DTCC service passes LEI milestone
03 February 2016 New York
Image: Shutterstock
DTCC’s legal entity identifier (LEI) service has surpassed 200,000 LEIs issued, and now accounts from 50 percent of LEIs issued worldwide.
Since its launch in 2012, the Global Markets Entity Identifier (GMEI) Utility has now issued LEIs to entities in 184 jurisdictions. It has also seen a 20 percent increase in LEIs issued year-on-year.
DTCC anticipates further growth in the utility’s user-base as more global regulators start to mandate the use of LEIs.
In Europe, LEIs are required for reporting under the Markets in Financial Instruments Directive II, the European Market Infrastructure Regulation, Securities Finance Transactions Regulation and Central Securities Depositories Regulation. Changes to reporting rules in the US are also expected to lead to a greater need for LEIs.
The GMEI Utility creates and assigns LEIs in a standardised format, validates the associated reference data, and stores LEIs in a free public database.
Scott Preiss, managing director and global head of Global Services at the Committee on Uniform Security Identification Procedures (CUSIP), a collaborator on the GMEI Utility, said: “Our partnership with the GMEI Utility provides CUSIP requestors a seamless way to register for an LEI simultaneously and satisfy their annual maintenance requirements. By utilising the GMEI Utility, CUSIP clients receive the fastest turnaround and the highest quality LEI fulfilment available.”
Ron Jordan, managing director of data services at DTCC, said: “In a global economy, the true value of the LEI system will be realised when regulatory reporting covering all asset classes in every jurisdiction is required to use LEIs to identify trading parties."
"DTCC is committed to working with the Regulatory Oversight Committee, the Global Legal Entity Identifier Foundation, the other local operating units and our GMEI Utility collaborators, including SWIFT, the Canadian Depository for Securities, CUSIP Global Services, LuxCSD and NordLEI, to drive further improvements in this crucial area.”
Since its launch in 2012, the Global Markets Entity Identifier (GMEI) Utility has now issued LEIs to entities in 184 jurisdictions. It has also seen a 20 percent increase in LEIs issued year-on-year.
DTCC anticipates further growth in the utility’s user-base as more global regulators start to mandate the use of LEIs.
In Europe, LEIs are required for reporting under the Markets in Financial Instruments Directive II, the European Market Infrastructure Regulation, Securities Finance Transactions Regulation and Central Securities Depositories Regulation. Changes to reporting rules in the US are also expected to lead to a greater need for LEIs.
The GMEI Utility creates and assigns LEIs in a standardised format, validates the associated reference data, and stores LEIs in a free public database.
Scott Preiss, managing director and global head of Global Services at the Committee on Uniform Security Identification Procedures (CUSIP), a collaborator on the GMEI Utility, said: “Our partnership with the GMEI Utility provides CUSIP requestors a seamless way to register for an LEI simultaneously and satisfy their annual maintenance requirements. By utilising the GMEI Utility, CUSIP clients receive the fastest turnaround and the highest quality LEI fulfilment available.”
Ron Jordan, managing director of data services at DTCC, said: “In a global economy, the true value of the LEI system will be realised when regulatory reporting covering all asset classes in every jurisdiction is required to use LEIs to identify trading parties."
"DTCC is committed to working with the Regulatory Oversight Committee, the Global Legal Entity Identifier Foundation, the other local operating units and our GMEI Utility collaborators, including SWIFT, the Canadian Depository for Securities, CUSIP Global Services, LuxCSD and NordLEI, to drive further improvements in this crucial area.”
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