The Master Direction consolidate existing circulars and standardise the use of Legal Entity Identifier (LEI) and Unique Transaction Identifier (UTI) in financial markets. LEI, a 20-character code, is mandated for all non-individual entities undertaking OTC transactions in specified markets, with thresholds for certain foreign exchange transactions. UTI, applicable from 1st January 2027, is required for all OTC derivative transactions to enhance reporting and transparency.