The UPI identifies the product traded, separately from the LEI, which identifies the legal entities that are parties to a trade, and the UTI, which identifies each trade. The international guidance envisages one UPI for each type of product, linked to the set of reference data elements and values that describes the product1.

For a fixed-to-floating interest rate swap, for example, the reference data elements include asset class, instrument type, notional schedule, currency, reference rate and reference rate term2.

In Japan, the November 2023 revision of the Guidelines added the UPI, from April 7, 2025, to the items of trade information that are reported (item 107)3.

Notes

  1. Financial Stability Board, "Governance arrangements for the UPI" (October 9, 2019), 1.3 "The UPI" (pages 3–4; pages 7–8 of the PDF). ↩

  2. Derivatives Service Bureau, "The Unique Product Identifier (UPI): How to search for, and create, a UPI via the GUI" (2023), Figure 1 on page 1. ↩

  3. Financial Services Agency, "店頭デリバティブ取引等の規制に関する内閣府令第４条第１項で定める作成・保存・報告事項ガイドライン【新旧対照表】" (Guidelines on the items to be prepared, retained, and reported under Article 4, paragraph 1 of the Cabinet Office Order on the regulation of OTC derivatives transactions: comparison table of old and new provisions, our translation) (November 2023), "固有商品識別子（UPI）及びデルタについて" (On the Unique Product Identifier (UPI) and delta; page 1 of the PDF) and item 107 (page 2 of the PDF) (in Japanese). ↩