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Introduction
Various international regulators and supervisory bodies have called for the use of three unique identifiers in relation to derivatives data reporting:
- Unique Swap Identifier (USI) or Unique Trade Identifier (UTI)
- Legal Entity Identifier (LEI) or Unique Counterparty Identifier (UCI)
- Unique Product Identifier (UPI)
This paper focuses on one of those identifiers: how to uniquely identify a trade or contract. The CFTC is furthest along in specifying the requirements for this trade identifier. We believe and hope that the majority of the principles can be leveraged and applied internationally and it is indeed the desire from the industry to come up with a global accepted solution for unique trade identifiers. For the remainder of this document though we will focus on the CFTC requirements and hence use the CFTC term of USI.
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