The Unique Product Identifier (UPI) is the long-awaited new taxonomy for better describing OTC derivative products and the various characteristics of how each derivative is structured.
At its simplest level the UPI replaces the current simplistic OTC derivative taxonomy values such as “FX Forward” or ISDA’s “ForeignExchange:Forward” with an identifier mapped to far more granular attributes in a centralised database.
That database is run by ANNA-DSB and much like ISIN codes, will mean that various parties can be sure they are talking about the same OTC derivative because they can look up that UPI in the database and all see the same attributes.
