Posted on 26th January 2026

Summary of Changes:

On 31 January 2026, the DSB released the following new product Equity Total Return Swap product templates into Production:

• OTC ISIN: Equity Swap Total Return Swap Single Name (DSB-2768)
• OTC ISIN: Equity Swap Total Return Swap Single Index (DSB-2769)
• OTC ISIN: Equity Swap Total Return Swap Basket (DSB-2770)
• UPI: Equity Swap Total Return Swap Single Name (DSB-2771)
• UPI: Equity Swap Total Return Swap Single Index (DSB-2772)
• UPI: Equity Swap Total Return Swap Basket (DSB-2773)

Following this release, an eight-week transition period was introduced to allow all firms sufficient time for their implementation and to assist with the adoption of the new Total Return product templates. The following existing product templates continued to support the Return or Payout Trigger enumeration of “Total Return” during this transition period.

• OTC ISIN: Equity Swap Price Return Basic Performance Single Name
• OTC ISIN: Equity Swap Price Return Basic Performance Single Index
• OTC ISIN: Equity Swap Price Return Basic Performance Basket
• UPI: Equity Swap Price Return Basic Performance Single Name
• UPI: Equity Swap Price Return Basic Performance Single Index
• UPI: Equity Swap Price Return Basic Performance Basket

Following the end of the transition period on 28 March 2026, the DSB has removed ‘Total Return’ as a Return or Payout Trigger from the existing Equity Swap Price Return Basic Performance Single Name/ Single Index / Basket product templates (DSB-2741). All firms should now be using the new Equity Swap Total Return Swap product templates. 

Best Practice Guidance (applicable during the transition period only):

Following discussions with the CDIDE, the DSB has formulated the below best practice to provide firms with guidance on the use of the new and existing Equity Swap Total Return product templates for both OTC ISIN and UPI during this transition period.

Firms that are ready to adopt the new Equity TRS templates from 31 January 2026 should use these templates for any new transactions following the DSB’s Production release and discontinue using the existing templates with Total Return as a Return or Payout Trigger (Equity Swap Price Return Basic Performance Single Name/ Single Index / Basket). However, for the adjustment or amendment of existing transactions, users are advised to use the original identifier.

Firms that have not adopted the new Equity TRS templates from 31 January 2026 should continue using the existing product templates temporarily for new transactions but then must discontinue using them as soon as technologically feasible. Firms are advised not to mix templates (new and existing) within the lifecycle of a trade.

Please note that any advice is subject to the applicable regulatory requirements and users are advised to contact their regulatory authority to confirm the appropriate approach.

Following the end of the transition period, all firms are obliged to use the new Equity Swap Total Return Swap product templates to create new Total Return products.

The above guidance is related to DSB-2768, 2769, 2770, 2771, 2772, 2773 and 2741 and applicable from 31 January 2026.

The UPI Service supports the use of alternative identifiers for equity and fixed income underliers. For other underliers, e.g., indices and reference rates underliers, the UPI service does not currently support alternative identifiers and the defined identifier e.g., the FpML reference rate name, must be used. The OTC ISIN Service does not support the use of alternative identifiers for any product underliers. Therefore, if a UPI is generated due to the creation of a new OTC ISIN, an alternative identifier cannot be used in this instance (including for equity and fixed income underliers) because the UPI has been created from the OTC ISIN’s attributes.

UPIs can be created for OTC derivatives based on a custom basket underlier. However, in accordance with the ISO 4914 (UPI), identifiers for the individual assets that constitute a custom basket are not required.