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October 03, 2017

FSB published a consultation document on the governance arrangements for the unique product identifier (UPI). The document sets out proposals for the governance arrangements for a global UPI, as a key harmonized identifier designed to facilitate effective aggregation of transaction reports about over-the-counter (OTC) derivatives markets. Comments are due by November 13, 2017.

The FSB consultation document identifies key criteria and functions for the UPI governance arrangements and seeks feedback on certain issues related to UPI service providers, cost recovery and fee models, and the reference data library that will underlie the UPI system. FSB expects to publish a further consultation in early 2018 on proposals for allocation of the UPI governance functions to various entities and further aspects of the UPI service provider model. It is envisaged that one or more UPI service providers will be selected during 2018. FSB also published a consultation on unique transaction identifier (UTI) governance arrangements in March 2017 and expects to finalize its conclusions shortly.

This consultation complements the work of CPMI and IOSCO as they develop guidance on harmonization of data elements that are reported to trade repositories. On September 28, CPMI and IOSCO published their finalized technical guidance on the UPI. Under the technical guidance, a unique UPI code would be assigned to each distinct OTC derivative product and each UPI code would map to a set of data comprised of reference data elements with specific values that together describe the product. The primary purpose of the UPI is to identify the product that is the subject of OTC derivative transactions. A UPI would be assigned to each product enabling regulators to aggregate data on OTC transactions by product using either the UPI or individual underlying data elements that make up the UPI.

 

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

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