DSB details industry readiness for UPI reporting
09 April 2024 Europe
Image: stock.adobe.com/soleg
The Derivatives Service Bureau (DSB) has released data on industry readiness for European Unique Product Identifier (UPI) regulatory reporting requirements.
According to DSB data, European organisations will be ready to meet the requirements when they come into force on 29 April 2024.
246 firms have subscribed to the UPI service — this is an increase of over 100 organisations since the US compliance date of 29 January 2024.
Banks represent 44 per cent of these participants, with other participants including clearing houses, brokerages, trade repositories and data management providers.
Emma Kalliomaki, managing director of ANNA and the DSB, explains: “This second UPI compliance milestone reflects the momentum of G20 jurisdictions fulfilling commitments made after the financial crisis, contributing to the ongoing efforts to enhance global systemic risk monitoring through the aggregation of over-the-counter derivatives data.”
These requirements form part of the EU’s EMIR Refit regulatory reporting requirements. The UK will be the next jurisdiction to introduce UPI reporting requirements on 30 September 2024.
UPI reporting will also roll out to Australia and Singapore from 21 October 2024 and Japan from 7 April 2025.
According to DSB data, European organisations will be ready to meet the requirements when they come into force on 29 April 2024.
246 firms have subscribed to the UPI service — this is an increase of over 100 organisations since the US compliance date of 29 January 2024.
Banks represent 44 per cent of these participants, with other participants including clearing houses, brokerages, trade repositories and data management providers.
Emma Kalliomaki, managing director of ANNA and the DSB, explains: “This second UPI compliance milestone reflects the momentum of G20 jurisdictions fulfilling commitments made after the financial crisis, contributing to the ongoing efforts to enhance global systemic risk monitoring through the aggregation of over-the-counter derivatives data.”
These requirements form part of the EU’s EMIR Refit regulatory reporting requirements. The UK will be the next jurisdiction to introduce UPI reporting requirements on 30 September 2024.
UPI reporting will also roll out to Australia and Singapore from 21 October 2024 and Japan from 7 April 2025.
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