DSB welcomes EMIR Refit Publication: UPI mandate now in EU law
DSB assists stakeholders for UPI implementation
London, 11 Oct 2022 – The Derivatives Service Bureau (DSB), the global golden source of reference data for Over the Counter (OTC) derivatives, today welcomed the European Union publication in the Official Journal making the Unique Product Identifier (UPI) part of EU law1. The DSB will provide a User Acceptance Test (UAT) environment for the UPI service in 2023 to assist prospective UPI users with their UPI implementation plans and budget setting.
The DSB is designated by the Financial Stability Board (FSB) as the sole UPI Service Provider to facilitate the creation and distribution of UPIs globally. The UPI is designed to facilitate the effective aggregation of over-the-counter (OTC) derivatives transaction reports on a global basis. Reporting parties will be mandated to incorporate the UPI into their reporting workflows and submit them to trade repositories once mandates come into effect, which in the EU will be from 29 April 2024, and anticipated shortly in the Americas, Asia-Pacific and Africa.
The DSB’s UPI Service leverages core components of the existing OTC ISIN Service, thereby minimising implementation and running costs for the DSB as well as the technology burden for users already connected to the DSB.
The UAT environment to be made available in 2023 will enable users of the UPI Service to test the full service functionality, including search, retrieval and creation of UPIs. Further, the DSB will make available in the UAT environment its new Client Onboarding and Support Platform (COSP) for fee-paying UPI users. The COSP enables users to onboard to the service and to manage their account using self-service functions.
Emma Kalliomaki, Managing Director of ANNA and the DSB, said, “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, 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 (RAND) access, equal treatment through preserving the DSB common agreement, and efficiency in delivery of DSB Services.”
For more information on the UPI, please follow the link to the DSB website: https://www.anna-dsb.com/upi/ EMIR Refit – https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=OJ:L:2022:262:TOC
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The Derivatives Service Bureau (DSB) Ltd
The Derivatives Service Bureau, DSB, is the global golden source of reference data for Over the Counter (OTC) derivatives. Serving over 4,000 users spanning approximately 500 institutions, the DSB enables market participants to meet their regulatory reporting obligations to trade repositories, and for post- trade transparency and market abuse reporting related to MiFID II. A global utility with widespread industry representation, expertise and collaboration at its core, the DSB provides its reference data on a cost-recovery basis to increase transparency, efficiencies and interoperability through the use of standards. Users can access the DSB’s automated zero-touch technology platform through an open and easily accessible web interface that can handle multiple taxonomies of definitions and descriptive data for near real-time allocation.
Founded by the Association of National Numbering Agencies, ANNA, the DSB is the sole source of multiple ISO standards for OTC derivatives, including International Securities Identification Numbers (ISINs), Unique Product Identifiers (UPIs), Classification of Financial Instruments Codes (CFIs) and Financial Instrument Short Names (FISNs). In addition to its ISO mandates, the DSB has been nominated by the Financial Stability Board of the G20 to be the exclusive global operator of the UPI Service. This service will enable authorities to aggregate data on OTC derivatives transactions by product or by any UPI reference data element. 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