The Derivatives Service Bureau (DSB) is pushing on with development of the Unique Product Identifier (UPI) ahead of implementation in 2022 with consultations designed to understand market participants’ views on how the principles underlying the fee model for the identifier should be established.
All firms reporting to trade repositories will need to include the UPI in workflows, and are encouraged by the DSB to take part in the consultations. Key dates are:
- 11 January, 2021: first UPI fee consultation begins, ends 5 March 2021
- 10 May, 2021: second UPI fee consultation begins, and ends 9 July, 2021
- 9 September, 2021: publication of final consultation paper
Malavika Solanki, a member of the DSB management team, says: “The DSB is working with industry participants in the UPI Product and Technology Advisory Committees, as well as with global regulatory authorities to ensure the UPI service meets the needs of all stakeholders. We would very much like to hear from a diverse range of globally dispersed voices so that users with differing post-trade workflows have their views captured in how the UPI service is shaped in years to come.”
The DSB was named by the Financial Stability Board (FSB) as the sole service provider for the UPI system in 2019. It will be the issuer of UPIs and the operator of the UPI reference data library.