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A-Team Insight Blogs

Fitch Solutions Extends its Use of LEIs and Monitors Global Adoption

Fitch Solutions has extended its adoption of pre-Legal Entity Identifiers (LEIs) by adding the codes to unrated entities. The company has been adding pre-LEI codes to Fitch rated issuers and debt issues since early this year and is making all its LEI data available on the Fitch Ratings website and in its data feed products, including those covering ratings and CDS data, financial and equity implied ratings and fundamental financials.

As well as adding pre-LEIs to its own data, Fitch Solutions is monitoring global adoption of the entity identifiers. It suggests Europe and Asia are catching up with the US in their use of pre-LEIs after Dodd Frank caused early adoption in the US by requiring pre-LEIs to be included in the reporting of OTC derivatives transactions.

European take-up this year has been driven by entities obtaining pre-LEI codes in time to comply with European Market Infrastructure Regulation that requires reporting including LEIs by February 12, 2014.

In Asia Pacific, Fitch Solutions notes The Monetary Authority of Singapore mandating the use of pre-LEIs in derivatives reporting since October 2013 and the Australian Securities & Investment Commission requiring the use of pre-LEIs in reporting that will be implemented by October 2014. Authorities in Hong Kong and Japan are also considering the use of pre-LEIs in trade reporting.

Fitch Solutions’ update on LEIs, ‘Legal Entity Identifiers: Encouraging Progress Towards the Global LEI System’, reports that about 90,000 pre-LOUs have been issued by Local Operating Units in the US, France, Germany, the UK and Turkey that have been endorsed by the Regulatory Oversight Committee of the global LEI system.

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