SFC and HKMA published conclusions on enhancing Hong Kong’s OTC derivatives reporting regime, mandating the use of Unique Transaction Identifier and Unique Prod
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On September 26, 2024, the Securities and Futures Commission ("SFC") and the Hong Kong Monetary Authority ("HKMA") jointly published a conclusions paper on a further consultation to enhance Hong Kong’s over-the-counter ("OTC") derivatives reporting regime.
The consultation, launched in March 2024, aimed to mandate the use of **Unique Transaction Identifier** and **Unique Product Identifier**, and the reporting of **Critical Data Elements** (Notes 1, 2, and 3). This aligns with the Group of Twenty’s commitment to reform OTC derivatives markets and facilitates regulators' analysis of these transactions.
Respondents supported the proposal, recognizing the benefits of international standardization and harmonization of data elements. After considering the feedback, SFC and HKMA fine-tuned certain proposals to ensure a smooth implementation.
The conclusions paper also listed data elements subject to mandatory reporting and confirmed the implementation of the proposals in September 2025.
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