Legal Entity Identifier (LEI) and Unique Transaction Identifier (UTI) are key data elements identified globally for reporting of OTC derivative transactions. While LEI uniquely identifies the counterparties to a transaction, UTI serves as a single unique reference number for the transaction.
Over the years, the Reserve Bank has issued instructions mandating reporting of LEI for transactions in the financial markets regulated by the Reserve Bank. Instructions were also issued mandating implementation of UTI for OTC derivative transactions.
The aforesaid instructions have now been consolidated into a Master Direction on Unique Identifiers in Financial Markets, with a view to improve accessibility of regulatory instructions and ease of doing business. The Master Direction is being issued today.
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