The leading knowledge platform for the financial technology industry
The leading knowledge platform for the financial technology industry

A-Team Insight Blogs

Australia Sees Groundswell in Demand for LEI Registrations

The year 2019/20 saw a doubling of LEI registrations in Australia, according to APIR Systems, a provider of essential infrastructure for the wealth management industry in Australia, including acting as an official registration agent for the issuance of LEIs.

Coming into legal force in Australia on October 1, 2019 after numerous postponements, there has been a groundswell of sign-ups over the past six months – not least because of the hardline enforcement stance taken by the Australian Securities and Investments Commission (ASIC), which has led some brokers to block fund owners and derivatives traders if they lack LEIs.

GS1 Australia, another major domestic issuer of LEIs, noted earlier this year that it too has reported a significant influx of requests, following on from a “major increase” in the last quarter of 2019.

Over 1.2 million LEIs have been issued internationally and 17,000 identifiers have been issued to date in Australia, as of end-2019. With the LEI deadline for foreign companies and trusts in Australia also coming into force in March 2020, and with limited relief provided by ASIC due to the coronavirus, stakeholders are continuing to work to the “no LEI, no trade” maxim.

APIR Systems this week launched multi-year registrations and renewals in response to the increased demand, enabling entities to be registered and renewed for three or five consecutive years – reflecting the broader growth of LEI activity in the Australian market.

CEO Chris Donohoe predicts a “reasonable proportion” of APIR’s 3000 LEI clients to renew on their multi-year arrangements, with the new offering also providing impetus for prospective clients seeking to streamline the level of administration associated with the renewal process.

“Instead of annual engagement, it will now only be every few years, which will significantly improve the client experience through reduced administration. It’s not only a cost saving, but we’ve also simplified the user experience when clients are applying and renewing an LEI, which is a requirement in the trading of certain financial instruments,” he explains.

Related content

WEBINAR

Recorded Webinar: Managing the transaction reporting landscape post Brexit: MiFID II, SFTR, EMIR

The transaction reporting landscape has, for many financial institutions, expanded considerably in size since the end of the UK’s Brexit transition period on 31 December 2020 and the resulting need for double reporting of some transactions to both EU and UK authorities. It has also changed dramatically following the UK government’s failure to reach equivalence...

BLOG

ICE Expands ESG Reference Data Service to Include Companies In Key US Indices

Intercontinental Exchange (ICE) has expanded the content on its environmental, social and governance (ESG) reference data platform to include high quality, granular data that can be used to make actionable comparisons across companies and sectors. The expansion includes coverage of companies in key indices, including the ICE U.S. 1000 Index, which measures the performance of...

EVENT

TradingTech Summit London

TradingTech Summit London will explore how trading firms are innovating in today’s cloud and digital based environment to create flexible, scalable trading platforms to support speed to market and business agility. Leveraging the cloud, AI and ML technologies to get an edge, automate processes and simplify operations in a cost effective way is the name of the game and will share practical insight from practitioners and technology leaders who are innovating and driving forward change in trading operations.

GUIDE

ESG Handbook 2021

A-Team Group’s ESG Handbook 2021 is a ‘must read’ for all capital markets participants, data vendors and solutions providers involved in Environmental, Social and Governance (ESG) investing and product development. It includes extensive coverage of all elements of ESG, from an initial definition and why ESG is important, to existing and emerging regulations, data challenges...