London: 11th August, 2021: The Regulatory Oversight Committee (ROC),  and the Derivatives Service Bureau (DSB) which was founded by the Association of National Numbering Agencies (ANNA), to facilitate the allocation and maintenance of standardised identifiers, classification codes and associated reference data for OTC derivatives, both announced today the finalisation of a Memorandum of Understanding (MOU), on the implementation of the governance arrangements for the globally harmonised Unique Product Identifier (UPI).

In October 2020, the ROC expanded its mandate to become the International Governance Body of the UPI and the Financial Stability Board (FSB) transferred to the ROC all governance and oversight responsibilities in relation to the UPI. Since then, the ROC has taken forward the FSB’s work to set up appropriately rigorous oversight arrangements.

The DSB, the designated UPI service provider, has worked in close cooperation with the ROC to reach a common understanding of the expected division of responsibilities for overseeing the UPI system.

François Laurent, ROC Chair, said, “This MOU sets the basis for a fruitful cooperation between the ROC and DSB to ensure that the UPI system operates smoothly and effectively. I highly appreciate the great working relationship that has developed between the ROC and DSB in establishing this MOU.”

Emma Kalliomaki, Managing Director of DSB, said, “DSB and ROC are successfully collaborating and engaging broader stakeholders in the implementation stage of the UPI to assist industry with fulfilling their forthcoming UPI reporting requirements. We are working hard to ensure that the UPI governance principles outlined in the MOU are enshrined in the UPI service, so that all stakeholders will have the most effective UPI service from next July, 2022.”

For more information please do visit the DSB website on UPI

 

ENDS

Media contact

Lindsay Clarke

Streets Consulting

+44 (0)20 7959 2235

lindsay.clarke@streetsconsulting.com

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

About ANNA

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