DTCC and SIX team up for LEIs
04 April 2017 Zurich
![Generic business image for news article](https://www.assetservicingtimes.com/assetservicesnews/images/TuesdayApril420171491297308.jpg)
SIX Securities Services has partnered with The Depository Trust & Clearing Corporation (DTCC) to provide legal entity identifiers (LEIs) for Swiss entities.
The LEI system is intended to provide more insight into legal entities, reducing cross-platform risk exposure, improving transparency, and helping regulators and market participants to better understand exposures and global systemic risk.
Under the second Markets in Financial Instruments Directive, due to come into effect in January 2018, all legal entities involved in a trade will be required to include their LEIs in European trade reporting.
The partnership will pair SIX Securities Services, the Swiss central securities depository, with DTCC’s Global Markets Entity Identifier utility to create the required LEI numbers.
Ron Jordan, managing director of data services at DTCC, said: “The true value of the global LEI system will be realised when regulatory reporting covering all asset classes in every jurisdiction is required to use LEIs to identify trading parties. To drive further improvements in this crucial area, we look forward to building a strategic partnership with SIX Securities Services.”
Valerio Roncone, head of markets and clients and a member of the management committee at SIX Securities Services, added: “In keeping with our role as a customer-owned and trusted market infrastructure we are delighted to offer our clients in Switzerland access to LEIs which can only enhance their ability to comply with future regulation.”
The LEI system is intended to provide more insight into legal entities, reducing cross-platform risk exposure, improving transparency, and helping regulators and market participants to better understand exposures and global systemic risk.
Under the second Markets in Financial Instruments Directive, due to come into effect in January 2018, all legal entities involved in a trade will be required to include their LEIs in European trade reporting.
The partnership will pair SIX Securities Services, the Swiss central securities depository, with DTCC’s Global Markets Entity Identifier utility to create the required LEI numbers.
Ron Jordan, managing director of data services at DTCC, said: “The true value of the global LEI system will be realised when regulatory reporting covering all asset classes in every jurisdiction is required to use LEIs to identify trading parties. To drive further improvements in this crucial area, we look forward to building a strategic partnership with SIX Securities Services.”
Valerio Roncone, head of markets and clients and a member of the management committee at SIX Securities Services, added: “In keeping with our role as a customer-owned and trusted market infrastructure we are delighted to offer our clients in Switzerland access to LEIs which can only enhance their ability to comply with future regulation.”
NO FEE, NO RISK
100% ON RETURNS If you invest in only one asset servicing news source this year, make sure it is your free subscription to Assegt Servicing Times
100% ON RETURNS If you invest in only one asset servicing news source this year, make sure it is your free subscription to Assegt Servicing Times
![Advertisement](../images/bull-252524.png)