RBI mandates UTI for all OTC derivative trades from Jan 1, 2027

Mumbai: Unique Transaction Identifier (UTI) will become mandatory for all direct private trades in rupee interest rate and foreign currency derivatives from January 1, 2027, the Reserve Bank said on Wednesday.

The UTI has been conceived as one of the key data elements identified globally for reporting over-the-counter (OTC) derivative transactions with a view to enabling policymakers to obtain a comprehensive view of the OTC derivatives market.

At present, all transactions in OTC markets for rupee interest rate derivatives, forward contracts in government securities, foreign currency derivatives, foreign currency interest rate derivatives, and credit derivatives are reported to the trade repository managed by Clearing Corporation of India Limited (CCIL-TR).

“It has now been decided to mandate UTI for all such transactions,” the RBI said in a circular.