Bloomberg SEF LLC 731 Lexington Avenue Tel +1 212 318 2000

 New York, NY 10022 bloombergsef.com

January 29, 2024

Submitted via Portal

U.S. Commodity Futures Trading Commission

Three Lafayette Centre

1155 21st Street, N.W.

Washington, D.C. 20581 

Re: CFTCRegulation 40.6(a) Certification. Issuance of BSEF Notice to Participants 2024-R-03

Ladies and Gentlemen: 

Bloomberg SEF LLC (“Bloomberg SEF”) is certifying to the U.S. Commodity Futures Trading 

Commission (“CFTC” or “Commission”)the issuance of BSEF Notice to Participants 2024-R-03 regarding 

new requirements and actions for certain Participants due to an update to the UPI advisory 

effective January 29, 2024. 

The order requires swap execution facilities (“SEFs”) and reporting counterparties to use UPIs 

issued by ANNA DSB for swaps executed on a SEF to comply with the CFTC’s swap recordkeeping 

and reporting requirements starting on January 29, 2024. A copy ofthe Notice is attached as 

Exhibit A. 

Bloomberg SEF certifies that: (i) the Notice to Participants complies with the Act and 

the Commissions regulations thereunder, and (ii) a notice and copy of this submission has 

been concurrently posted on Bloomberg SEF’s website. There were no substantive opposing view 

to the Notice to Participants. 

Please contact the undersigned at (212) 617-7331 with any questions regarding this matter. 

Enclosure
Exhibit A 
#600788261v7

Bloomberg SEF LLC 

Frequently Asked Questions Regarding the Implementation 

of the Unique Product Identifier Requirement by Bloomberg SEF LLC 

January 29, 2024 

On February 24, 2023, the U.S. Commodity Futures Trading Commission (“CFTC”) issued an order1

designating a unique product identifier (“UPI”) and product classification system developed by the 

Derivatives Service Bureau Limited (“ANNA DSB”) to be used in swap recordkeeping and reporting 

required by Parts 43 and 45 of the CFTC regulations. 

The order requires swap execution facilities (“SEFs”) and reporting counterparties to use UPIs issued by 

ANNA DSB for swaps executed on a SEF to comply with the CFTC’s swap recordkeeping and reporting 

requirements starting on January 29, 2024.

As detailed in the order, the CFTC expects that the use of UPIs will increase transparency in the swaps 

market, enabling the CFTC to fulfill its regulatory responsibilities and assist in the real-time public 

reporting of swap transaction and pricing data.

This document is designed to provide BSEF Participants with general information regarding BSEF’s 

implementation of the UPI requirement. 

Capitalized terms used, but not defined herein, have the meanings assigned to them in the BSEF 

Rulebook.

2

Q 1: What is a UPI?

A 1: A UPI is a code that is comprised of a unique set of characters (i.e., 12) that will be assigned to each 

distinct Swap, and which is mapped to reference data elements with specific values that together 

uniquely identify the product involved in a swap.

Q 2: What product attributes will BSEF use to retrieve a UPI from ANNA DSB?

A 2: BSEF will retrieve UPIs from ANNA DSB in conformance with the standards laid out in the ANNA

DSB UPI & ISIN Product Definitions documents.

3 Annexes A, B and C provide information about the 

ANNA DSB templates and selected product attributes that BSEF will use to retrieve UPIs from ANNA DSB

for each swap listed on the SEF. 

Q 3: How will UPIs be retrieved and reported by BSEF?

A 3: BSEF will use ANNA DSB ISIN submission templates to retrieve UPIs from ANNA DSB. BSEF will send 

a request for a UPI prior to the execution of a trade on the SEF. If a UPI is not returned prior to the 

execution, BSEF will follow the below process: 

1 https://www.cftc.gov/PressRoom/PressReleases/8659-23

2 https://www.bloomberg.com/professional/product/sefcompliance/

3 https://www.anna-dsb.com/product-definitions1/#upi-product-definitions

1
• For Foreign Exchange (“FX”) products, trade execution will not be blocked if a UPI is not

retrieved from ANNA DSB. In such cases, the Confirmation issued by BSEF will be issued without

a UPI. Upon retrieval of a UPI, an amended Confirmation will be issued with a UPI. If there are

multiple legs, an amended Confirmation will be issued when there are UPIs for all legs.

• For Credit & Rates products, trade execution will be blocked if a UPI is not retrieved from ANNA

DSB, and the Requesting Participant or a Participant sending an Order to the Order Book will

receive an error message.

BSEF will report UPIs to its SDR, as required by the CFTC Technical Specification as Data Element: #87 –

Unique Product Identifier.

4

Q 4: Is SDR UPI reporting required for all swaps listed on the SEF operated by BSEF?

A 4: Yes, UPI is a mandatory reporting element under Parts 43 and 45 of the CFTC regulations for FX, 

credit, and rates swaps. However, there is no requirement to include UPIs in SDR reporting for any Swap 

executed on the SEF prior to January 29, 2024.

Q 5: What is the timeline for BSEF to integrate and make UPI data available to Participants and other 

related parties?

A 5: Starting January 29, 2024, UPIs will be provided to Participants on Confirmations and FIX messages, 

to Participant’s ISV to be included on tickets, to Participant’s blotters and STP Drop Copy, and to Clearing 

Houses and affirmation hubs.

Q 6: Will BSEF request UPI in a manner consistent with MiFIR reporting requirements?

A 6: UPI attributes will be reported as described in ESMA’s Questions and Answers on MiFIR data 

reporting, available at https://www.esma.europa.eu/sites/default/files/library/esma70-1861941480-

56_qas_mifir_data_reporting.pdf.

4 https://www.cftc.gov/media/8261/Part43_45TechnicalSpecification03012023CLEAN/download

2
Contract UPI Underlying Attribute Value Underlying Issue 

Type

UPI Attributes and Values (selected) Anna DSB UPI Template

RULE 1201.A. CDX North America High Yield CDX.NA.HY Corporate

RULE 1202.A. CDX North America Investment Grade CDX.NA.IG Corporate

RULE 1203.A. CDX Emerging Markets CDX.EM Sovereign

RULE 1204.A. iTraxx Europe iTRAXX EUROPE Corporate

RULE 1205.A iTraxx Europe Crossover iTRAXX EUROPE CROSSOVER Corporate

RULE 1206.A iTraxx Europe HiVol iTRAXX EUROPE HIVOL Corporate

RULE 1207.A. iTraxx Europe Senior Financial iTRAXX EUROPE SENIOR FINANCIALS Corporate

RULE 1208.A. iTraxx SovX Western Europe iTRAXX SOVX WESTERN EUROPE Sovereign

RULE 1209.A. iTraxx Europe Subordinated Financial iTRAXX EUROPE SUB FINANCIAL Corporate

RULE 1210.A. iTraxx Japan ITRAXX JAPAN Corporate

RULE 1211.A. iTraxx Australia ITRAXX AUSTRALIA Corporate

RULE 1212.A. CDX North America High Yield (BB) Index Contract CDX.NA.IG Corporate

RULE 1213.A. CDS Index Contract – CDX Emerging Markets - IG CDX.EM.IG Sovereign

RULE 1214.A. CDS Index Contract – CDX Emerging Markets - HY CDX.EM.HY Sovereign

RULE 1222.A. iTraxx Corp CEEMEA ITRAXX CEEMEA Corporate

RULE 1228.A. iTraxx Asia Ex-Japan ITRAXX ASIA Ex-Japan Corporate

RULE 1229.A. iTraxx Europe Non-Financial ITRAXX Europe Non-Financial Corporate

RULE 1230.A. iTraxx MSCI ESG Screened Europe ITRAXX MSCI ESG Screened Europe Index Corporate

RULE 1231.A. CDX North American Investment Grade (BBB-rated) CDX.NA.IG.BBB Corporate

RULE 1232.A. CDX North American High Yield (Ex-BB) CDX.NA.HY.Ex-BB Corporate

RULE 1233.A iTraxx Asia Ex-Japan IG (Restricted) ITRAXX ASIA Ex-Japan IG Corporate

Contract UPI Attributes and Values (selected) Anna DSB UPI Template

RULE 1201.B. Option – CDX North America High Yield

RULE 1202.B. Option – CDX North America Investment Grade

RULE 1203.B. Option – CDX Emerging Markets

RULE 1204.B. Option – iTraxx Europe

RULE 1205.B. Option – iTraxx Europe Crossover

RULE 1206.B. Option – iTraxx Europe HiVol

RULE 1208.B. Option – iTraxx SovX Western Europe

Option Type: CALL, PUTO

Option Exercise Style: EURO 

Delivery Type: CASH

Credit : Option : Index_Swaption

Credit - Option 

Annex A: Credit Contracts

CREDIT

Credit - Swap

Underlying Term Value: Tenor

Underlying Term Value Unit: Tenor Unit

Delivery Type: OPTL

Credit : Swap : Index 

UPI Underlying Attribute Value

Underlying Swap UPI

A-1
Contract UPI Underlying Attribute Value Notional Currency Underlying Term 

Value/Unit

Delivery Type Notional Schedule: Constant Anna DSB UPI Template

RULE 1301. AUD BBR-BBSW Fixed-to-Floating AUD-BBSW

AUD-BBR-BBSW

AUD 3, 6 months PHYS

RULE 1303. EUR Euribor Fixed-to-Floating EUR-EURIBOR 

EUR-EURIBOR-Reuters

EUR 1, 3, 6, 12 months PHYS

RULE 1317. SEK STIBOR SIDE Fixed-to-Floating SEK-STIBOR

SEK-STIBOR-SIDE 

SEK 3 month PHYS

RULE 1327. CAD CDOR Fixed-to-Floating CAD-CDOR

CAD-BA-CDOR

CAD 3 months PHYS

RULE 1328. MXN TIIE Banxico Fixed-To-Floating MXN-TIIE

MXN-TIIE-Banxico 

MXN 28 days PHYS

RULE 1335. NOK NIBOR Fixed-to-Floating NOK-NIBOR

NOK-NIBOR-OIBOR 

NOK 3, 6 months PHYS

RULE 1336. DKK CIBOR2 Fixed-to-Floating DKK-CIBOR2

DKK-CIBOR2-DKNA13 

DKK 3, 6 months PHYS

RULE 1337. HKD HIBOR Fixed-to-Floating HKD-HIBOR

HKD-HIBOR-HKAB 

HKD 3 months PHYS

RULE 1338. PLN WIBOR Fixed-to-Floating PLN-WIBOR

PLN-WIBOR-WIBO 

PLN 6 months PHYS

RULE 1339. ZAR JIBAR Fixed-to-Floating ZAR-JIBAR

ZAR-JIBAR-SAFEX 

ZAR 3 months PHYS

RULE 1341. HUF BUBOR Fixed-to-Floating HUF-BUBOR

HUF-BUBOR-Reuters 

HUF 6 months PHYS

RULE 1342. KRW CD 91D Fixed-to-Floating KRW-CD 91D KRW 3 months CASH

RULE 1343. CZK PRIBOR Fixed-to-Floating CZK-PRIBOR

CZK-PRIBOR-PRBO 

CZK 6 months PHYS

RULE 1344. CLP ICP Fixed-to-Floating CLP-ICP

CLP-TNA

CLP 1 day CASH

RULE 1345. MYR-KLIBOR Fixed-to-Floating MYR-KLIBOR

MYR-KLIBOR-BNM 

MYR 3 months CASH

RULE 1346. TWD TAIBOR Fixed-to-Floating TWD-TAIBOR

TWD-TAIBOR-Reuters 

TWD 3 months CASH

RULE 1350. CNY Fixing Repo Rate Fixed-to-Floating CNY-Fixing Repo Rate

CNY-CNREPOFIX

CFXS-Reuters 

CNY 7 days CASH

RULE 1351. NZD BKBM FRA Fixed-to-Floating NZD-BKBM FRA

NZD-BBR-FRA 

NZD 3 months PHYS

RULE 1363. ILS TELBOR Fixed-to-Floating ILS-TELBOR

ILS-TELBOR-Reuters 

ILS 3 months PHYS

Contract UPI Underlying Attribute Value Notional Currency Underlying Term 

Value/Unit

Delivery Type UPI Attributes and Values 

(selected)

Anna DSB UPI Template

RULE 1315. USD Basis Swap USD-SOFR-OIS Compound

USD-SOFR-COMPOUND

USD-Federal Funds-OIS Compound

USD-Federal Funds-H.15-OISCOMPOUND

USD 1 day PHYS Notional Schedule: Constant Rates : Swap : Basis

Annex B: Rates Contracts

RATES

Rates - Fixed Float

Rates - Basis

Notional Schedule: Constant Rates : Swap : Fixed_Float

B-1
Contract UPI Underlying Attribute Value Delivery Type UPI Attributes and Values 

(selected)

Anna DSB UPI Template

RULE 1318.B. Option – USD SOFR OIS Compound Fixedto-FloatingUPI Underlying Attribute Value PHYS; CASH Option Type: CALL, PUTO

Option Exercise Style: EURO 

Valutaion method or Trigger: 

Vanilla

Rates : Option : Swaption

Contract UPI Underlying Attribute Value Notional Currency Underlying Term 

Value/Unit

Delivery Type UPI Attributes and Values 

(selected)

Anna DSB UPI Template

RULE 1308. USD Federal Funds OIS Compound Fixed-toFloatingUSD-Federal Funds-OIS Compound

USD-Federal Funds-H.15-OISCOMPOUND

USD 1 day PHYS

RULE 1318.A. USD SOFR OIS Compound Fixed-toFloatingUSD-SOFR-OIS Compound

USD-SOFR-COMPOUND 

USD 1 day PHYS

RULE 1331. AUD AONIA OIS Compound Fixed-to-Floating AUD-AONIA-OIS Compound

AUD-AONIA-OIS-COMPOUND 

AUD 1 day PHYS

RULE 1333. GBP SONIA OIS Compound Fixed-to-Floating GBP-SONIA-OIS Compound

GBP-SONIA-COMPOUND 

GBP 1 day PHYS

RULE 1347. INR MIBOR OIS Fixed-to-Floating INR-MIBOR-OIS Compound

INR-FBIL-MIBOR-OIS-COMPOUND 

INR 1 day CASH

RULE 1352. CHF SARON OIS Fixed-to-Floating CHF-SARON-OIS Compound

CHF-SARON-OIS-COMPOUND 

CHF 1 day PHYS

RULE 1353. EUR EuroSTR Compound Fixed-to-Floating EUR-EuroSTR-OIS Compound

EUR-EuroSTR-COMPOUND 

EUR 1 day PHYS

RULE 1354. JPY TONA OIS Compound Fixed-to-Floating JPY-TONA-OIS Compound

JPY-TONA-OIS-COMPOUND

JPY 1 day PHYS

RULE 1356. SGD SORA OIS Compound Fixed-to-Floating SGD-SORA-COMPOUND 

SGD-SORA-OIS Compound

SGD 1 day PHYS

RULE 1357. CAD CORRA OIS Compound Fixed-to-Floating CAD-CORRA-OIS Compound

CAD-CORRA-OIS-COMPOUND

CAD 1 day PHYS

RULE 1362. COP IBR OIS Compound Fixed-to-Floating COP-IBR-OIS Compound

COP-IBR-OIS-COMPOUND 

COP 1 day CASH

RULE 1364. NZD NZIONA OIS Compound Fixed-toFloating NZD-NZIONA-OIS Compound

NZD-NZIONA-OIS-COMPOUND 

NZD 1 day PHYS

RULE 1366. THB THOR OIS Compound Fixed-to-Floating THB-THOR-OIS Compound

THB-THOR-COMPOUND 

THB 1 day CASH

Contract UPI Underlying Attribute Value Notional Currency Underlying Term 

Value/Unit

Delivery Type UPI Attributes and Values 

(selected)

Anna DSB UPI Template

RULE 1348. BRL CDI Zero Coupon Fixed-to-Floating BRL-CDI BRL CASH

RULE 1358. USA CPI U Zero Coupon Fixed-to-Floating USA-CPI-U USD PHYS

RULE 1359. EUR EXT CPI Zero Coupon Fixed-to-Floating EUR-EXT-CPI EUR PHYS

RULE 1360. UK RPI Zero Coupon UK-RPI GBP PHYS

RULE 1361. FRC EXT CPI Zero Coupon FRC-EXT-CPI EUR PHYS

Notional Currency

USD

1 day Notional Schedule: Constant Rates : Swap : 

Inflation_Fixed_Float_Zero_Coupon

Rates - Option

Rates - Inflation Fixed Float Zero Coupon

Notional Schedule: Constant Rates : Swap : Fixed_Float_OIS

Rates - Fixed Float OIS

B-2
Contract Reference Currency (Underlier) Settlement Currency 

(Other Underlier)

Anna DSB UPI Template Selected UPI attributes

If settlement CCY is CNH: Foreign_Exchange : Forward : 

NDF

None

If settlement CCY is CNH: Foreign_Exchange : Forward : 

Non-Standard

Place of Settlement: HK 

Underlying Asset Type: Spot

Return or Payout Trigger: Forward Price of Underlying instrument

If settlement CCY is not CNH: Foreign_Exchange : Forward 

: Non-Standard

Place of Settlement: [not populated]

Underlying Asset Type: Spot

Return or Payout Trigger: Forward Price of Underlying instrument

If settlement CCY is CNH: Foreign_Exchange : Forward : 

Non-Standard 

Place of Settlement: HK 

Underlying Asset Type: Spot 

Return or Payout Trigger: Forward Price of Underlying instrument

Contract Underlier ID (Reference 

Currency)

Other Underlier ID 

(Settlement Currency)

Option Type

Exercise Style

Delivery 

Type

Anna DSB UPI Template Other Selected UPI Attributes

If settlement CCY is not CNH: Foreign_Exchange : Option : 

Vanilla_Option

None

If settlement CCY is CNH: Foreign_Exchange : Option : 

Non_Standard

Place of Settlement: HK

Underlying Asset Type: Spot

Valuation Method or Trigger: Vanilla

If settlement CCY is not CNH: Foreign_Exchange : Option : 

NDO 

None

If settlement CCY is CNH: Foreign_Exchange : Option : 

Non_Standard

Place of Settlement: HK

Underlying Asset Type: Spot

Valuation Method or Trigger: Vanilla

Contract Underlier ID (reference 

Currency)

Other Underlier ID 

(Settlement Currency)

Option Type 

Exercise Style

Delivery 

Type

Anna DSB UPI Template Other Selected UPI Attributes

If settlement CCY is not CNH: Foreign_Exchange : Option : 

Barrier_Option 

None

If settlement CCY is CNH: Foreign_Exchange : Option : 

Non_Standard

Place of Settlement: HK

Underlying Asset Type: Spot

Valuation Method or Trigger: Barrier

If settlement CCY is not CNH: Foreign_Exchange : Option : 

Barrier_Option

None

If settlement CCY is CNH: Foreign_Exchange : Option : 

Non_Standard

Place of Settlement: HK

Underlying Asset Type: Spot

Valuation Method or Trigger: Barrier

CALL; PUTO 

EURO

CASH

RULE 1403. Barrier FX 

Option

Any currency listed in Rule 

1400

Any ISO 4217 currency 

and CNH

Foreign_Exchange : Option : Vanilla_Option OR Foreign_Exchange : Option : Non-Standard

Foreign_Exchange : Option : Barrier_Option OR Foreign_Exchange : Option : Non-Standard 

CALL; PUTO 

AMER; EURO

RULE 1402. Vanilla FX PHYS

Option

Any ISO 4217 currency 

and CNH

Any currency listed in Rule 

1400

CALL; PUTO 

EURO

CASH

PHYS

CALL; PUTO 

AMER; EURO

Delivery Type

CASH

CASH

Annex C: Foreign Exchange Contracts

FOREIGN EXCHANGE - OPTIONS

FOREIGN EXCHANGE

Foreign_Exchange : Forward : NDF or Foreign_Exchange : Forward : Non-Standard

RULE 1405. Average Rate 

Forward

RULE 1401. NonDeliverable ForwardAny currency listed in Rule 

1400

Any ISO 4217 currency 

and CNH

Any currency listed in Rule 

1400

Any ISO 4217 currency 

and CNH

C-1