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

Thomson Reuters Resolves the MiFID II No LEI, No Trade Problem

Subscribe to our newsletter

Thomson Reuters has responded to the ‘No LEI, No Trade’ problem posed by Markets in Financial Instruments Directive II (MiFID II) with an LEI Profiling Service that allows users to identify LEI gaps that need to be closed before the January 3, 2018 deadline and check the data quality within their reportable client universes.

The profiling service is based on the Thomson Reuters Avox database, which maintains 100% Legal Entity Identifier (LEI) coverage based on daily updates from the Global LEI Foundation (GLEIF). Users of the service send their entities of interest to Thomson Reuters, which matches them against the LEI records stored in the Thompson Reuters Avox Database, and allows users to identify entities that have yet to request LEIs and, where LEIs exist, determine their status.

Benefits of the service include reduced cost and time as firms can focus on proactive client outreach for known entity record gaps rather than on reconciliation of internal content. The service will also help to track the thousands of LEIs that are expected to be issued in the run up to the January 2018 MiFID II compliance deadline.

Mark Davies, global head of RMS Data Services at Thomson Reuters, says the profiling service acts as an LEI health check. He explains: “When firms onboard clients they need to check the client has an LEI, but they don’t always look for all use cases of the LEI and whether it needs to be refreshed. In market testing of the LEI Profiling Service we’ve found we can help a lot of firms identify and close LEI gaps.”

Subscribe to our newsletter

Related content

WEBINAR

Recorded Webinar: Unpacking Stablecoin Challenges for Financial Institutions

The stablecoin market is experiencing unprecedented growth, driven by emerging regulatory clarity, technological maturity, and rising global demand for a faster, more secure financial infrastructure. But with opportunity comes complexity, and a host of challenges that financial institutions need to address before they can unlock the promise of a more streamlined financial transaction ecosystem. These...

BLOG

Embrace the Threat: How Software Firms Can Head Off ‘SaaS-pocalypse’

Recent stock market losses among software providers have prompted some analysts to predict a coming “SaaS-pocalypse” as software companies are threatened by artificial intelligence that can write code and build software quickly and cheaply. The doomsayers may be premature, however. While AI undoubtedly has the ability to supplant some of those firms, it also presents...

EVENT

RegTech Summit London

Now in its 9th year, the RegTech Summit in London will bring together the RegTech ecosystem to explore how the European capital markets financial industry can leverage technology to drive innovation, cut costs and support regulatory change.

GUIDE

Risk & Compliance

The current financial climate has meant that risk management and compliance requirements are never far from the minds of the boards of financial institutions. In order to meet the slew of regulations on the horizon, firms are being compelled to invest in their systems in order to cope with the new requirements. Data management is...