FSB Publishes Responses to Consultation on UPI Governance Arrangements

FSB has published 17 responses from institutions such as Bloomberg, Depository Trust & Clearing Corporation (DTCC), Derivatives Service Bureau, German Investment Funds Association (BVI), Global Legal Entity Identifier Foundation (GLEIF), IHS Markit, International Organization for Standardization (ISO), and ISDA and Global Financial Markets Association. The first consultation was issued in October 2017.

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

• Responses to Second Consultation
• Second Consultation
• Initial Consultation
• CPMI-IOSCO Guidance on UPI

Keywords: International, Banking, Securities, UPI, Governance Arrangements, OTC Derivatives, Responses to Consultation, FSB