The Derivatives Service Bureau (DSB), founded by the Association of National Numbering Agencies (ANNA), to facilitate the allocation and maintenance of ISINs, CFIs and FISNs for OTC derivatives, has announced that the second Unique Product Identifier (UPI) fee model consultation for 2021 is now open, focusing on the UPI timeline and seeking industry views on services and costs.
The UPI is designed to facilitate effective aggregation of over-the-counter (OTC) derivatives transaction reports on a global basis.
The DSB urges market participants required to report OTC derivatives to trade repositories anywhere in the world, to review and respond to this consultation as reporting parties will be mandated to incorporate the UPI into their workflows. In this round of consultation, the DSB encourages specific feedback on services and costs as this is the last opportunity this year to shape the UPI model and its functionality for the variety of anticipated UPI users.
The UPI service is set to go live in July 2022, and the implementation timeline now published and available to view on the DSB Website, sets out detail on when both draft and final documentation is to be made available to support industry implementation. The UPI timeline also shares information on when the final product documentation, templates, and rules of engagement for programmatic users will be published.
Emma Kalliomaki, Managing Director of ANNA and the DSB, says: “We are running the second UPI consultation in parallel with the Request for Information (RFI) process to identify a reference data provider for provision of underlier identifiers for the UPI. We are working hard to ensure that best practice and good governance principles are enshrined in the UPI service, so that both industry and regulators will have the most efficient UPI from next July, 2022.”
Malavika Solanki, a member of the DSB Management Team, says: “We value the ongoing industry collaboration, and are making our loudest call for responses from all geographies and different sectors of the industry on this second consultation. Responses provided in the first consultation, for example, have altered the proposed service already, such as the timing of free to use files being available, and the estimated number of fee-paying users, so it is crucial industry submit responses to the consultation to help shape the future UPI standard to be one which works best for everyone.”
