For provision of underlier identifiers for UPI
London, 29th March 2021 – The Derivatives Service Bureau (DSB), founded by the Association of National Numbering Agencies (ANNA) to facilitate the allocation and maintenance of International Securities Identification Numbers (ISINs), Classification of Financial Instrument codes (CFIs) and Financial Instrument Short Names (FISNs), for OTC derivatives, has today opened a Request for Information (RFI) process to identify a reference data provider for provision of underlier identifiers for the Unique Product Identifier (UPI).
A requirement of the UPI (which will be available from the DSB from Q3 2022) is to support the use of multiple underlier identifiers and reference data elements. In order for the UPI Service to support the use of a range of underlier identifiers it is necessary for the DSB to identify a suitable provider of reference data.
Underlier identifiers are critically important, as they are one of the attributes used to define a UPI. At a given point in time, every reportable OTC derivative product should be identified by one distinct set of UPI reference data elements and their values. It is intended that UPI users will be able to submit a range of underlier identifiers, which will map to a single UPI code for any given OTC derivative product. The different identifiers representing the instrument, index, or reference rate for an OTC derivative should therefore be regarded as alternative representations of the underlier for the same UPI. Such reference data will be important in underpinning the UPI’s effectiveness.
The DSB is opening an RFI today – 29th March – with the timeframe for clarifications to be sought from interested parties by the 9th April 2021 and the closing deadline for respondents being the 23rd April 2021. The DSB aims to finalise the selection process by the middle of the year.
Emma Kalliomaki, Managing Director of ANNA and the DSB, said, “The UPI is going to be critical to the international markets allowing regulators to aggregate global data reportable to trade repositories. Having a reliable reference data source for underliers is vitally important. We are interested in receiving submissions from reference data providers who are able to satisfy the criteria set out in our RFI documentation.”
Details of the RFI will be available on request and the same timeline will apply to all candidates. Parties interested in responding to the RFI, or with enquiries, please contact us using email@example.com.
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The Derivatives Service Bureau (DSB) Ltd
The Derivatives Service Bureau is a global numbering agency for OTC derivatives serving the needs of market participants through the allocation of International Securities Identification Numbers (ISINs), the Classification of Financial Instruments (CFI) and Financial Instrument Short Name (FISN), all globally recognised and adopted ISO standards for identifying, classifying and describing financial instruments.
From Q3 2022, the DSB also expects to be providing Unique Product Identifiers (UPIs) for over-the-counter (OTC) derivatives to enable global regulatory authorities to aggregate data on OTC derivatives transactions to help assess systemic risk. This follows designation by the Financial Stability Board (FSB) in 2019 as the sole service provider for the future UPI system, performing the function of issuer of UPIs as well as operator of the UPI reference data library.
With an underlying technology platform that is built to support multiple taxonomies of definitions and descriptive data, as well as numbering in near-real-time, the DSB is motivated to bring greater transparency and integration within the OTC derivatives market, enabling institutional investors to standardise data and better control operational risk. Users can access the DSB through a web interface, by accessing data in daily update files or by direct integration to front-office systems for trading and order management.
The DSB is a legal subsidiary of the Association of National Numbering Agencies (ANNA). With widespread industry representation, expertise and collaboration at its core, the DSB’s history, pedigree and expertise are rooted in ANNA, with its broad experience and overview of handling both on and off-exchange ISINs for all asset classes. If you would like to use the Derivatives Service Bureau please visit the DSB website
The Association of National Numbering Agencies (ANNA) is a global member association seeking to foster standardisation within the financial industry by upholding the International Organization for Standardization (ISO) principles and by promoting ISIN, FISN and CFI codes for financial instruments. This is achieved through ongoing, collaborative work with market participants, regulators and other standards bodies.
Under ANNA’s stewardship, the role of the ISIN in enabling global financial communications has been established worldwide. Founded in 1992 by 22 numbering agencies, today ANNA’s membership continues to grow, with more than 120 global members and partners allocating ISIN, FISN and CFI codes on behalf of their local jurisdictions. By putting in place rigorous governance around the development, allocation and sharing of ISIN, FISN and CFI codes, ANNA helps facilitate open, transparent markets diminishing barriers to access, while protecting the integrity of the standards. As a result, ISIN has become the recognised global standard for unique identification for all types of financial and referential instruments, helping to connect and protect global markets.
In addition, ANNA has established the Derivatives Service Bureau (DSB), a fully automated global numbering agency to meet the specific operational and regulatory requirements of the over-the-counter derivatives markets.
For information about ANNA, its members and activities, please visit the website