(17)The ISO 4914 Unique Product Identifier (UPI) is a globally agreed unique product identifier developed as an identification tool for OTC interest rate and credit default swaps, with the intention of facilitating risk aggregation of data by trade repositories across global OTC derivative markets. However, the ISO 4914 (UPI) for OTC interest rate swaps does not contain the other identifying reference data that are needed to properly identify OTC interest rates swaps for the purposes of the transparency requirements laid down in Article 8a(2), and Articles 10 and 21 of Regulation (EU) No 600/2014. Therefore, the ISO 4914 (UPI) should be complemented by those other identifying reference data. For that purpose, Article 27(3) of Regulation (EU) No 600/2014 empowers the European Securities and Markets Authority (‘ESMA’) to develop draft regulatory technical standards to specify, among others, data standards and formats for the financial instrument reference data, including the methods and arrangements for supplying the data and any update thereto to ESMA and transmitting it to competent authorities, and the form and content of such data. Methods and arrangements for supplying the identifying reference data include the option to require that all the identifying reference data set out in this Regulation are reported as part of a unique identifier.