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June 04, 2018

FSB published responses to the second consultation on governance arrangements for the Unique Product Identifier (UPI). The second consultation was published in April 2018 and comments were due by May 28, 2018. The consultation had set 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.

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.

 

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

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