LEI, UTI, UPI and CDE – Timeline of Key Events

This timeline – from September 2009 to May 2021 – highlights some of the key events in the history of the development and implementation of the Legal Entity Identifier (LEI), Unique Transaction Identifier (UTI), Unique Product Identifier (UPI), and Critical Data Elements (CDE).

  • In May 2021, CPMI and IOSCO’s global technical guidance about the more than 100 CDE to be reported to trade repositories was incorporated into the international standard ISO 20022.1
  • In October 2020, the ROC announced its expanded mandate to be the international governance body for the UTI, UPI and CDE, in addition to the Global LEI System.2 It published the revised charter, “Charter of the Regulatory Oversight Committee for the Global LEI System and Governance of Certain Other Global Data Identifiers and Elements.”
  • In September 2020, the FSB confirmed the Regulatory Oversight Committee (ROC), formerly known as LEI ROC,3 as the international governance body for the UTI, UPI and CDE.
  • In August 2020, ISO published the Unique Transaction Identifier (UTI) standard, ISO 23897:2020.4 This standard specifies the elements that uniquely identify a financial transaction. In the same month, ISO published the second edition of the LEI standard, ISO 17442:2020,5 following a five-year review of ISO 17442:2012.
  • In October 2019, the FSB published the GUUG’s recommendations for governance of the UTI and UPI.6 In the same month, CPMI and IOSCO published the Harmonisation Group’s recommendations for governance of the CDE.7
  • In May 2019, the FSB designated The Derivatives Service Bureau (DSB) as the sole UPI service provider for the future UPI system.8
  • In March 2016, the FSB established the Group on UTI and UPI Governance (GUUG) to develop recommendations for governance of the UTI and UPI.
  • From November 2014 to April 2018, the Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) produced global technical guidance on the definition, format and usage of key OTC derivatives data elements to be reported to trade repositories. They did this through the Working Group for the Harmonisation of Key OTC Derivatives Data Elements (Harmonisation Group). The guidance covered the UTI, UPI and more than 100 other Critical Data Elements (CDE).9
  • In September 2014, the FSB published a study of the feasibility of options through which global, aggregated data could be produced and shared.10 The study said the aggregation and reporting of data across trade repositories was necessary to ensure a comprehensive, global view of the OTC derivatives markets. But prior to this, the work on standardizing and harmonizing important data elements had to be completed, according to the study, particularly through the global introduction of the LEI, along with the creation of a Unique Transaction Identifier (UTI) and Unique Product Identifier (UPI).
  • In June 2014, the board of the Global Legal Entity Foundation (GLEIF) held its first meeting, after having been established by the FSB.11 The GLEIF is tasked with supporting the implementation and use of the LEI, and ensuring the operational integrity of the Global LEI System.
  • In January 2013, the LEI ROC held its first meeting as the international governance body for the Global LEI System. 12
  • In November 2012, the G20 endorsed the charter of the Legal Entity Identifier Regulatory Oversight Committee (LEI ROC).13
  • In June 2012, the International Organization for Standardization (ISO) published the first edition of the LEI standard, ISO 17442:2012.14 This standard specifies the elements to uniquely identify the legal entities relevant to any financial transaction. In the same month, the G20 endorsed the FSB’s principles and recommendations to develop and implement a global LEI system.15 It encouraged market participants and regulators to adopt the LEI to make it easier to better identify and manage financial risks.16
  • In November 2011, the G20 supported the creation of a global Legal Entity Identifier (LEI), which would be used to uniquely identify a party in any and all financial transactions. It also called on the Financial Stability Board (FSB) to coordinate the effort to prepare recommendations for the governance framework for such a global LEI, representing the public interest.17
  • In September 2009, the Group of Twenty (G20), as part of its response to the global financial crisis, decided over-the-counter (OTC) derivatives contracts should be reported to trade repositories18 to improve transparency in the OTC derivatives markets, mitigate systemic risk and protect against market abuse.19

  1. ISO 20022. See “Financial Instruments and Transactions Regulatory Reporting (Trade Repository Reporting)” (last updated May 5, 2021), including the complete message set for “Auth.030.001.0 DerivativesTradeReportV02,” at https://www.iso20022.org/iso-20022-message-definitions?business-domain=6. ↩

  2. Regulatory Oversight Committee, “ROC Becomes the International Governance Body for the Unique Transaction Identifier, Unique Product Identifier, and Critical Data Elements,” October 1, 2020, https://www.leiroc.org/pressrels/roc_20201001-2.pdf. ↩

  3. The Regulatory Oversight Committee (ROC) was formerly named the Legal Entity Identifier Regulatory Oversight Committee (LEI ROC), but changed its name to, simply, the ROC, when it became the international governance body for the UTI, UPI and CDE. ↩

  4. International Organization for Standardization, “ISO 23897:2020, Financial services, Unique transaction identifier (UTI),” August 7, 2020, https://www.iso.org/standard/77308.html. ↩

  5. International Organization for Standardization, “ISO 17442-1:2020, Financial services, Legal entity identifier (LEI) – Part 1: Assignment,” August 18, 2020, https://www.iso.org/standard/78829.html. International Organization for Standardization, “ISO 17442-2:2020, Financial services, Legal entity identifier (LEI) – Part 2: Application in digital certificates,” August 18, 2020, https://www.iso.org/standard/79917.html. ↩

  6. Financial Stability Board, “Governance Arrangements for the Unique Transaction Identifier (UTI): Conclusions and Implementation Plan,” December 29, 2017, https://www.fsb.org/wp-content/uploads/P291217.pdf. Financial Stability Board, “Governance Arrangements for the UPI: Conclusions, Implementation Plan and Next Steps to Establish the International Governance Body,” October 9, 2019, https://www.fsb.org/wp-content/uploads/P091019.pdf. ↩

  7. CPMI and IOSCO, “Governance Arrangements for Critical OTC Derivatives Data Elements (Other Than UTI and UPI),” October 2019, https://www.bis.org/cpmi/publ/d186.pdf. ↩

  8. Financial Stability Board, “FSB Designates DSB as Unique Product Identifier (UPI) Service Provider,” May 2, 2019, https://www.fsb.org/2019/05/fsb-designates-dsb-as-unique-product-identifier-upi-service-provider/. ↩

  9. CPMI and IOSCO, “Harmonisation of the Unique Transaction Identifier: Technical Guidance,” February 2017, https://www.bis.org/cpmi/publ/d158.pdf. CPMI and IOSCO, “Harmonisation of the Unique Product Identifier: Technical Guidance,” September 2017, https://www.bis.org/cpmi/publ/d169.pdf. CPMI and IOSCO, “Harmonisation of Critical OTC Derivatives Data Elements (Other Than UTI and UPI): Technical Guidance,” April 2018, https://www.bis.org/cpmi/publ/d175.pdf. ↩

  10. Financial Stability Board, “Feasibility Study on Approaches to Aggregate OTC Derivatives Data,” September 19, 2014, https://www.fsb.org/wp-content/uploads/r_140919.pdf. This study followed a line of work that began after 2009 towards establishing the infrastructure for OTC derivatives contracts to be reported to trade repositories. ↩

  11. Legal Entity Identifier Regulatory Oversight Committee, “Inaugural Meeting of Global Legal Entity Identifier Foundation (GLEIF),” June 30, 2014, https://www.leiroc.org/publications/gls/gleif_20140629_2.pdf. ↩

  12. Legal Entity Identifier Regulatory Oversight Committee, “First Progress Note on the Global LEI System,” March 8, 2013, https://www.leiroc.org/publications/gls/roc_20130308.pdf. ↩

  13. Group of Twenty, “Communique of Meeting of G20 Finance Ministers and Central Bank Governors,” November 5, 2012, http://www.g20.utoronto.ca/2012/2012-121105-finance-en.html. ↩

  14. International Organization for Standardization, “ISO 17442:2012, Financial services, Legal entity identifier (LEI),” June 2012, https://www.iso.org/standard/59771.html. ↩

  15. The FSB’s high level principles and recommendations are set out in its June 8, 2012 report “A Global Legal Entity Identifier for Financial Markets,” https://www.fsb.org/2012/06/fsb-report-global-legal-entity-identifier-for-financial-markets/. ↩

  16. Group of Twenty, “G20 Leaders Declaration,” June 19, 2012, http://www.g20.utoronto.ca/2012/2012-0619-loscabos.html. ↩

  17. Group of Twenty, “Cannes Summit Final Declaration,” November 4, 2011, http://www.g20.utoronto.ca/2011/2011-cannes-declaration-111104-en.html. ↩

  18. Trade repositories (TRs) are known as swap data repositories (SDRs) in the United States. ↩

  19. Group of Twenty, “G20 Leaders Statement: The Pittsburgh Summit,” September 25, 2009, http://www.g20.utoronto.ca/2009/2009communique0925.html. ↩

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