Risk management specialist TriOptima has launched a unique trade ID (UTI) 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.
European Market Infrastructure Regulation (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, which is part of ICAP Group, said that the new service enables firms using triResolve to assign a UTI to paper-confirmed over the counter (OTC) derivative trades and FX trades lacking a common match ID, also leveraging 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 realising the benefits of increased regulatory reporting, and we are delighted to support our subscribers in the key role of assigning and distributing these identifiers,” said Raf Pritchard, chief executive officer (CEO) of triResolve.
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