G20 Leaders agreed in 2009 that all over-the-counter (OTC) derivatives contracts should be reported to trade repositories (TRs) as part of their commitment to reform OTC derivatives markets in order to improve transparency, mitigate systemic risk and protect against market abuse. Aggregation of the data reported across TRs is necessary to help ensure that authorities are able to obtain a comprehensive view of the OTC derivatives market and activity.
The purpose of this consultative report is to help develop guidance for a uniform global unique transaction identifier (UTI). The 2012 CPSS-IOSCO report on “OTC derivatives data reporting and aggregation requirements”, the 2013 CPSS-IOSCO report on “Authorities’ access to trade repository data” and the 2014 FSB study on the “feasibility of options for a mechanism to produce and share global aggregated data” have identified OTC derivatives elements that are critical to many aspects of regulatory work, including unique transaction identifiers. The role of the UTI is to uniquely identify each OTC derivatives transaction required by authorities to be reported to TRs.