When are Unique Transaction Identifiers (UTIs) Used?

Each swap shall be identified in all recordkeeping and all Swap Data reporting by the use of a unique transaction identifier, which shall be created, transmitted, and used for each swap. 

Each registered entity and swap counterparty shall include the unique transaction identifier for a swap in all of its records and all of its Swap Data reporting concerning that swap, from the time it creates or receives the unique transaction identifier as provided in this section, throughout the existence of the swap and for as long as any records are required by the Act or Commission regulations to be kept concerning the swap, regardless of any life-cycle events concerning the swap, including, without limitation, any changes with respect to the counterparties to the swap. 

KOR SDR shall not allow any trade executed on or after UTIs are implemented to be submitted with a Unique Swap Identifier (“USI”) in lieu of a UTI. 

Every submission to KOR SDR shall contain the appropriate UTI, otherwise the submission will be rejected. KOR SDR shall validate the format and uniqueness of every UTI. If a party submits the incorrect UTI, they must error that UTI and resubmit the swap as a new message with the correct UTI. When the correct UTI is submitted it will be considered a new trade and if it is submitted after the required reporting timelines, will be classified as a late report. 

References: CFTC Rule(s) §45.5 and 45.5(f).