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On 28 February 2017, the CPMI and IOSCO published Technical
Guidance on the harmonization of the UTI. The development of a UTI
was identified in September 2014 by the FSB as a critical element
for a mechanism to produce and share global aggregated derivatives
reporting data, along with the development of a unique product
identifier and the harmonisation of other key data elements. The
purpose of the global UTI would be to uniquely identify each OTC
derivative transaction required by authorities to be reported to
trade repositories. Numerous countries have implemented legislative
and regulatory requirements for the reporting of OTC derivatives
aimed at improving transparency, mitigating systemic risk and
preventing market abuse. The aggregation of data from those trade
repositories is key to giving authorities a comprehensive view of
the OTC derivatives market and activity.
The Technical Guidance is intended to guide authorities in
preparing rules for a global uniform UTI. The Technical Guidance
includes, among other things, the circumstances in which a UTI
should be used, the impact of life cycle events on the UTI, which
entity should be responsible for generating a UTI, when a UTI
should be generated and the structure and format of a UTI. The FSB
is expected to launch a consultation on UTI governance in the next
few months. The CPMI and IOSCO are continuing their work towards
producing technical guidance on UPIs and the harmonisation of other
critical data elements.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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