ISO 4914:2021

INTERNATIONAL ISO
STANDARD 4914
First edition
2021-11
Financial services — Unique product
identifier (UPI)
Services financiers — Identifiant unique de produit (UPI)
Reference number
© ISO 2021
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ii
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
Foreword
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This document was prepared by Technical Committee ISO/TC 68, Financial services, Subcommittee SC 8,
Reference data for financial services.
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iv
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.
v
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
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”;
—
...