Industry mulls challenging Isins through global identifier

Success of UPIs could be catalyst for European rethink on unpopular derivatives identifier

Numbers game: Esma has chosen Isins for Mifid II, but could it be persuaded to change its mind?

The board of the International Swaps and Derivatives Association could vote later this month on whether to set itself up as the issuer for a new form of global derivatives identifier.

If the unique product identifier (UPI) takes off, it could replace the international securities identification number (Isin), which has been required for derivatives under European rules since the start of this year. And if Isda – or an Isda-supported utility – were chosen as the issuer, it could threaten the role