As a hypothetical example, a financial instruments business operator concludes an OTC derivative trade on a Wednesday. The trade is not cleared by a central counterparty (CCP), and the Thursday of that week is a public holiday, Saturday and Sunday are non-business days, and Friday and the following Monday and Tuesday are business days. By when must the operator send the trade information to a trade repository?
Quiz: Accounting, Reporting and Audit
Last reviewed: October 7, 2026
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3 questions to check your understanding of the chapter “Accounting, Reporting and Audit”. Choose an answer and select “Check answer” to see the answer and explanation. You can also open “Answer and explanation” to see the answer first.
Question 1
Answer and explanation
Answer: B
Trade information must be sent within three business days, counting the day the trade was concluded. Because that day counts as the first day, Wednesday is day 1. Skipping the Thursday holiday, Friday is day 2. Skipping Saturday and Sunday, the following Monday is day 3. The deadline is T+2 (two business days after the trade date).
The following Tuesday is the day you get if you do not count the day the trade was concluded and count three business days from Friday, the next business day. Friday of the same week is the day you get if you count three calendar days, including the Thursday holiday. The deadline is counted in business days. Of the trades for which a central counterparty has assumed the obligations, information on those that a Cabinet Office order specifies is sent by the central counterparty.
Learn more: Regulatory Reporting
Question 2
A financial institution sent two reports with the same content for the same OTC derivative trade. In trade reporting in Japan, which action type is used to fix a duplicate report?
Answer and explanation
Answer: C
Error is the action type that cancels the whole report of a trade, as with a report sent twice. It is also used when a trade that did not exist or was not subject to reporting was reported by mistake. Correct fixes errors in the data of a report, while Error cancels the report itself.
Correct is used to correct errors in the data of a trade reported earlier. Modify is used when, for example, the terms of the trade change. Terminate reports the end of the trade when it ends through an early termination or the exercise of an option. Revive is used to restore a trade that was canceled as an error or terminated by mistake.
Learn more: Regulatory Reporting
Question 3
In trade reporting in Japan, what must the first 20 characters of the UTI (unique transaction identifier), which identifies a trade, contain?
Answer and explanation
Answer: A
A UTI is an alphanumeric code of up to 52 characters under ISO 23897:2020, and its first 20 characters are the LEI (Legal Entity Identifier) of the entity that generated it. An LEI is a 20-character alphanumeric code under ISO 17442, and it lets you look up who a legal entity is. UTIs are used to prevent duplicate reports and to let authorities aggregate data across jurisdictions.
Depending on the combination of parties, the UTI is generated by one of the parties, by a platform such as an electronic trading platform, or by a central counterparty. The trade repository is the body that prepares and stores records of the trade information it receives. The UPI (unique product identifier), which identifies the product, was not among Japan's reporting items as of April 1, 2024, but reporting of it was scheduled to start on April 7, 2025. The date and time of the trade are reported in separate items, such as the execution timestamp.
Learn more: Regulatory Reporting