effective date of 20 September 2024.

DSB user onboarding data shows European organisations are prepared to meet UPI regulatory requirements based on a steady increase in EU headquartered firms joining the UPI service. Some 246 firms have subscribed to the service across various fee-paying user types, including 122 programmatic users. Banks constitute the largest entity group at 44%, with other participants such as trade execution platforms, clearing houses, brokerages, trade repositories and data management providers also onboarded. Approximately 33% of the organisations are headquartered in the EU.

Emma Kalliomaki, managing director of ANNA and the DSB, says: “This second UPI compliance milestone reflects the momentum of G20 jurisdictions fulfilling commitments made after the financial crisis and contributing to the ongoing efforts to enhance global systemic risk monitoring through the aggregation of OTC derivatives data.”

EU UPI reporting will be complementary to the existing ISIN for OTC derivative reporting, which is important to price transparency and market abuse detection under MiFIR, and for aggregating OTC derivatives data under EMIR. This means the EU and UK will be reporting the OTC ISIN where the EMIR scope aligns with MiFIR, with the UPI being reportable for those derivatives that are part of the broader scope of EMIR.

As UPI deadlines approach, firms can prepare for reporting obligations by using the DSB’s Client Onboarding and Support Platform. The platform enables timely onboarding to the UPI service offering a range of connectivity and service options that facilitate access to UPIs across all products.

The UPI Service was launched on 16 October 2023 and has since created and made more than 1 million UPIs accessible for users.

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