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The role of the Unique Product Identifier (UPI) is to uniquely identify each OTC derivative product involved in a transaction that an authority requires, or may in future require, to be reported to a trade repository consistent with the commitment of the G20 Leaders to a more transparent OTC derivatives market. Global uniform UPIs facilitate the consistent global aggregation and analysis of OTC derivatives transaction data reported across trade repositories that authorities can use to meet their legal obligations and prudential requirements.

This CPMI-IOSCO report envisions a system under which a unique UPI code would be assigned to each distinct OTC derivative product and each UPI code would map to a set of data comprised of reference data elements with specific values that together describe the product. The collection of reference data elements and their values for each product would reside in a corresponding UPI reference data library.