About a-team Marketing Services
The knowledge platform for the financial technology industry
The knowledge platform for the financial technology industry

A-Team Insight Blogs

RapidLEI Reports Robust Q1 Results, Plans New Partnerships

Subscribe to our newsletter

RapidLEI from Ubisecure, the GLEIF accredited Legal Entity Identifier (LEI) issuer specialising in the automation of the LEI provision process, has reported an LEI growth rate exceeding 135% for the first quarter of 2019. The issuance data, as published by the GLEIF, represents a strong beginning to 2019 for the firm; as well as a boost to the wider LEI initiative following its tie-up with the Association of National Numbering Agencies (ANNA)’s International Securities Identification Numbers (ISINs), which went live on April 4, 2019.

The link between the two ISO standards is designed to improve transparency and address regulatory requirements under new regimes such as the Prospective Directive, the CSDR and SFTR – although it has met with a mixed response, as reported in our blog on April 10.

The strong growth of newcomer RapidLEI, however, suggests that LEIs continue to play an important role. The firm launched in June 2018, and after nine full months of operations, shows growth already outpacing the incumbent competition including Bloomberg, DTCC (GMEI Utility) and the London Stock Exchange. In terms of total LEIs issued by all 33 accredited global LEI Issuers, RapidLEI ranked sixth – issuing LEIs to 3,477 companies in Q1 of this year.

Overall, the number of companies issued LEIs by RapidLEI increased from 2,578 at the end of 2018 to 6,310 by the end of the first quarter of 2019 – representing a quarterly growth of 135%. For the same period, RapidLEI’s 135% growth compares to 12% for Bloomberg, 2% for DTCC (GMEI Utility) and 2% for the London Stock Exchange.

The firm has taken on a disruptive approach to the market which could explain its rapid growth. Features of this include a focus on automation technology to make the issuance process faster; and the use of multi-year LEIs (1-5) with annual renewals processed automatically based on automated annual data checks.

RapidLEI is also working on improving its integration technology, and recently launched a same-session LEI issuance API to make it easy for third-party developers to build LEI issuance into their applications and workflows. The first API integrations are expected to go live in Q2.

The firm also reportedly plans to make several announcements in Q2 regarding partnerships with standard-setting bodies and lobby groups in order to connect the LEI ecosystem to other internet security initiatives, so watch this space.

Subscribe to our newsletter

Related content

WEBINAR

Recorded Webinar: ESG data sourcing and management to meet your ESG strategy, objectives and timeline

ESG data plays a key role in research, fund product development, fund selection, asset selection, performance tracking, and client and regulatory reporting, yet it is not always easy to source and manage in a complete, transparent and timely manner. This webinar will review the state-of-play on ESG data, consider the challenges of sourcing and managing...

BLOG

Snowflake Reaches Agreement to Acquire TruEra AI Observability Platform

Snowflake has reached a definitive agreement to acquire Redwood City, California-based TruEra and its AI observability platform. The acquisition is expected to bring large language model (LLM) and machine learning (ML) observability to the company’s AI data cloud, helping users demonstrate that AI is both trustworthy and high performing. Snowflake has been investing in GenAI...

EVENT

RegTech Summit New York

Now in its 8th year, the RegTech Summit in New York will bring together the regtech ecosystem to explore how the North American capital markets financial industry can leverage technology to drive innovation, cut costs and support regulatory change.

GUIDE

Corporate Actions Europe 2010

The European corporate actions market could be the stage of some pretty heavy duty discussions regarding standards going forward, particularly with regards to the adoption of both XBRL tagging and ISO 20022 messaging. The region’s issuer community, for one, is not going to be easy to convince of the benefits of XBRL tags, given the...