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January 02, 2018

FSB published the conclusions of FSB on governance arrangements for the Unique Transaction Identifier (UTI), along with a recommended implementation plan for these arrangements. The final arrangements take account of stakeholder responses to a public consultation launched in March 2017, as well as an industry workshop.

The conclusions and implementation plan of FSB for UTI governance arrangements complement the work of CPMI and IOSCO, as they develop global guidance on harmonization of data elements that are reported to trade repositories. On February 28, 2017 CPMI and IOSCO had issued technical guidance on UTI harmonization, which sets out the UTI Data Standard, which contains a structural definition and a format specification. The UTI technical guidance also addresses associated matters such as the circumstances in which a UTI should be used, who should be responsible for generating a UTI, and the impact of life-cycle events on the UTI. The FSB report sets out conclusions on the governance arrangements for UTI, including the following:

  • A recommendation that jurisdictions implement the UTI no later than end-2020

  • The designation of the ISO as the responsible body for publishing and maintaining the UTI data standard

  • The designation of CPMI and IOSCO as the appropriate bodies to undertake the governance functions allocated to an International Governance Body related to the UTI on an interim basis

The UTI is a key global harmonized identifier for reporting over-the-counter (OTC) derivative transactions, in particular designed to facilitate effective aggregation of transaction reports. The primary purpose of the UTI is to uniquely identify individual OTC derivatives transactions in reports to trade repositories. In particular, a UTI helps to ensure the consistent aggregation of OTC derivatives transactions by minimising the likelihood that the same transaction will be counted more than once (for instance, because it is reported by more than one counterparty to a transaction, or to more than one trade repository).

 

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Keywords: International, Securities, UTI Governance, FSB

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