Harmonisation of the Unique Product Identifier (UPI) Second consultative report issued by CPMI-IOSCO

The Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) have today published for public comment a second consultative report on Harmonisation of the Unique Product Identifier (UPI). The consultative report makes proposals for the harmonised global UPI, whose purpose is to uniquely identify over-the-counter (OTC) derivatives products that authorities require to be reported to trade repositories (TRs). The UPI system will assign a code to each OTC derivative product that maps to a set of data elements describing the product in a corresponding reference database. This reference database (previously known as a “classification system”) was the focus of the first consultative report on the Harmonisation of the UPI issued by the CPMI and IOSCO in December 2015. The focus of this second consultative report is the format of the UPI code and the content and granularity of the UPI data elements. In drafting this second consultative report, the CPMI and IOSCO have considered the responses to the first consultative report.