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.”