The Global Legal Entity Identifier Foundation (GLEIF) has expanded its collaboration with Swift by providing certification for the mapping of Swift’s Market Identifier Code (MIC) to the Legal Entity Identifier (LEI). The resulting open source file will enable market participants that use GLEIF and/or Swift data to link and cross-reference key entity identifiers free of charge. This will ease the process and reduce the cost of gathering, aggregating and reconciling counterparty information, making it easier to conduct compliance, KYC, regulatory reporting, and due diligence.
This collaboration between GLEIF and Swift builds on a cooperation established in 2018 to link the Business Identifier Code (BIC) to the LEI. The MIC is an ISO code used to process and clear trades, and is gaining traction as securities industries move toward straight-through-processing.
In addition to MIC-LEI and BIC-LEI mapping certification, GLEIF previously certified a mapping relationship between International Securities Identification Numbers (ISIN) and the LEI working in collaboration with the Association of National Numbering Agencies (ANNA).
“This expanded collaboration with Swift continues to enhance transparency and provide identity management efficiencies across global markets,” says Stephan Wolf, CEO at GLEIF. “The mapping of open LEI data to the MIC enables market participants to efficiently and accurately gather and cross-check counterparty information, decreasing the cost and potential for manual error.”
Anne Suprenant, head of standards registration authority at Swift, adds: “This collaboration is a significant milestone. Following the success of the BIC mapping exercise, we have extended the benefits of cross-identifier mapping to a broader audience. We now offer entity identification efficiencies that support greater trust and transparency for global market participants.”
Following the successful certification process, GLEIF will publish open source relationship files monthly, in a CSV format, which will map the MIC to the LEI. Currently, more than two million LEIs have been issued to legal entities globally. Of the approximate 2,600 MICs assigned to date, approximately 50% of them pertain to organistions that are legal entities or foreign branches and, therefore, qualify for the mapping against LEIs. In the first published file, there are about 600 mapping pairs.
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