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April 26, 2018

FSB published a second consultation on the proposed governance arrangements for the unique product identifier (UPI). The consultation sets out proposals for the governance arrangements for a global UPI, as a key harmonized identifier designed to facilitate effective aggregation of transaction reports from over-the-counter (OTC) derivatives markets. Comments on this consultation must be submitted by May 28, 2018.

This consultation follows an initial consultation in October 2017. The second FSB consultation document asks additional targeted questions to assist FSB in reaching conclusions on aspects of the governance arrangements for the UPI system. Topics include fee models and cost recovery, intellectual property, standardization, competition among UPI service providers, and arrangements for a UPI Reference Data Library. FSB expects to reach conclusions on these issues and to designate one or more UPI Service Providers by mid-2019.

The primary purpose of the UPI is to identify the product that is the subject of an OTC derivatives transaction. CPMI and IOSCO had published their finalized technical guidance on the UPI in September 2017. Under the Technical Guidance, a unique UPI code would be assigned to each distinct OTC derivative product and would map to reference data elements with specific values that together describe the product. To use the data from trade reporting effectively, it is important for authorities to be able to aggregate reporting not only to consider institution-specific risks but also to consider system-wide risks.

 

Related Links

Comment Due Date: April 26, 2018

Keywords: International, Securities, UPI, Governance Arrangements, OTC Derivatives, FSB

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