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The CICI Utility is operated by DTCC and SWIFT to assign Commodity Futures Trading Commission (CFTC) Interim Compliant Identifiers (CICIs) to legal entities that are counterparties to over-the-counter (OTC) derivatives transactions. The CFTC selected DTCC and SWIFT to provide the utility to assign and store identifiers to major swap market participants registered with the CFTC, and to their counterparties around the world. The identifiers, which are required for CFTC recordkeeping and data reporting, represent a key step forward in managing risk in the OTC derivatives markets.

While firms began voluntarily populating the CICI Utility after it launched in August, the April 10, 2013, deadline is fast approaching for non-major swap market participants to register for a CICI. The registered swap dealers and major swap market participants they transact with have already begun reporting credit and interest rate transactions, per the CFTC’s swap data reporting rules and are including the CICIs for all their counterparties. All counterparties should inform their dealers of their CICIs by the April deadline. (There are various deadlines for other entity types and asset classes. For more information see the Q&A at

To date, more than 48,893 entities from 134 countries are registered on the system – and 5,000+ new entities are expected to register in the CICI database each month.

Global uptake

Today, six months after the CICI Utility went live, it is well on its way to becoming a key part of the global system for identifying financial parties to all financial transactions including those in this complex asset class. In addition to assisting firms in complying with recently implemented swap data reporting regulations, the CICI helps regulators develop systems to manage systemic risk.

What’s more, the utility is established as a truly global solution. Paul Janssens, LEI Programme Director, SWIFT, said, “With just about 50% of the records representing U.S. entities, we are pleased to report a high adoption rate of the solution by the international financial community. The utility has been developed on a flexible infrastructure to easily adapt to evolving industry and regulatory requirements globally.”

Eye on the future

The CICI Utility represents an important first step by the industry, DTCC and SWIFT to assist the global regulatory community in implementing a global Legal Entity Identifier (LEI) solution. DTCC and SWIFT continue to work with global regulators and industry organizations on the design and implementation of a universal LEI solution that will comprise additional asset classes, and ultimately bring the CICI Utility under its umbrella.

“The CICI Utility is a model that demonstrates how LEIs can be instrumental in improving transparency, efficiency and risk mitigation in the global marketplace,” explained William Hodash, DTCC Managing Director. “As an industry, we are working toward a truly universal LEI solution and the CICI Utility will evolve as that takes shape.”