On September 17, 2015, the International Swaps and Derivatives Association, Inc. announced the launch of a new industry data project which will develop an open-source standard derivatives product identification system that can be applied across different types of financial market infrastructure, such as trading venues, clearing houses and trade repositories. The initiative is in response to the derivatives reporting requirements which are imposed in various jurisdictions, including the US and EU. ISDA's new Symbology Governance Committee will provide oversight and governance to ensure that the product identification standard meets both industry and regulatory requirements. Eighteen entities (subject to finalization of contracts), have signed up to the project so far.
The ISDA press release is available at: http://www2.isda.org/news/isda-launches-new-industry-initiative-for-a-derivatives-product-identification-standard.