Unique Transaction Identifier (UTI)

Field 2.01 | Matching Date: 2020-04-01 | Tolerance: None | Agent Lender Data Provision: No>

Status: Best Practice Finalised, Last Updated: 29/11/2021

Field 2.01 | Matching Date: 2020-04-01 | Tolerance: None | Agent Lender Data Provision: No

Description:
The unique reference assigned to the SFT to identify the trade.

Reporting entities that transact with each other should pre-agree which of them will be responsible for generating UTIs but should make provisions for dealing with the responsible party's failure to do so. Counterparties must agree:

• How the UTI is shared in all scenarios;

• What should be done if the UTI generating party does not generate their UTI on time.

Best Practice:
Firms should follow the ISLA approved UTI waterfall method. If an agent lender arranges a loan with multiple beneficial owner allocation, those agents should generate the UTI for each beneficial owner allocation. In all other cases, parties should agree bi-laterally which party generates the UTI and how it should be communicated to the other.

If the generating party has not shared the UTI with the reporting counterparty in-order for them to meet their reporting deadline then firms may do one of the following.

• Send with a blank UTI

• Send with their own UTI

• Wait indefinitely until they receive the UTI from the generating party.

When the Brexit transition period ends on December 31st 2020, there will be a change to the regulatory requirements for exchanging UTIs where one party is reporting under UK SFTR and the other under EU SFTR. Further information can be found here.

For CPMI - IOSCO white paper regarding UTI creation see here. (SFTR-21)