Underlier identifiers representing the instrument, index, or reference rate for an OTC derivative are attributes used to define a UPI.
The DSB (Derivatives Service Bureau) has opened a Request for Information (RFI) process to identify a reference data provider for provision of underlier identifiers for the UPI (Unique Product Identifier).
A requirement of the UPI – which will be available from Q3 2022 – is to support the use of multiple underlier identifiers and reference data elements, the DSB says. “In order for the UPI Service to support the use of a range of underlier identifiers it is necessary for the DSB to identify a suitable provider of reference data.”
Underlier identifiers representing the instrument, index, or reference rate for an OTC derivative are attributes used to define a UPI. At a given point in time, every reportable OTC derivative product should be identified by one distinct set of UPI reference data elements and their values, the DSB says.
The DSB intends to enable UPI users to submit a range of underlier identifiers, which will map to a single UPI code for any given OTC derivative product. The different identifiers should therefore be regarded as alternative representations of the underlier for the same UPI.
The DSB has opened an RFI with the timeframe for clarifications to be sought from interested parties by 9 April 2021. The closing deadline for respondents is 23 April 2021.
Details of the RFI are available on request. Parties interested in responding to the RFI, or with enquiries, can contact the DSB using [email protected].
The DSB aims to finalise the selection process by the middle of the year.
