An official of the US Treasury Department's Office of Financial Research (OFR) has been selected to be chair of an international committee overseeing the launch of the Legal Entity Identifier (LEI), a global standard for financial data.
It's good to see further progress but it would be great to understand when a global distribution system will be in place.
At the moment we have DTCC/Swift providing a CC but as I understand it, they do not have a global remit as there has been political demand for a "federated" system of distributing LEIs.
Keen to know the end date!
In real terms this is rapid progress and we should see more details rolled out throughout this year. FS firms must plan for this project this year with databases and account opening and other processes ammended. There is enough information to start planning.
Its likely to be a very fast end as LEI hits the global markets. So dont get caught with your firms pants down
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