Politics, public opinion collide in EC identifier consultation

The European Commission has said neither the Isin nor the UPI is ‘suitable’ for price transparency, and proposed modified alternatives in an industry consultation.

In the final weeks of 2023, the European Commission (EC) teed up one last challenge for reference data experts. As the EU prepares to build a consolidated tape for derivatives, it has launched a consultation to choose between two identifiers—the OTC Isin or the UPI—for over-the-counter derivatives transparency reporting. 

Announcing the upcoming consultation, the Commission said that neither the Isin nor the UPI were “entirely suitable unique product identifiers for pre- and post-trade

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