On 26 April 2018, the Financial Stability Board (FSB) published its second consultation on proposed governance arrangements for the unique product identifier (UPI). This latest consultation follows an initial consultation last October and sets out proposals for the governance arrangements for a global UPI, as a key harmonised identifier designed to facilitate effective aggregation of transaction reports from over-the-counter derivatives markets.
The FSB’s latest consultation asks additional targeted questions to assist it in reaching conclusions on aspects of the governance arrangements for the UPI system. Topics include fee models and cost recovery, intellectual property, standardisation, competition among UPI service providers and arrangements for a UPI Reference Data Library. The FSB expects to reach conclusions on these issues and to designate one or more UPI service providers by mid-2019.