CPMI-IOSCO issue guidance on the harmonization of the UPI

September 28, 2017

The Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) have published today guidance on the harmonization of the Unique Product Identifier (UPI).

The role of the UPI is to uniquely identify OTC derivative products involved in a transaction that an authority requires, or may in future require, to be reported to a trade repository. The guidance is global in scale, takes account of relevant international technical standards where available and is jurisdiction-agnostic. It covers the following areas:

  • the technical principles applicable to the UPI;
  • the UPI reference data elements required for each OTC derivative asset class;
  • the identification of underlying assets and benchmarks of OTC derivative products (underliers);
  • the UPI code structure.

This guidance is similar to that released in February concerning the harmonization of the Unique Trade Identifier (UTI).

The UPI will eventually be reportable under regimes like the European Market Infrastructure Regulation (EMIR) as an alternative to the Classification of Financial Instruments code (CFI code).

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