ISDA Launches Trade Identifier Service
Counterparties to derivatives trades can create unique codes for reporting
The International Swaps and Derivatives Association (ISDA) today (May 7) announced the launch of UTIPrefix.org, a service that enables counterparties to obtain a unique trade identifier (UTI) prefix in order to create UTIs for the reporting of derivatives trades.
Major challenges to obtaining transparency in derivatives markets remain, in part because standardized reporting formats have not been adopted quickly or broadly enough, says ISDA. This has created problems for regulators in aggregating data within and across jurisdictions.
UTIPrefix.org enables derivatives users to apply a standard methodology to generate a 10-character UTI prefix using their 20-character legal entity identifier code. A UTI prefix is distinct to the party generating the UTI and, along with a transaction identifier, ensures each reportable transaction is unique.
UTIPrefix.org is available to ISDA members and non-members alike at no cost.
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