DSB won the Outstanding Contribution to Regulatory Reforms award at the 7_th Regulation Asia Awards for Excellence_ 2024.

The Outstanding Contribution to Regulatory Reforms category celebrates organisations that lead the financial industry in addressing complex regulatory challenges and developing impactful solutions to address these challenges, promote compliance, and foster market stability. This category recognises organisations that collaborate effectively with regulators, industry participants, and technology leaders to enhance industry resilience, regulatory harmonisation, and long-term stability.

The DSB was recognised for its work to advance global regulatory standards, notably through the introduction of its Unique Product Identifier (UPI) Service, which supports the G20 commitments to enhance transparency and strengthen oversight in global OTC derivatives markets. The UPI Service works in conjunction with Unique Transaction Identifiers (UTIs) and Critical Data Elements (CDE), which are part of the new global standards for OTC derivatives reporting.

The DSB was designated by the Financial Stability Board (FSB) in 2019 as the sole service provider for the UPI system. In close collaboration with regulators and industry participants, the DSB ensured the UPI Service was able to launch three months ahead of the first regulatory reporting compliance date. Mandatory reporting of the UPI went live this year in the US, EU, UK, Singapore and Australia. More jurisdictions will follow in 2025.

“The DSB prioritised stakeholder engagement and issued multiple consultations to ensure the UPI Service did not impose overly burdensome requirements or costs for market participants,” noted one judge on the Regulation Asia Awards panel. “This approach to industry collaboration demonstrated a commitment to meeting the needs of the market. UPI reporting went live without a hitch, which is a significant achievement.”

“This award highlights the critical role of collaboration in driving forward regulatory reforms,” said Bradley Maclean, Co-founder of Regulation Asia and Chair of the Awards Committee. “In this case, the reforms are important in that they are designed to promote global financial stability and transparency. The smooth launch of the UPI Service by the DSB is a major achievement that will yield benefits for financial markets for years to come.”

About the Regulation Asia Awards for Excellence 2024

The Regulation Asia Awards for Excellence recognises financial institutions, technology companies, legal and consulting firms, exchanges and other players that help ensure the highest regulatory compliance standards are upheld in the financial industry. Each year, senior industry practitioners serve on a judging panel to help assess and score each submission to determine the winning entrants.

For a full list of the award 2024 winners, visit www.regulationasia.com/awards.

About Regulation Asia

Regulation Asia is the leading source of actionable regulatory intelligence for Asia Pacific markets. With over 12,000 subscribers, including regulatory bodies, exchanges, banks, asset managers and service providers, Regulation Asia plays a key role in shaping the regulatory agenda.

Visit www.regulationasia.com or connect via LinkedIn or Twitter.