DSB launches second UPI model consultation

The Derivatives Service Bureau (DSB), founded by the Association of National Numbering Agencies (ANNA),  announced the second Unique Product Identifier (UPI) fee model consultation for 2021 is now open, focusing on the UPI timeline.

The UPI is designed to facilitate effective aggregation of over the counter (OTC) derivatives transaction reports on a global basis.

Emma Kalliomaki, Managing Director of ANNA and the DSB.

The DSB urges market participants required to report OTC derivatives to anywhere in the world, to review and respond to this consultation as reporting parties will be mandated to incorporate the UPI into their workflows.

The DSB would like 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.

Details of the timeline of the UPI service, which is set to go live in July 2022, is now published and available to view on the DSB website.

It sets out 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.

“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,” said. Emma Kalliomaki, Managing Director of ANNA and the DSB.

She added, “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. “

She added, “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.”

©Markets Media Europe 2021

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