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ISDA® Releases Unique Swap Identifier (USI) Overview Document
Practical Law Legal Update 6-519-8210 (Approx. 3 pages)
ISDA® Releases Unique Swap Identifier (USI) Overview Document
by PLC Finance
| Published on 12 Jun 2012 • USA (National/Federal) |
ISDA released a paper meant to provide the swaps industry with guidance to be used for unique swap identifier (USI) generation and use. USIs will be used in connection with Dodd-Frank swap data reporting rules.
On June 7, 2012, ISDA® released a paper entitled Unique Swap Identifier (USI): An Overview Document. USIs are mechanisms that, along with legal entity identifiers (LEIs), will enable regulators to track swaps and derivatives activity for all types of swap transactions internationally. They are particularly integral to swap data reporting under the Dodd-Frank Act.
The ISDA paper is meant to provide the swaps industry with guidance to be used for USI generation and use, and reflects the agreements reached in the ISDA USI/UTI Workflow working group.
The CFTC has laid out draft technical standards for USIs that provide details of their composition (see Legal Update, Final Rules on Swap Data Reporting and Recordkeeping Requirements under Dodd-Frank Issued by CFTC). Specifically, USIs will have the following format:
- Name space. As the first component of the USI, the name space is a ten-digit numeric identifier consisting of a three-digit prefix followed by a unique seven-digit identifier.
- Transaction identifier. Each individual transaction will be given its own 32-digit identifier.
For more information on swap data reporting requirements under the Dodd-Frank Act, see Practice Note, Summary of the Dodd-Frank Act: Swaps and Derivatives: Swap Data Reporting Requirements.
"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.