The Derivatives Service Bureau (DSB), the global golden source of reference data for OTC derivatives, today released data indicating industry readiness for the start of UPI (Unique Product Identifier) reporting in Australia and Singapore on 21 October 2024.
Whilst there is a global aim to monitor systemic risk across the OTC derivatives markets and achieve data harmonisation, each region has approached the implementation of the UPI based on the needs of their market and established their own reporting structure and format. The Australian Securities Investment Commission (ASIC) and The Monetary Authority of Singapore (MAS) now follow the US, EU and UK authorities in implementing mandatory UPI reporting this month. Whilst many multi-jurisdictional organisations with US, EU and/or UK reporting requirements have onboarded already with the DSB, locally based APAC organisations have been considering connectivity and functionality requirements for the first time.
The DSB’s user onboarding data shows that over the last few months the number of entities headquartered in the APAC region has increased steadily to 46 organisations with 17 headquartered in Australia and 18 in Singapore across a range of User Types. APAC representation is expected to continue to grow in 2025 as the Japanese mandate draws nearer in April, and with the Hong Kong go-live in September 2025.
To date, over 410 firms have subscribed to the UPI Service on a fee-paying basis, including 159 programmatic users. Quarterly updates on UPI user numbers are published on the DSB’s website.
In relation to UPI volumes, UPI generation has increased over the last few weeks correlating with the recent UK mandate coming into effect and the upcoming Australia and Singapore mandates. A similar trend was seen in advance of the US and EU mandates coming into effect. There are approximately 1.3 million UPIs with an average of 9,400 new codes generated per week, with one recent week seeing a spike of over 18,500 UPIs created. Identifier metrics are also published on the DSB website.
Implementation of the UPI realises the reform agenda of the G20 to bring greater alignment, efficiency, and resilience to the interconnected, global derivatives markets following the financial crisis. The ongoing focus on advancing OTC derivatives regulatory reform continues with Japan implementing UPI reporting on 7 April 2025, Canada on 25 July 2025 and Hong Kong on 29 September 2025. Korea and Saudi Arabia are also advancing preparations for the roll out of mandatory UPI reporting.
