Harmonisation of the Unique Product Identifier - consultative report

CPMI Papers  |  No 141  | 
17 December 2015

G20 Leaders agreed in 2009 that all over-the-counter (OTC) derivatives contracts should be reported to trade repositories (TRs) as part of their commitment to reform OTC derivatives markets in order to improve transparency, mitigate systemic risk and protect against market abuse. Aggregation of the data reported across TRs is necessary to help ensure that authorities are able to obtain a comprehensive view of the OTC derivatives market and activity.

Following the 2014 FSB Feasibility study on approaches to aggregate OTC derivatives data, the FSB asked the CPMI and IOSCO to develop global guidance on the harmonisation of data elements reported to TRs and important for the aggregation of data by authorities, including Unique Transaction Identifier (UTIs) and Unique Product Identifiers (UPIs).

This consultative report is one part of the CPMI-IOSCO Harmonisation Group's response to its mandate. It makes proposals for the harmonised global UPI, whose purpose is to uniquely identify OTC derivatives products that authorities require to be reported to TRs. The UPI would consist of a product classification system and associated code. The focus of this report is the product classification system.

The report seeks general and specific comments and suggestions from respondents by 24 February 2016, to be sent to both the CPMI secretariat and the IOSCO secretariat.

Besides this consultative report, the CPMI and IOSCO have already issued a consultative report on Harmonisation of the Unique Transaction Identifier and Harmonisation of key OTC derivatives data elements (other than UTI and UPI) - first batch and plan to issue a separate consultative report on the UPI code as well as consultative reports on further batches of key data elements (other than UTI and UPI) in the coming months.