Over-the-counter (OTC) derivatives trade reporting, pursuant to OSC Rule 91-507 Trade Reporting and Derivatives Data Reporting, commenced on October 31, 2014 for derivatives dealers and clearing agencies, and on June 30, 2015 for all other counterparties. To satisfy reporting requirements, a 20-character code called a legal entity identifier (LEI) is used to identify entities that enter into derivatives transactions. Every reporting and non-reporting counterparty to an OTC derivatives transaction must have an LEI to meet their obligations under the rule.