On August 18, the Committee on Payments and Market Infrastructures (CPMI) and the International Organisation of Securities Commissions (IOSCO) published a second consultation report (Consultation) on the harmonization of the unique product identifier (UPI).

In response to the G20 commitments on derivatives, in 2014 the Financial Stability Board engaged the CPMI and IOSCO to develop global guidance on harmonizing data elements of over-the-counter (OTC) derivatives to be reported to trade repositories, including the UPI. The UPI is part of an overall object to facilitate the global aggregation of data held by trade repositories, in order to give authorities improved oversight of the market.

The Consultation follows an initial consultation report published by CPMI and IOSCO in December 2015, which focused on the high-level business specifications and the reference database of UPIs. The latest Consultation published builds on and revises these initial specifications. It also goes further to consult on the format of the UPI code and the content and granularity of the UPI data elements.

The Consultation closes on September 30, 2016.

A copy of the Consultation is available here, and the accompanying press release, here.