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Firms in the US Prepare to Meet Compliance Date for UPI in Regulatory Reporting

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The Derivatives Service Bureau (DSB) has released figures indicating industry readiness for the first jurisdictional compliance date for the inclusion of the Unique Product Identifier (UPI) in regulatory reporting in the US on 29 January 2024.

The US is the first jurisdiction to start UPI reporting in G20 derivatives markets with EU EMIR Refit regulations following on 29 April 2024, the UK on 30 September 2024, Australia and Singapore from 21 October 2024 and Japan on the 7 April 2025.

“This first UPI compliance milestone is another step forward in the journey of realising the G20 commitments following the financial crisis toward global aggregation of OTC derivatives data to enhance the regulators’ understanding of global systemic risk,” says Emma Kalliomaki, managing director of ANNA and the DSB. “The DSB’s scalable client onboarding and support platform mean users that still need to onboard will be able to do so efficiently.”

As the US reporting date approaches, 131 organisations have subscribed across all fee-paying user types covering different connectivity options, 71 of which are programmatic users. At organisation level, banks lead the way with trade execution platforms, clearing houses, brokerages, trade repositories and data management providers also on board. In the US, 35% of organisations onboarded have headquarters in the country. Given the staggered approach to UPI mandate compliance dates, these figures are in line with DSB onboarding expectations at this stage.

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