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

A-Team Insight Blogs

Six Financial Information Adds Pre-LEIs from Avox to its Reference Data Services

Six Financial Information is mapping pre-Legal Entity Identifiers (LEIs) provided by Avox to its reference data to help users of its data services meet the reporting requirements of regulations including European Market Infrastructure Regulation (EMIR), which comes into force on 12 February, Dodd-Frank and Solvency II.

The company considered available sources of pre-LEIs in the market and whether to source the identifiers itself before deciding to work with Avox, a legal entity data specialist. Avox will source pre-LEIs from pre-Local Operating Units that allocate the identifiers and provide a consolidated file of LEIs to Six Financial Information. LEIs will be mapped to Six Financial Information’s internal identifiers via Avox identifiers, although this step will not be apparent to users of LEIs provided by Six Financial Information.

Darren Marsh, senior product manager at Six Financial Information, explains: “Our clients need to source LEIs to fulfil their reporting obligations under regulations such as EMIR, Dodd-Frank and Solvency II. We decided to take advantage of a third-party provider of LEIs to enrich our data. As well as using LEIs to meet regulatory requirements, clients can use them for broader reference data management as they help to provide data consistency.”

Six Financial Information is in the process of implementing pre-LEIs in its reference data and plans to make them available to end users from 3 February. Coverage of the identifiers will grow as more are issued. As well as providing LEIs at entity level for regulatory requirements such as reporting under EMIR, Six will provide LEIs at instrument level to support regulatory reporting under Solvency II. LEIs will be included in some services, such as Six’s Solvency II service, but they can also be provided on a standalone basis.

Tim Fox, legal entity data product manager at Avox, comments: “We acknowledge that the LEI is here to stay. There are now about 120,000 pre-LEIs in the market and we expect that number to increase significantly as the EMIR deadline approaches.”

Related content

WEBINAR

Recorded Webinar: A new way of collaborating with data

Digital transformation in the financial services sector has raised many questions around data, including the cost and volume of reference data required by each financial institution. Firms want to pick and choose the reference data they need to fulfil their requirements. Emerging solutions with the potential to decrease the cost of data and increase flexibility...

BLOG

BXS Launches Rule 606 Consolidator Tool

BXS, a New York-based compliance reporting and analytics solutions provider, has launched a new Rule 606 Consolidator tool. Available to all existing BXS customers, the new add-on provides a comprehensive view of brokers’ public Rule 606 report filings, allowing market centers to analyze how their clients and prospects are routing order flow and how their...

EVENT

Data Management Summit London

The Data Management Summit Virtual explores how financial institutions are shifting from defensive to offensive data management strategies, to improve operational efficiency and revenue enhancing opportunities. We’ll be putting the business lens on data and deep diving into the data management capabilities needed to deliver on business outcomes.

GUIDE

The Global LEI System – Slow but Sure

After what looked like a slow start to the summer, the initiative to establish a global standard for legal entity identifiers (LEIs) took a series of significant leaps forward during August, that appears to have put the project firmly back on track. If the marketplace felt a little reticent in June and July, it could...