UPI Finder

There is a natural convergence towards using Unique Product Identifiers (UPIs) in transaction reporting.

Since this year, UPIs have become mandatory for CFTC transaction reporting in the US. In the UK and EU, UPIs are still considered secondary to ISINs and are used only when an ISIN is unavailable. However, recent consultation responses indicate that the financial industry in the UK and Europe is moving towards the adoption of UPIs for all reporting regimes, including MiFIR.

In April 2024, three notable trade associations (AIMA, GFXD, and ISDA) advocated for the simplification and enhancement of the EU reporting regime through the adoption of UPIs across transaction reporting regimes. They argued for MiFIR to fully adopt UPIs, including RTS2 (trade reporting), RTS22 (transaction reporting), and RTS23 (FIRDs reference data), reflecting a major shift towards harmonizing UPI usage.

Despite being less granular than ISINs, UPIs offer numerous benefits for representing OTC derivatives, as they are currently used in all major non-EU OTC derivatives jurisdictions. The article notes that UPIs "will not proliferate to the significant extent ISINs have, and service provision for a single identifier (rather than two) should create economies for users of these services."

Transitioning from ISINs to UPIs does come with some complexity, especially considering the proliferation of ISINs compared to UPIs.

This is where Qomply UPI Finder can help.