The UPI system will assign a code to each OTC derivative product that maps to a set of data elements describing the product in a corresponding reference database. This reference database (previously known as a “classification system”) was the focus of the first consultative report on the Harmonisation of the UPI1 issued by the CPMI and IOSCO in December 2015. The focus of this second consultative report is the format of the UPI code and the content and granularity of the UPI data elements. In drafting this second consultative report, the CPMI and IOSCO have considered the responses to the first consultative report.
The report responds to the G20’s agreement in 2009 that all OTC derivatives contracts would be reported to TRs, as part of the G20’s commitment to reforming OTC derivatives markets with the aim of improving transparency, mitigating systemic risk and preventing market abuse. Aggregation of the data reported across TRs will help ensure that authorities can obtain a comprehensive view of the OTC derivatives market and its activity.
This consultative report is part of the Harmonisation Group’s response to that mandate. The report seeks general and specific comments and suggestions from respondents by 30 September 2016.
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