Second UPI Fee Model Industry Consultation Now Open
London, 10th May 2021 – 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, today announces 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, said, “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, said, “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.”
For more information please do visit our website on UPI. The second UPI Fee Model Industry Consultation starts today and ends July 9th. With the publication of the Consultation Final Report on September 27th, 2021.
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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