CFTC issues order to designate Unique Product Identifier for swaps recordkeeping and reporting
The Commodity Futures Trading Commission (CFTC) today issued an order to designate a unique product identifier and product classification system to be used in swap recordkeeping and reporting.
The regulator has determined the unique product identifiers (UPIs) the Derivatives Service Bureau Limited (DSB) issues for swaps in the credit, equity, foreign exchange, and interest rate asset classes comply with the Commission’s requirements for a UPI and product classification system.
In the order, the CFTC sets January 29, 2024 as the compliance date for registered entities and swap counterparties to use the DSB UPIs for swaps in the credit, equity, foreign exchange, and interest rate asset classes to comply with certain Commission swap recordkeeping and reporting requirements.
As detailed in the order, the Commission expects the use of UPIs will increase transparency in the swaps market, enabling the Commission to fulfil its regulatory responsibilities and assist in the real-time public reporting of swap transaction and pricing data.
Commission staff will publish UPI-related modifications to Parts 43 and 45 Technical Specification in the near future on this page.