The Derivatives Services Bureau (DSB) has launched the Unique Product Identifier (UPI) service, enabling firms to create and search for UPI’s.
The UPI, an International Organisation of Standardisation standard (ISO 4914 UPI), has been developed to allow aggregation of OTC derivatives transactions reported to trade repositories, to allow authorities the ability to monitor the build-up of systemic risk at a global level.
For streamlined user onboarding, the DSB has developed a self-service Client Onboarding and Support Platform (COSP), that allows users to subscribe to the UPI Service and guides them through the onboarding process.
Via the COSP, users can manage connectivity to both the UPI test and live environments, sign the UPI subscription form, provide billing details, complete API certification (where relevant) and raise support tickets.
Users of the UPI Service can create UPIs for all products from 16 October 2023.
Emma Kalliomaki, managing director of The Association of National Numbering Agencies and the DSB, says: "This is a major milestone following long-term collaboration among authorities, industry and the DSB.
“By launching the UPI Service three months in advance of the first reporting compliance date, the DSB provides the market with time to incorporate the UPI into their reporting workflows.”
