Right on cue, the Office of Financial Research (OFR) this week released a set of frequently asked questions (FAQs), to help practitioners get their heads around the new legal entity identifier (LEI) ahead of its launch next month. The FAQs help set the scene for the long-awaited introduction of this crucial data standard, and it’s clear from research we’re currently undertaking that a lot is riding on it.
Firms are taking the new standard seriously because they see it as a kind of ‘missing link’ that will allow them to tie together a bunch of different data sets that are difficult to get to speak to each other in a meaningful way. Much time, energy and money is being spent by financial institutions as they try to get control over their client-onboarding and KYC efforts, and LEI may be a panacea for true progress toward streamlined processes.
The OFR FAQ is timely, because it helps put the initiative in perspective just as firms themselves need to act to embrace the new standard. You can download a copy here.
It’s also timely because it makes great background reading for those planning to join our webinar next Wednesday February 27 at 3pm London time titled Preparing for Primetime – How to Benefit from the Global LEI.
Given the level of interest in our last LEI webinar back in October, we expect significant participation. Joining us next Wednesday are: Francis Gross, Head of Division, External Statistics at European Central Bank; Peter Warms, Head of Product Development for Global Data and Symbology, Bloomberg Data Solutions; Mark Davies, General Manager, Avox Ltd.; and Tim Lind, Global Head of Legal Entity and Corporate Actions, Enterprise Content at Thomson Reuters.
They’ll be sharing their insights on the LEI situation, and as usual I’ll have a few thorny questions for them. We’ll also be taking questions from the audience on the day, so it’s important that you join us ‘in real time’.
The webinar is part of our Hot Topics Programme for LEI, the next iteration of which will be a panel session at our Data Management Summit in London on March 12. Take a look at the programme here.
As you can see, we have a strong panel for the session on LEI – Benefiting from the New Legal Entity Identifier – and we’re honoured to be hosting Con Crowley, associate director for information standards at OFR, who’ll be making a scene-setting presentation: Why the LEI is an Important Development for our Industry. Don’t miss it.
Con will be joined for a panel discussion by HSBC’s Chris Johnson, Bloomberg Data Solutions’ Peter Warms and Datactics’ Stuart Harvey. That gives us coverage of many bases.
So, a lot going on with LEI in the coming weeks. (Did I mention our special report, due out next week?) Join us February 27 and March 12. Then we’ll regroup for the post-LEI world.
Should be quite a ride.