We are pleased to announce that the Derivatives Service Bureau (DSB), has won ‘Best Reference Data Newcomer’ at the Waters Technology Inside Market Data & Inside Reference Data Awards 2024. This award recognises the DSB for the successful launch of the new global Unique Product Identifier (UPI) Service. The UPI has been created to streamline the comprehensive aggregation of over-the-counter (OTC) derivatives products worldwide and advance global systemic risk monitoring in OTC derivatives markets.
The UPI brings to fruition G20 commitments made following the financial crisis to uniquely identify products involved in OTC derivatives transactions and report them to trade repositories. The UPI aligns with new reporting requirements being introduced in several jurisdictions throughout 2024 and 2025 which require firms to integrate the UPI into their reporting workflows.
The DSB was designated as the sole service provider of the UPI by the Financial Stability Board in 2019 and worked with stakeholders to develop the UPI Service which went live on 16 October 2023. With a view to optimise user experience, the DSB also developed a scalable Client Onboarding and Support Platform (known as the ‘COSP’) which is an online, self-service platform enabling efficient UPI subscription, onboarding and connectivity to the UPI Service.
More information on the UPI service can be found here.
With responsibility for both the OTC derivatives International Securities Identification Number (ISIN) and the UPI Services, the DSB remains dedicated to delivering solutions that foster interoperability, data alignment and harmonisation.
Emma Kalliomaki, Managing Director of ANNA and the DSB, said: “The DSB is delighted to receive this award. The launch of the UPI represents the culmination of extensive and ongoing international collaboration across industry participants, regulators and other standards bodies. We remain committed to working with global stakeholders to continue the development of all identifier services that enhance data quality and interoperability by leveraging international standards".
