Swaps executed on or pursuant to the rules of a SEF or DCM
For each swap executed on or pursuant to the rules of a SEF or DCM, the SEF or DCM shall create and transmit a unique transaction identifier.
This UTI should be used by the reporting counterparty for all continuation data, they should NOT generate their own UTI for reporting.
When the swap is cleared, the DCO should use this UTI to terminate the original swap.
References: CFTC Rule(s) §45.5(a).
Off-Facility Swaps with a financial entity Reporting Counterparty
For each Off-Facility Swap where the Reporting Counterparty is a financial entity participant, the Reporting Counterparty shall create and transmit a unique transaction identifier.
References: CFTC Rule(s) §45.5(b).
Off-Facility Swaps with a non-SD/MSP/DCO Reporting Counterparty that is not a financial entity
For each Off-Facility Swap for which the Reporting Counterparty is a non-SD/MSP/DCO counterparty that is not a financial entity, the Reporting Counterparty shall either:
- Create and transmit a unique transaction identifier;
- or request that the Swap Data Repository to which required swap creation data will be reported create and transmit a unique transaction identifier.
How do I get my KOR generated UTI?
When a Reporting Counterparty requests KOR to create their UTI, it is then their responsibility to submit the swap and all subsequent messages regarding that swap with the same UTI KOR SDR provided.
Transmitting a KOR Generated UTI
For swaps where the Reporting Counterparty requested KOR SDR generate the UTI and the non-Reporting Counterparty is not a KOR Client, the Reporting Client is required to provide KOR SDR with the contact email of their counterparty. Where the non-Reporting Counterparty is not already a Client, KOR SDR will send an email notice to such party that a swap they are a party of has been reported to KOR SDR. This communication will include a link to the applicable KOR Agreements that they can execute electronically and at no cost as a Verification Client in order to gain secure access to KOR SDR in order for KOR SDR to transmit the UTI.
Where the trade is intended to be cleared, and the DCO is not already a Client, the Reporting Client is required to provide KOR SDR with a contact and the contact’s email of the DCO. Where the DCO is not already a Client, KOR SDR will send an email notice to the DCO that a swap they are the intended DCO for has been reported to KOR SDR. This communication will include a link to a KOR Client Agreement that they can execute electronically and at no cost in order to gain secure access to KOR SDR in order for KOR SDR to transmit the UTI.
References: CFTC Rule(s) §45.5(c)
Off-Facility Swaps with a DCO Reporting Counterparty
For each Off-Facility Swap where the Reporting Counterparty is a DCO, the Reporting Counterparty shall create and transmit a unique transaction identifier.
References: CFTC Rule(s) §45.5(d).
Third-party service reporter
If a registered entity or Reporting Counterparty required by 45.5 to report required swap creation data or required swap continuation data contracts with a third-party service reporter to facilitate reporting pursuant to § 45.9, the registered entity or Reporting Counterparty shall ensure that such Delegated Reporter creates and transmits the unique transaction identifier as otherwise required.
References: CFTC Rule(s) §45.5(g).
Cross-jurisdictional swaps
If a swap is also reportable to one or more other jurisdictions with a regulatory reporting deadline earlier than the deadline set forth in § 45.3 or in Part 43 of CFTC rules, the same unique transaction identifier generated according to the rules of the jurisdiction with the earliest regulatory reporting deadline shall be transmitted and used in all recordkeeping and all Swap Data reporting.
As KOR SDR does not know the cross-jurisdictional reporting obligations of any swaps or the involvement of Delegated Reporters, it shall not validate whose LEI is used to generate a UTI.
References: CFTC Rule(s) §45.5(h).