Bespoke or custom ‘client-defined’ instruments can be created in LUSID.
These can be used to represent OTC instruments, or any other instrument which – for whatever reason – may not yet have a common market identifier e.g. trading a new issue where the incumbent market data vendor has not yet issued an identifier.
Bespoke instruments must be created with a unique client defined instrument identifier (see how do I reference instruments in LUSID using my own instrument id scheme?). For example this could be the MIFID II UTI (‘unique transaction identifier’) for an OTC instrument, an ID from a non-LUSID instrument master database, or some arbitrarily chosen ID.
In addition to providing your own internal identifier you can also attach a bespoke economic definition to your instrument. This may be as succinct as the core details of the instrument required to value and trade it or as verbose as the entire financial contract.