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. Since then, the global financial regulator community has determined that such reporting should include identification of the derivative product concerned and the Financial Stability Board, in its 2019 paper "Governance Arrangements for the UPI," indicated that the identifier itself and its associated reference data elements should be the subject of an international standard to be developed by ISO. A new standard “Unique Product Identifier (UPI)” has therefore been developed in order to uniquely identify OTC derivate products by a specific set of reference data elements for the purpose of regulatory reporting of trade repositories.
The standard ISO 4914 “Unique Product Identifier (UPI)” has been published and is available on ISO’s website (link).