DSB launches Unique Product Identifier User Acceptance Test service
17 April 2023 UK
Image: Sarah/stock.adobe.com
The Derivatives Service Bureau (DSB) has welcomed the launch of its Unique Product Identifier (UPI) Service User Acceptance Test (UAT) environment.
The service aims to aid industry readiness and implementation of UPI regulatory mandates in derivatives markets, including amendments to the US Recordkeeping and Swap Data Reporting, EU EMIR Refit and UK EMIR.
Designated by the Financial Stability Board (FSB) as the sole service provider for the UPI System, the DSB will perform the function of issuer of UPI codes as well as operator of UPI reference data library.
According to the DSB, the UPI will support the aggregation of over-the-counter (OTC) derivatives transaction reports on a global basis, facilitating the use of OTC trade reporting data, and helping authorities assess system risk and detect market abuse.
Under jurisdictional regulations, reporting parties must incorporate the UPI into their reporting workflows and submit them to trade repositories. This will fulfil G20 commitments agreed as part of a package of reforms to the OTC derivatives markets made after the financial crisis, the DSB says. Mandates to report the UPI have been published in the EU, UK, US and Australia, with additional jurisdictions to follow.
The UAT provides a nine month period before the first compliance date which seeks to allow prospective UPI users time to implement and test their UPI connectivity, data integration and workflows in advance of compliance dates.
Subsequently, the DSB will launch the UPI Service into production on 16 October 2023 — three months before the first regulatory compliance date.
In addition to the release of the UPI UAT, the DSB has launched its online, self-service platform, Client Onboarding and Support Platform (COSP), which is designed to guide users through the DSB’s UPI Service onboarding process.
Users can create a user entity profile to manage UPI subscription and connectivity options for access to search for and create UPIs, says the DSB. As part of this process, the DSB has redesigned the website to enable market participants to access the information needed for utilising the OTC ISIN and UPI Services.
Commenting on the launch, Emma Kalliomaki, managing director of the Association of National Numbering Agencies (ANNA) and the DSB, says: “The DSB is proud to launch the UPI UAT Service as scheduled to help all stakeholders with preparations for the upcoming regulatory requirements.
“Thanks go to our dedicated team who have made this key service available for testing more than nine months before the first compliance dates come into force. We now encourage stakeholders to onboard with the DSB and maximise the testing time available.”
The service aims to aid industry readiness and implementation of UPI regulatory mandates in derivatives markets, including amendments to the US Recordkeeping and Swap Data Reporting, EU EMIR Refit and UK EMIR.
Designated by the Financial Stability Board (FSB) as the sole service provider for the UPI System, the DSB will perform the function of issuer of UPI codes as well as operator of UPI reference data library.
According to the DSB, the UPI will support the aggregation of over-the-counter (OTC) derivatives transaction reports on a global basis, facilitating the use of OTC trade reporting data, and helping authorities assess system risk and detect market abuse.
Under jurisdictional regulations, reporting parties must incorporate the UPI into their reporting workflows and submit them to trade repositories. This will fulfil G20 commitments agreed as part of a package of reforms to the OTC derivatives markets made after the financial crisis, the DSB says. Mandates to report the UPI have been published in the EU, UK, US and Australia, with additional jurisdictions to follow.
The UAT provides a nine month period before the first compliance date which seeks to allow prospective UPI users time to implement and test their UPI connectivity, data integration and workflows in advance of compliance dates.
Subsequently, the DSB will launch the UPI Service into production on 16 October 2023 — three months before the first regulatory compliance date.
In addition to the release of the UPI UAT, the DSB has launched its online, self-service platform, Client Onboarding and Support Platform (COSP), which is designed to guide users through the DSB’s UPI Service onboarding process.
Users can create a user entity profile to manage UPI subscription and connectivity options for access to search for and create UPIs, says the DSB. As part of this process, the DSB has redesigned the website to enable market participants to access the information needed for utilising the OTC ISIN and UPI Services.
Commenting on the launch, Emma Kalliomaki, managing director of the Association of National Numbering Agencies (ANNA) and the DSB, says: “The DSB is proud to launch the UPI UAT Service as scheduled to help all stakeholders with preparations for the upcoming regulatory requirements.
“Thanks go to our dedicated team who have made this key service available for testing more than nine months before the first compliance dates come into force. We now encourage stakeholders to onboard with the DSB and maximise the testing time available.”
NO FEE, NO RISK
100% ON RETURNS If you invest in only one securities finance news source this year, make sure it is your free subscription to Securities Finance Times
100% ON RETURNS If you invest in only one securities finance news source this year, make sure it is your free subscription to Securities Finance Times
