On May 7, 2015, ISDA® announced the launch of UTIPrefix.org, a service that enables counterparties to obtain a unique trade identifier (UTI) prefix in order to create UTIs for the reporting of derivatives trades.

UTIPrefix.org enables derivatives users to apply a standard methodology to generate a 10-character UTI prefix using their 20-character legal entity identifier (LEI) code. A UTI prefix is distinct to the party generating the UTI and, along with a transaction identifier, ensures each reportable transaction is unique.

The aim of the LEI system is to uniquely identify counterparties to financial transactions and to provide high-quality reference data (such as names, addresses and basic ownership information) for them. LEIs are designed to enhance and standardize global transactional data reporting and identification. For more background on LEIs, see Legal Updates, FSB Recommendations on Global Legal Entity Identifier for Financial Markets and US Treasury Releases Plan for LEIs (Legal Entity Identifiers).

UTIPrefix.org is an attempt on ISDA's part to improve the transparency of derivatives activity by standardizing reporting formats. It is intended that the website will aggregate data within and across jurisdictions.

UTIPrefix.org is available to ISDA members and non-members alike at no cost.

"ISDA" is a registered trademark of the International Swaps and Derivatives Association, Inc. (ISDA). ISDA is not a sponsor of Practical Law and had no part in the development of this resource.