Bloomberg announced today it has applied to the Global Legal Entity Identifier Foundation, or GLEIF, to become a Local Operating Unit, or LOU, of the Global LEI System, or GLEIS.
By submitting this application to the GLEIF, Bloomberg moves to the candidate stage of the LOU accreditation process and joins an existing network of LOU's monitored by the GLEIF.
Bloomberg is working to establish the infrastructure and other requirements mandated by the GLEIF to become an accredited LOU. These efforts are led by Bloomberg's Global Data Group, which also supports Bloomberg's responsibilities as a Registration Authority and issuer of the Financial Instrument Global Identifier, or FIGI, standard under the auspices of the Object Management Group. Peter Warms, senior manager of fixed income, symbology and entity content at Bloomberg, commented, "We are excited to have the opportunity to apply for LOU status in the Global LEI System. Participation in the GLEIS is a natural extension of our experience with open identifiers, data quality and entity data management."
An LOU is responsible for issuing a Legal Entity Identifier, or LEI, which are increasingly required to uniquely identify counterparties within reports submitted to regulatory authorities. As the global framework for establishing and maintaining the LEI system expands in both depth and scope, Bloomberg seeks to provide its entity data management expertise and resources to support the future growth and success of this system by applying to be an LOU.
As a leading provider of financial information and reference data, Bloomberg maintains information for more than 4 million public and private entities. Entity coverage includes basic business card data, such as addresses, phone and fax numbers, as well as registry information, full sanction coverage and hierarchical data consisting of immediate parent, ultimate parent and obligor.