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Preparing for EMIR REFIT: A look at the newly introduced UPI field

The Unique Product Identifier (UPI) facilitates the effective aggregation of OTC derivatives transaction reports globally and will be used in all areas where OTC derivatives are reported to trade repositories.

UPI is more detailed than the currently used CFI code as it provides additional information about the underlying product. While not as detailed as ISIN values, UPI is required for reporting when a transaction does not have an ISIN, although it can be left blank if a derivative is traded on a venue when the ISIN is mandatory.

In preparation to EMIR REFIT, market participants should acknowledge that UPI values will be required not only for new contracts traded after April 29, 2024 but also for all open transactions that need to be backloaded within six months of the EMIR REFIT launch date.

The Association of National Numbering Agencies is mandated to establish and operate a service for obtaining and maintaining UPIs, known as the Derivatives Service Bureau (ANNA DSB). ANNA DSB was designated as the sole provider of UPIs with respect to all jurisdictions that will use UPIs for reporting purposes. Market participants must have a contractual agreement with ANNA DSB to be able to create and access the UPI database. The service requires a subscription fee, but the final price has not yet been published.

SimCorp plans to support our clients in UPI sourcing and storing data in SimCorp Dimension. As part of the 23.04 release of SimCorp Dimension we introduced dedicated UPI fields in the Trade Manager, as well as in the APL windows for OTC instruments not supported in Trade Manager. Additionally, SimCorp offers a dedicated ANNA DSB UPI interface service, providing a standardized pre-configuration to seamlessly integrate ANNA DSB Unique Product Identifier data into SimCorp’s static data. The integration into SimCorp Dimension provides our clients with a quick and easy method of sourcing and saving UPI in a dedicated field.

If you would like to learn more about how SimCorp can support you in meeting your UPI obligations, please contact your SimCorp account manager.

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