Financial services — Unique product identifier (UPI)

This document specifies the elements of an unambiguous scheme to identify over-the-counter (OTC) derivative products that are reportable to trade repositories, in particular: — the structure and format of the unique product identifier (UPI) code; — the minimum data elements of the UPI reference data library, together with their allowable values. At a minimum, the UPI code is applicable to OTC derivative instruments falling under the following categories of the classification of financial instruments (see ISO 10962): — swaps (S); — forwards (J); — non-listed and complex listed options (H); — others (miscellaneous) (M).

Services financiers — Identifiant unique de produit (UPI)

General Information

Status
Published
Publication Date
15-Nov-2021
Current Stage
6060 - International Standard published
Start Date
16-Nov-2021
Completion Date
16-Nov-2021
Ref Project

Buy Standard

Standard
ISO 4914:2021 - Financial services -- Unique product identifier (UPI)
English language
8 pages
sale 15% off
Preview
sale 15% off
Preview

Standards Content (sample)

INTERNATIONAL ISO
STANDARD 4914
First edition
2021-11
Financial services — Unique product
identifier (UPI)
Services financiers — Identifiant unique de produit (UPI)
Reference number
ISO 4914:2021(E)
© ISO 2021
---------------------- Page: 1 ----------------------
ISO 4914:2021(E)
COPYRIGHT PROTECTED DOCUMENT
© ISO 2021

All rights reserved. Unless otherwise specified, or required in the context of its implementation, no part of this publication may

be reproduced or utilized otherwise in any form or by any means, electronic or mechanical, including photocopying, or posting on

the internet or an intranet, without prior written permission. Permission can be requested from either ISO at the address below

or ISO’s member body in the country of the requester.
ISO copyright office
CP 401 • Ch. de Blandonnet 8
CH-1214 Vernier, Geneva
Phone: +41 22 749 01 11
Email: copyright@iso.org
Website: www.iso.org
Published in Switzerland
© ISO 2021 – All rights reserved
---------------------- Page: 2 ----------------------
ISO 4914:2021(E)
Contents Page

Foreword ........................................................................................................................................................................................................................................iv

Introduction .................................................................................................................................................................................................................................v

1 Scope ................................................................................................................................................................................................................................. 1

2 Normative references ..................................................................................................................................................................................... 1

3 Terms and definitions .................................................................................................................................................................................... 1

4 UPI code structure .............................................................................................................................................................................................2

5 UPI reference data library ......................................................................................................................................................................... 2

Annex A (informative) Definitions of the minimum set of UPI reference data elements ............................3

Annex B (informative) Minimum UPI reference data elements by asset class and instrument

type ...................................................................... ............................................................................................................................................................... 5

Annex C (normative) Check character calculation ............................................................................................................................... 6

Bibliography ................................................................................................................................................................................................................................ 8

iii
© ISO 2021 – All rights reserved
---------------------- Page: 3 ----------------------
ISO 4914:2021(E)
Foreword

ISO (the International Organization for Standardization) is a worldwide federation of national standards

bodies (ISO member bodies). The work of preparing International Standards is normally carried out

through ISO technical committees. Each member body interested in a subject for which a technical

committee has been established has the right to be represented on that committee. International

organizations, governmental and non-governmental, in liaison with ISO, also take part in the work.

ISO collaborates closely with the International Electrotechnical Commission (IEC) on all matters of

electrotechnical standardization.

The procedures used to develop this document and those intended for its further maintenance are

described in the ISO/IEC Directives, Part 1. In particular, the different approval criteria needed for the

different types of ISO documents should be noted. This document was drafted in accordance with the

editorial rules of the ISO/IEC Directives, Part 2 (see www.iso.org/directives).

Attention is drawn to the possibility that some of the elements of this document may be the subject of

patent rights. ISO shall not be held responsible for identifying any or all such patent rights. Details of

any patent rights identified during the development of the document will be in the Introduction and/or

on the ISO list of patent declarations received (see www.iso.org/patents).

Any trade name used in this document is information given for the convenience of users and does not

constitute an endorsement.

For an explanation of the voluntary nature of standards, the meaning of ISO specific terms and

expressions related to conformity assessment, as well as information about ISO's adherence to

the World Trade Organization (WTO) principles in the Technical Barriers to Trade (TBT), see

www.iso.org/iso/foreword.html.

This document was prepared by Technical Committee ISO/TC 68, Financial services, Subcommittee SC 8,

Reference data for financial services.

Any feedback or questions on this document should be directed to the user’s national standards body. A

complete listing of these bodies can be found at www.iso.org/members.html.
© ISO 2021 – All rights reserved
---------------------- Page: 4 ----------------------
ISO 4914:2021(E)
Introduction

The G20 leaders agreed in 2009 that over-the-counter (OTC) derivatives contracts should be reported

to trade repositories 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 trade repositories can enable authorities to obtain a comprehensive view of OTC

derivatives markets and activity.

Standardization and harmonization of identifiers and data elements is crucial for global data

aggregation. The motivation behind the unique product identifier (UPI) is to uniquely identify OTC

derivative products, as defined by a specific set of reference data elements, for the purpose of regulatory

reporting to trade repositories.

While the primary driver of the UPI is regulatory reporting, the UPI can also serve other purposes,

such as pre- and post-trade processes performed by market participants and financial market

infrastructures.

As a result of implementing this document, a unique UPI code will be assigned to each distinct OTC

derivative product that is reportable to trade repositories and maps to a set of reference data elements

having specific values that together describe the product. The collection of UPI reference data elements

and their values for each product will be stored in the UPI reference data library.

© ISO 2021 – All rights reserved
---------------------- Page: 5 ----------------------
INTERNATIONAL STANDARD ISO 4914:2021(E)
Financial services — Unique product identifier (UPI)
1 Scope

This document specifies the elements of an unambiguous scheme to identify over-the-counter (OTC)

derivative products that are reportable to trade repositories, in particular:
— the structure and format of the unique product identifier (UPI) code;

— the minimum data elements of the UPI reference data library, together with their allowable values.

At a minimum, the UPI code is applicable to OTC derivative instruments falling under the following

categories of the classification of financial instruments (see ISO 10962):
— swaps (S);
— forwards (J);
— non-listed and complex listed options (H);
— others (miscellaneous) (M).
2 Normative references

The following documents are referred to in the text in such a way that some or all of their content

constitutes requirements of this document. For dated references, only the edition cited applies. For

undated references, the latest edition of the referenced document (including any amendments) applies.

ISO/IEC 7064:2003, Information technology — Security techniques — Check character systems

3 Terms and definitions
For the purposes of this document, the following terms and definitions apply.

ISO and IEC maintain terminological databases for use in standardization at the following addresses:

— ISO Online browsing platform: available at https:// www .iso .org/ obp
— IEC Electropedia: available at https:// www .electropedia .org/
3.1
OTC derivative instrument

financial instrument that is, or would be, identified by an ISIN with the prefix "EZ" or "ZZ"

Note 1 to entry: Details regarding how the prefix of an ISIN is determined can be found in ISO 6166:2021, Annex A.

3.2
OTC derivative product

group of OTC derivative instruments (3.1) that share common values for a set of data elements specified

within the UPI reference data library (3.3), as determined and published by the UPI service provider (3.4)

3.3
UPI reference data library

set of data comprising reference data elements with specific values that together describe the product

© ISO 2021 – All rights reserved
---------------------- Page: 6 ----------------------
ISO 4914:2021(E)
3.4
UPI service provider

organization designated by an external body of financial regulators to assign UPIs and operate the UPI

reference data library (3.3)

Note 1 to entry: At the time of publication this external body is the Regulatory Oversight Committee, confirmed

by the Financial Stability Board as the International Governance Body for the globally harmonized identifiers

used to track OTC derivatives transactions.
4 UPI code structure
The UPI code consists of 12 alphanumeric characters decomposed as follows:
— the two-character prefix “QZ”;
...

Questions, Comments and Discussion

Ask us and Technical Secretary will try to provide an answer. You can facilitate discussion about the standard in here.