CFTC Designates Unique Product Identifier for Swaps Recordkeeping and Reporting

The U.S. Commodity Futures Trading Commission (CFTC) has published a press statement to inform of „an order to designate a unique product identifier and product classification system to be used in swap recordkeeping and reporting“. Specifically, the unique product identifier (UPI) and corresponding classification into credit, equity, foreign exchange, and interest rate swaps will be furnished by the Derivatives Service Bureau Limited (DSB). These identifiers must subsequently be used by swap counterparties and major swap participants in their reporting of any swap related data to swap data repositories (SDRs) and for recordkeeping purposes.
Corresponding adjustments to Statutory Instruments 17 CFR Part 43 relating to Real Time Public Reporting and 17 CFR Part 45 relating to Swap Data Recordkeeping and Reporting Requirements will be made in due course. The new requirement will apply from January 29, 2024.
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The CFTC notes that the use of unique product identifiers is an important step forward towards increasing transparency in derivatives trading and facilitating data reconciliation and standardization.