ESMA suggests UTI sticking plaster for trade reporting woes

The European Securities and Markets Authority (ESMA) has asked market participants if it should prescribe which counterparty should be responsible for the creation and transmission of the unique trade identifier (UTI) in trade reporting. The UTI allows two counterparties to pair and match two sides of the same trade at a trade repository, however confusion over how one is generated has blighted reporting since it became mandatory earlier this year.