Best reference data initiative—Derivatives Services Bureau

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- 17 Jun 2025

Product overview—Unique Product Identifier

The Unique Product Identifier (UPI) service was introduced by the Derivatives Service Bureau (DSB) as a means of enhancing transparency in over-the-counter (OTC) derivatives markets in the wake of the financial crisis that began in 2007–08. As part of the International Organization for Standardization (ISO) framework of OTC derivatives identifiers, the UPI helps regulators recognize and assess systemic risks by identifying OTC derivatives at an underlying product level. Reporting of the UPI commenced in 2024, with additional mandates planned for 2025, aiming to foster a more transparent and resilient global financial market.

The premise

The UPI represents a major international achievement—the result of a decade-long collaboration between regulators, standards bodies, industry experts and the DSB. The UPI standard was developed to support Group of 20 commitments to enhance transparency and mitigate systemic risk in the wake of the financial crisis. Designated by the Financial Stability Board as the exclusive UPI provider, the DSB launched its UPI service in October 2023, providing regulators with an improved view of risk in the OTC derivatives landscape.

Measurables

Facilitated by the launch of the UPI service, global UPI adoption is underway, with reporting already having commenced in the US, the European Union, the UK, Australia, Singapore and Japan. Reporting parties can incorporate the UPI into reporting workflows and submit them to trade repositories to comply with regulations. Currently, more than 1.4 million UPIs have been created, with over 1,600 organizations connected to the UPI service, reflecting significant growth over the past 18 months.

This landmark initiative is testament to the power of international collaboration, uniting authorities, industry stakeholders, the ISO and the DSB in delivering a truly global service. With more than 1.4 million UPIs created, over 1,600 organizations connected to the service and global markets now adopting UPI reporting, the impact of this initiative, alongside the wider development of the identifier, is tangible.
Emma Kalliomaki, Managing director, Association of National Numbering Agencies and the DSB

Future objectives

The DSB expects further uptake of the UPI service as reporting mandates take effect in Canada, the Republic of Korea, Hong Kong and Mexico throughout 2025, with the DSB providing materials and webinars to aid onboarding. As more regulators use the reporting data for systemic risk monitoring, the DSB will drive targeted initiatives to enhance data quality and continue to provide support for new OTC derivatives products and underlier requirements, including increased coverage of digital assets.

Why the Derivatives Services Bureau won

The DSB follows up its success in the recent WatersTechnology Asia Awards—in which it won the Best reference data service category on the back of its UPI offering—by winning Best reference data initiative in these awards, thanks, once again, to its outstanding UPI service. The UPI was conceived as a mechanism to provide increased levels of transparency to the industry’s various regulatory bodies with the view to them monitoring the global OTC markets for the buildup and concentration of systemic risk. To date, the initiative has been a stunning success: The DSB has created 1.4 million UPIs (and counting), with more than 1,600 organizations connected to the service, while reporting is already underway in the US, the EU, the UK, Australia, Singapore and Japan, with Canada, the Republic of Korea, Hong Kong and Mexico expected come online before the end of this year. The DSB is no stranger to the winners’ circle of these and other WatersTechnology awards, and who would bet against it walking away with this category again in next year’s edition?

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