May 02, 2019

FSB designated The Derivatives Service Bureau Ltd (DSB) as the service provider for the future Unique Product Identifier (UPI) system. This decision was taken at the FSB meeting on April 26, 2019 in New York. This is a key step toward completing the UPI governance framework. As the sole issuer of the UPI codes, DSB will also perform the function of operator of the UPI reference data library.

DSB will assign UPI code to an over-the-counter (OTC) derivatives product and the code will be used for identifying the product in transaction reporting data. This will enable authorities to aggregate data on OTC derivatives transactions by product or by any UPI reference data element. Such aggregation will facilitate the effective use of OTC trade reporting data, including helping authorities to assess systemic risk and detect market abuse.

FSB also decided that the data standard for UPI code and the UPI reference data elements will be set as international data standards and has identified the International Organization for Standardization (ISO) as the body responsible for publishing and maintaining these standards as international data standards. FSB, through UPI Governance (GUUG), will also engage with DSB and a range of authorities to ensure that DSB is subject to appropriately rigorous oversight arrangements and that its existing governance and consultative systems are adapted to the specific features of the UPI system, as set out in the FSB governance criteria and CPMI and IOSCO technical guidance. 

The designation of DSB came after FSB publicly invited prospective UPI service providers in July 2018 to submit self-assessments, based on an assessment process undertaken by the FSB working Group on Unique Transaction Identifier (UTI) and GUUG, with advice from the technical assessment sub-group of the CPMI and IOSCO working group for the harmonization of key OTC derivatives data elements.

 

Related Link: Press Release

 

Keywords: International, Banking, OTC Derivatives, Governance Framework, Systemic Risk, DSB, Transaction Reporting, UPI, ISO, FSB

Related Articles
News

APRA Releases Minor Changes to Reporting Standards on SA-CCR for Banks

APRA released minor changes to the three reporting standards for the standardized approach for measuring counterparty credit risk exposures (SA-CCR).

May 22, 2019 WebPage Regulatory News
News

APRA on Industry Self-Assessments into Governance and Accountability

APRA released an information paper analyzing the self-assessments performed by 36 of the country’s largest banks, insurers, and superannuation licensees in response to the final report on the Prudential Inquiry into the Commonwealth Bank of Australia (CBA).

May 22, 2019 WebPage Regulatory News
News

APRA Proposes to Amend Guidance on Residential Mortgage Lending

APRA is consulting on revisions to the prudential practice guide APG 223 on residential mortgage lending in Australia.

May 21, 2019 WebPage Regulatory News
News

IASB Proposes Improvements to IFRS 9 and IFRS 16

IASB published the exposure draft ED 2019/2 that proposes amendments to four IFRS standards, including IFRS 9 on Financial Instruments and IFRS 16 on Leases.

May 21, 2019 WebPage Regulatory News
News

ESAs Amend Technical Standards on Mapping of ECAIs Under CRR

ESAs published a second amendment to the implementing technical standards on the mapping of credit assessments of External Credit Assessment Institutions (ECAIs) for credit risk under the Capital Requirements Regulation (CRR).

May 20, 2019 WebPage Regulatory News
News

OCC Consults on Information Collection for Home Mortgage Disclosures

OCC is soliciting comment on the revision of the information collection titled “Regulation C—Home Mortgage Disclosure.” OCC also notes that it has sent the collection to OMB for review.

May 20, 2019 WebPage Regulatory News
News

ESMA Updates the List of Guidelines Under Its Mandate in May 2019

ESMA updated the overview of guidelines published under its mandate, with information and links to the related documents.

May 20, 2019 WebPage Regulatory News
News

OCC Report Examines Key Risks for Federal Banking System

OCC published the Semiannual Risk Perspective for Spring 2019.

May 20, 2019 WebPage Regulatory News
News

EIOPA Updates Q&A on Regulations in May 2019

EIOPA published additional questions and answers (Q&A) on guidelines, directives, and regulations applicable to insurers in Europe.

May 17, 2019 WebPage Regulatory News
News

FSB Publishes Update on Meeting of RCG for Americas

FSB published a summary of the meeting of its Regional Consultative Group (RCG) in Americas.

May 17, 2019 WebPage Regulatory News
RESULTS 1 - 10 OF 3111