Bilateral, Cleared and Block USI (Unique Swap Identifier)

The Bilateral Unique Swap Identifier (USI) identifies Swap Transaction trade submissions submitted for clearing for consistent Commodity Futures Trading Commission (CFTC) reporting and reconciliation.

  • The USI Structure is constructed as a 10 character numerical Namespace and up to 32 character alphanumeric Transaction ID.
  • For Swap Transaction trade submissions with one-to-many allocations, the non-allocated side is broken into Allocation Blocks (each referencing the same account) for the purpose of specifying Bilateral USIs, mirroring the allocations and their associated allocation quantities on the allocated side.
  • OPNT Trades will also have a Cleared USI.

 

Bilateral USI

  • Bilateral USIs are allocation-level, but not unique per side. On 1-1 allocated deals they must be specified at the trade level. On 1-M allocated deals they must be specified at the allocation level.
  • For Swap Transaction Dual Sided Trades submitted with one-to-one allocations and Swap Transaction Single Sides submitted with single allocations:
  • If Bilateral USI is specified on trade submission, it must be specified at the trade level to be accepted/persisted.
  • For Swap Transaction Dual Sided Trades submitted with one-to-many and Swap Transaction Single Sides with multiple allocations:
  • If Bilateral USIs are specified on trade submission, they must be specified at the allocation level to be accepted/persisted.
  • For Dual Sided Trades / Matched Single Sides with one-to-many allocations, Bilateral USI is assigned depending on which side is Reporting Counterparty.

 

Cleared USI

  • Cleared USIs are unique per allocation per side.
  • CME ClearPort assigns a Cleared USI for each allocation as they clear.
  • Cleared USIs are only assigned for OPNT Trades.

 

Block USI

  • Block USIs are at the trade/leg level in CME ClearPort.
  • Block USI(s) are automatically generated by CME ClearPort for one-to-many allocated trades submitted via the CME ClearPort Trade Entry screen.

Impact

  • CME ClearPort will create and assign unique Bilateral USIs for each swap transaction upon submission.
  • CME ClearPort will create and assign unique Cleared USIs for each and every cleared allocation of the OPNT trades, as they clear.