The Unique Product Identifier (UPI) is a code used for OTC derivatives that are reported to a trade repository – their purpose is to help identify the relevant OTC derivative. UPIs are now required across EMIR, ASIC, and MAS, following the go-live of the UK and EU EMIR Refits, and the ASIC and MAS Rewrites.
Reporting entities are able to obtain a UPI by searching the web site of the solely designated UPI service provider (by Financial Stability Board) – ANNA DSB. ANNA DSB offers various user types at various price points, with access to different services and information.
The UPI is issuer-agnostic; it is not attached to the generating entity, allowing that entity to obtain a previously issued UPI for its own reporting requirements.
There are few ways of extracting the UPIs in ANNA-DSB. This can be done through the following methods:
- Option 1 – by attributes with a drop-down menu of asset classes, instrument types, products and CFI codes.
- Option 2 – by using specific details of the instrument, such as the underlying ISIN and CFI codes.
When using option 2, a search of ISIN ‘US0378331005’ would return more than 200 results. However, refining the search by specifying that the CFI code is “JESXCC” may narrow it down to a single result.
To search for a UPI under Option 1 (by attributes), reporting entities will generally get most of the data directly from their symbol tables, based on product attributes:
For FX:
- Notional Currency 1
- Notional Currency 2
- Settlement Currency 1
- Product classification
For CMD:
- Product classification
- Base product
- Sub product
- Additional sub product (A new field introduced in EMIR Refit)
- Reference rate (This can only contain one of the values listed on this page.)
For EQT:
- Underlying Identification
- Product classification
For EQT Index:
- Product classification
- Underlying Identification
- Name of the Underlying Index (when Underlying Identification is not available, based on this page).
As you can see this is a complicated process which is still evolving and improving. For this reason, we recommend that clients ensure they have a process in place — whether internal or via their counterparty — for reliably retrieving or generating the correct UPI ahead of their reporting deadlines. Where a client is given the specific UPI by their counterparty in a timely manner, using that UPI can also help improve pairing and matching.
If you have any questions, please do not hesitate to contact us.
