What the Global Legal Entity Identifier (LEI) Will Mean for Your Firm
It’s hard to believe that as early as the 2009 Group of 20 summit in Pittsburgh the industry had recognised the need for greater transparency as part of a wider package of reforms aimed at mitigating the systemic risk posed by the OTC derivatives market. That realisation ultimately led to the Dodd Frank Act, and industry calls for a standard legal entity identifier (LEI).
Fast-forward to today, and there is every chance that the industry will achieve that vision – to establish a framework for registering and maintaining unique entity identifiers on a global basis – within the next nine to 12 months.
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