The unique product identifier (UPI) is a code defined by ISO 4914 that identifies an over-the-counter derivative product type and its reference data, such as asset class, instrument type and underlier. It is issued by the Derivatives Service Bureau and is required in reporting under the European Market Infrastructure Regulation (EMIR).
UTI (Unique transaction identifier)The unique transaction identifier (UTI) is a code, defined by ISO 23897, that identifies one reported derivative or securities financing transaction so both counterparties report it under the same reference. Rules decide which party generates the UTI and shares it in time for reporting.
EMIR reportingEMIR reporting is the duty of EU counterparties to report the details of every derivative contract they conclude, modify or end to a registered trade repository by the working day after. Since the EMIR Refit of April 2024 reports use ISO 20022 XML with about 200 fields, including transaction, product and legal entity identifiers (UTI, UPI, LEI), valuation and collateral.
ISIN (International securities identification number)The International Securities Identification Number (ISIN) is the 12-character code defined by ISO 6166 that identifies a security: a two-letter country prefix, a nine-character national code and a check digit. ISINs are allocated by national numbering agencies and are required in EU trade and transaction reporting.
OTC derivative (Over-the-counter derivative)An over-the-counter (OTC) derivative is a derivative contract negotiated and concluded bilaterally between two parties instead of on a regulated market, such as an interest rate swap, a currency forward or a credit default swap. In the EU OTC derivatives are subject to European Market Infrastructure Regulation (EMIR) clearing, risk mitigation and reporting rules.
Reference dataReference data is the slowly changing data used to classify or describe other data: country and currency codes, industry classifications, calendars, instrument identifiers and legal entity identifiers. Errors in it spread across every system that uses it.
EMIR (European Market Infrastructure Regulation)The European Market Infrastructure Regulation (EMIR), Regulation (EU) No 648/2012, sets EU rules for over-the-counter derivatives, central counterparties and trade repositories. It imposes clearing of standard derivatives, risk mitigation (confirmation, reconciliation, margin) for uncleared ones and reporting of all derivatives; EMIR 3 (2024/2987) added the active account requirement.