ISO/DIS 4914

Financial services – Unique Product Identifier (UPI)

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DRAFT INTERNATIONAL STANDARD
ISO/DIS 4914
ISO/TC 68/SC 8 Secretariat: SNV
Voting begins on: Voting terminates on:
2021-04-06 2021-06-29
Financial services – Unique Product Identifier (UPI)
ICS: 03.060
THIS DOCUMENT IS A DRAFT CIRCULATED
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ISO/DIS 4914:2021(E)
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PROVIDE SUPPORTING DOCUMENTATION. ISO 2021
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ISO/DIS 4914:2021(E)
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ISO/DIS 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 ................................................................................................................................. 8

Bibliography .............................................................................................................................................................................................................................10

© ISO 2021 – All rights reserved iii
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ISO/DIS 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

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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.
iv © ISO 2021 – All rights reserved
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ISO/DIS 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 market and activity.

Standardisation and harmonisation 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.

Whilst the primary drivers of the UPI are regulatory reporting, the UPI could also serve other

purposes other than regulatory reporting, such as pre- and post-trade processes performed by market

participants and financial market infrastructures.

As a result of implementing this International Standard, 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 v
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DRAFT INTERNATIONAL STANDARD ISO/DIS 4914:2021(E)
Financial services – Unique Product Identifier (UPI)
1 Scope

This document specifies the elements of an unambiguous scheme to identify OTC derivative products

that are reportable to trade repositories, in particular:
— the structure and format of the 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 (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 4217, Codes for the representation of currencies

ISO 10962, Securities and related financial instruments – Classification of financial instruments (CFI) code

ISO/IEC 7064, 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 http:// 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 6166:2020, Annex A.

3.2
OTC derivative product

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

within the UPI reference data library, as determined and published by the UPI Service Provider

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ISO/DIS 4914:2021(E)
3.3
UPI Reference Data Library

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

3.4
UPI service provider

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

reference data library

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 harmonised 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"

— nine alphanumeric characters (upper case A-Z and 0-9 only, excluding the vowel characters (A, E, I,

O, U) and the character Y) without separators or special characters

— one alphanumeric check character (A-Z and 0-9 only, excluding the vowel characters (A, E, I, O, U)

and the character Y), calculated using the method specified in Annex C.
5 UPI reference data library

The Reference Data Library (RDL) is a set of reference data elements, together with thei

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