Data shows number of firms prepared for UPI regulatory reporting in the US is in line with DSB expectations
First G20 jurisdiction goes live with UPI compliance mandate on 29 January 2024
The Derivatives Service Bureau (DSB), the global golden source of reference data for Over the Counter (OTC) derivatives, has today released figures indicating industry readiness for the first jurisdictional compliance date for Unique Product Identifier (UPI) regulatory reporting in the United States (US) on 29 January 2024.
With just over a week until the US reporting date, there are 131 organisations subscribed across all fee-paying User Types covering the different connectivity options, 71 of which are programmatic users. At organisation type level, Banks have the largest number of entities at 46%, with Trade Execution Platforms – SEF, Clearing Houses, Brokerages, Trade Repositories and Data Management Providers also onboarded. When focusing on the US specifically, 35% of the organisations onboarded have headquarters based in the US. Given the staggered approach to UPI mandate compliance dates, these figures are in line with DSB onboarding expectations at this stage.
The US is the first jurisdiction to commence UPI reporting in the G20 derivatives markets with EU EMIR Refit regulations following from 29 April 2024, UK 30 September 2024, Australia and Singapore from 21 October 2024 and Japan 7 April 2025.
Emma Kalliomaki, Managing Director of ANNA and the DSB, said,
“This first UPI compliance milestone is another step forward in the journey of realising the G20 commitments following the financial crisis toward global aggregation of OTC derivatives data to enhance the regulators’ understanding of global systemic risk.”
“The first reporting date for UPI will come into effect very shortly and the DSB’s scalable Client Onboarding and support platform means users who still need to onboard will be able to do so in an efficient manner. Firms are encouraged to prepare for the commencement of reporting obligations with the DSB offering a range of connectivity and support service options that facilitate access to UPIs for all products.”
The UPI Service launch involved the collaboration of industry participants, global authorities and the DSB as the UPI Service Provider. Since the launch on 16 October 2023, over 850,000 UPIs have been generated and made available to users with UPI volumes broken down by asset class published weekly on the DSB website.
To discuss the first UPI reporting compliance milestone, the DSB’s Managing Director, Emma Kalliomaki will be hosting a virtual event with the US authorities, Commodities and Futures Trading Commission (CFTC) and Securities and Exchange Commission (SEC) on:
17 January 2024 at 4pm UTC/ 11am EST / 8pm PST
To register please follow the link here.
