Process for UTI Communication Following Internal Return and Rebook

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Status: Best Practice Finalised, Last Updated: 10/08/2021

Question:
When a new loan is booked it may generate a UTI which is then shared with the other counterpart. If one party then rebooks the trade, for example to remediate internal system issues, the associated UTI may be lost or regenerated. How should that be managed to avoid trades becoming unpaired at the TR?

Best Practice:
In this scenario, communication should be made with your counterparty confirming the updated UTI, otherwise there will be a mismatch at the TR. Both reports will be acknowledged with different UTIs, but will never match due to the trade pairing process requiring a matching UTI. (SFTR-184)