DBS makes UPI part of EU law 13 October 2022UK Reporter: Lucy Carter
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Global over-the-counter (OTC) reference data provider, the Derivatives Service Bureau (DSB), has made the Unique Product Identifier (UPI) a part of EU law, welcoming the EU publication in the Office Journal.
The Financial Stability Board has named the DSB as the sole UPI service provider globally,
Reducing implementation time and costs, the DSB’s UPI service will use existing OTC ISIN service components.
The UPI is intended to enable the aggregation of OTC derivatives transaction reports on a global scale, with those reporting required to incorporate the UPI into their workflows and submit their reports to trade repositories. This mandate will come into effect on 29 April 2024 in the EU, with the expectation that the Americas, APAC and Africa will follow.
In 2023, the DSB will provide a user acceptable test (UAT) environment for the UPI in order to support prospective users develop implementation and budget plans. The UAT will allow UPIs to be searched, retrieved, and created, and fee-paying UPI users will have access to the DSB’s Client Onboarding and Support Platform. This grants self-service functions for users to manage their accounts.
Emma Kalliomaki, managing director of the DSB and the Association of National Numbering Agencies, says: “The DSB welcomes the progress made by the EU on this important global initiative. The DSB will continue to work with the Regulatory Oversight Committee and the International Governance Body of the UPI System, as well as collaborating with industry stakeholders through the vital work of the Product Committee and Technology Advisory Committee to ensure the UPI Service is fit for purpose.
This includes aligning the objectives of the service with the DSB principles, such as cost recovery, reasonable and non-discriminatory access, equal treatment through preserving the DSB common agreement, and efficiency in delivery of DSB Services.”
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