UTI Share & Pair

Different jurisdictions have slightly different rules for reporting unique trade identifiers (UTIs). CFTC mandates the use of a Unique Swap Identifier (USI) which consists of a 10-digit alphanumeric namespace and an up-to 32 character identifier. ESMA mandates the use of a Unique Trade ID (UTI) of up to 52 alphanumerical digits. ASIC requires a universal trade identifier, a single identifier, or an identifier used by the trading venue, or an internal identifier. MAS allows the usage of a unique trade identifier generated by a CCP, an electronic confirmation platform, or bilaterally agreed code.

The industry is facing great challenges in reporting UTIs given that the rules are not yet clear in terms of who to generate, what to generate, when to generate, in what format, and how to execute the workflow for sharing and pairing where relevant.

Our recommendation is to make the best use of what is available to devise a hybrid solution:

  • Use electronic platforms to generate and share UTIs whenever possible

  • Be able to generate and share UTIs with your counterparties

  • Be able to accept and store UTIs generated by your counterparties or middleware platforms

  • Reconcile with your counterparties submissions to identify potential UTI matches

  • Be flexible for any changes that may be coming your way