The Financial Stability Board (FSB) on Tuesday published its plan for implementing unique transaction identifiers (UTIs) to improve oversight of over-the-counter derivatives markets.

The plan recommends UTIs be introduced no later than the end of 2020.

In the wake of the financial crisis, G20 policymakers agreed to a series of reforms, including measures designed to enhance oversight of the global OTC derivatives markets by, among other things, requiring trade reporting. “The UTI is a key global harmonised identifier for reporting over-the-counter (OTC) derivative transactions, in particular designed to facilitate effective aggregation of transaction reports,” the FSB says in its announcement.

The FSB is also calling for the International Organization for Standardization to be responsible for publishing and maintaining the UTI data standard. And, it recommends that the Committee on Payments and Market Infrastructures and the International Organization of Securities Commissions take change of governance on an interim basis, pending the designation of an international governance body.

The FSB will engage in further dialogue with the industry and others before reaching final conclusions on governance arrangements, the board says.