The leading knowledge platform for the financial technology industry
The leading knowledge platform for the financial technology industry

A-Team Insight Blogs

On Your Marks: LEI Work Kicks Off!

It’s around 12 months since the work began on the global Legal Entity Identifier (LEI) initiative, but today the really hard work for the financial industry begins.

The Financial Stability Board is today holding its first call to coordinate the activities of the Private Sector Preparatory Group, which has been built from some 170 volunteers across the financial sector internationally. The aim is to create the necessary plan and approach for supporting a federated Legal Entity Identifier system that will be used not only in the areas of trading and financial markets but more broadly across the financial sector as a whole so that financial institutions can maximise their return on the investment that they make in implanting this new industry standard.

Over the next two months there will be a set of conference calls that enable nine Working Groups to address workstreams around governance and legal aspects, operational aspects and reference data ownership and hierarchy aspects.

Representatives of regulators, exchanges, financial institutions, data providers, numbering agencies, technology providers, consultants and standards bodies will be working towards a deadline of mid-October when they will be meeting again face-to-face to review the final results of their combined efforts before these get presented to the next meeting of the regulators of the G-20 countries in early November.

Over the next four months financial institutions will be working on their IT budgets for 2013, and implementing the LEI in 2013 has to be in that budget planning.

Reference data projects used to get tagged on to the end of budgets – they were the things that you could drop if money got tight, and of course money always did get tight. This time there will be a regulatory requirement to implement the LEI, irrespective of how tight money gets.

Related content

WEBINAR

Recorded Webinar: The post-Brexit UK sanctions regime – how to stay safe and compliant

When the Brexit transition period came to an end on 31 December 2020, a new sanctions regime was introduced in the UK under legislation set out in the Sanctions and Anti-Money Laundering Act 2018 (aka the Sanctions Act). The regime is fundamentally different to that of the EU, requiring financial institutions to rethink their response...

BLOG

S&P Global Market Intelligence Extends Marketplace with Focus on Collaborative Data Analytics, AI Solutions and ESG Data

S&P Global Market Intelligence has extended the marketplace it released in May 2020 with the addition of a workbench that supports collaborative data analytics, a Kensho machine learning solution for textual data, and 25 data sets and solutions. A new query library helps users search a catalogue of pre-built code queries to speed up data...

EVENT

Data Management Summit New York City

Now in its 10th year, the Data Management Summit (DMS) in NYC explores the shift to the new world where data is redefining the operating model and firms are seeking to unlock value via data transformation projects for enterprise gain and competitive edge.

GUIDE

Entity Data Management Handbook – Seventh Edition

Sourcing entity data and ensuring efficient and effective entity data management is a challenge for many financial institutions as volumes of data rise, more regulations require entity data in reporting, and the fight again financial crime is escalated by bad actors using increasingly sophisticated techniques to attack processes and systems. That said, based on best...