About a-team Marketing Services
The knowledge platform for the financial technology industry
The knowledge platform for the financial technology industry

A-Team Insight Blogs

Talking Reference Data with Andrew Delaney: Just When You Thought It Was Safe…

Subscribe to our newsletter

The CFTC yesterday approved approved the DTCC’s application to run a multi-asset class swap data repository (SDR) in the US, with the promise of increased transparency in the OTC derivatives marketplace. The depository – slated for launch on October 12 – doubtless will make use of the CICI interim legal entity identifier, cementing that nomenclature’s place in the roadmap toward a standard global LEI framework during 2013. Details here.

And then…

The Financial Stability Board (FTB) pretty much at the same time released a progress note on its plans for the global LEI system that outlined an “urgent study” into the format of the 20-digit identifier. This would seem to throw a cat among the proverbial pigeons: many in the industry had reached the conclusion that the LEI will be a random number containing no s0-called intelligence. Does the urgent review – to be undertaken by the Private Sector Preparatory Group (PSPG) over the coming week (!) and reported on September 28 – hit that assumption out of the ballpark?

Quite possibly.

The debate over whether to add intelligence to the LEI number has raged all summer. But we thought it had simmered down with the broad assumption that they nays had outrun the yays. Seems we were wrong…. We’ll know in a week. Here’s what the FSB had to say:

“Number allocation scheme for the Global LEI system: The [LEI Implementation Group] has commissioned an urgent study from the Private Sector Preparatory Group (PSPG) on the appropriate numbering scheme for the global LEI system. A number of experts have recently emphasised the importance of the identifier generation scheme in terms of the flexibility, costs, and operational requirements of the LEI system from the stand-point of short-term implementation and integration of local systems, as well as long-term flexibility and resilience of the global system. Interested PSPG experts are asked to prepare recommendations by September 28 to enable the IG to develop a proposal for the final global LEI system numbering scheme.”

Elsewhere within the progress note, the FSB outlines its plans for establishing the global governance structure for the LEI ahead of next March’s planned launch.

The next major step – aside from the report from the IG’s “urgent “review” – will be a “Global Legal Entity Identifier (LEI) System Operational Solution Demonstration Day on 15 October in Basel, Switzerland.”

Book your tickets now.

Subscribe to our newsletter

Related content

WEBINAR

Recorded Webinar: Navigating a Complex World: Best Data Practices in Sanctions Screening

As rising geopolitical uncertainty prompts an intensification in the complexity and volume of global economic and financial sanctions, banks and financial institutions are faced with a daunting set of new compliance challenges. The risk of inadvertently engaging with sanctioned securities has never been higher and the penalties for doing so are harsh. Traditional sanctions screening...

BLOG

What the SEC’s New Treasury Clearing Rule Means for Dealers and Buy-Side Firms

Since December 2023, the Securities and Exchange Commission (SEC) has been steering the U.S. Treasury market toward a structural shift: mandating central clearing for broad categories of cash and repo trades in U.S. Treasuries. The objective is clear, reducing counterparty risk, improving transparency and operational resilience. But the transition presents several challenges that have yet...

EVENT

AI in Data Management Summit New York City

Following the success of the 15th Data Management Summit NYC, A-Team Group are excited to announce our new event: AI in Data Management Summit NYC!

GUIDE

Regulatory Data Handbook 2021/2022 – Ninth Edition

Welcome to the ninth edition of A-Team Group’s Regulatory Data Handbook, a publication dedicated to helping you gain a full understanding of regulations related to your organisation from the details of requirements to best practice implementation. This edition of the handbook includes a focus on regulations being rolled out to bring order and standardisation to...