Economics · Economy

The Reserve Bank of India has introduced a framework for the Unique Transaction Identifier (UTI) to improve risk tracking in the Over-the-Counter (OTC) derivatives market. Based on the rules for transaction lifecycles and reporting, which of the following statements is/are correct? 1. Under the established lifecycle rules for OTC derivatives, a new Unique Transaction Identifier (UTI) is strictly required for a newly created contract or a novation, whereas modifications to an existing contract do not necessitate a new identifier. 2. To ensure immediate global aggregation of risk, the Reserve Bank of India officially issued the mandatory regulatory guidelines for UTI implementation on January 1, 2027. 3. According to the prescribed UTI generation waterfall, if the identifier is not produced by the Central Counterparty (CCP) or the Electronic Trading Platform (ETP), the assignment responsibility falls directly to the Trade Repository (CCIL-TR), bypassing the need for mutual agreement between counterparties. Select the correct option: