The Committee on Payments and Market Infrastructures ("CPMI") and IOSCO requested comments on their consultative report, Harmonisation of the Unique Product Identifier ("UPI"), which focuses on the format of the UPI code and the content and granularity of the UPI data elements. This is CPMI and IOSCO's second consultative report that addresses over-the-counter ("OTC") derivatives data elements. The global UPI is intended to create a unique identifier for OTC derivatives products that are subject to reporting requirements to trade repositories.
CPMI and IOSCO solicited comments on:
- the proposed principles and high-level specifications for the UPI; and
- the proposed level of granularity for the UPI, and whether it would pose implementation challenges.
Comments on the report must be submitted by September 30, 2016.
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