TriOptima has launched a UTI (Unique Trade ID) pairing functionality to assist firms preparing for the European trade repository reporting effective February 2014.
The service accommodates paper-confirmed trades and foreign exchange (FX) trades without a common match ID.
EMIR trade reporting rules require that trades outstanding during the specified period before the effective date be reported to a trade repository. In order to achieve this backloading, firms must agree UTIs for those trades. TriOptima’s new service enables firms using triResolve to assign a UTI to paper-confirmed OTC derivative trades and FX trades lacking a common match ID.
This new service leverages triResolve’s population of matched trades to centrally generate UTIs where a common match ID does not exist. If one side has already generated a UTI, triResolve will share the UTI with the counterparty. While many OTC derivative trades are electronically confirmed, there is an inventory of paper-confirmed trades or FX trades that will require counterparties agree a UTI for reporting purposes.
“Standard identifiers are essential to realizing the benefits of increased regulatory reporting, and we are delighted to support our subscribers in the key role of assigning and distributing these identifiers,” says Raf Pritchard, chief executive of triResolve. “With more than 600 firms using triResolve and a database of over seven million trades, leveraging the triResolve network to facilitate compliance is an efficient and transparent solution. triResolve offers detailed trade information, analytical tools and a communications platform that will support the new reporting requirement.”