UnaVista has developed an LEI Allocation service to help reduce the regulatory and operational challenges of becoming an accredited Local Operating Unit (LOU) for Legal Entity Identifiers (LEI).
The Global Legal Entity Identifier Foundation (GLEIF) is currently requesting that pre-LOUs apply for accreditation to become fully approved LOUs. That accreditation process is in place to ensure that LOUs have the correct infrastructure, security and processes in place to uphold the GLEIF’s core principles and maintain the quality of the LEI.
UnaVista LEI Ltd is currently in the process of becoming accredited, but is also helping other pre-LOUs and market infrastructure providers with their LEI allocation through UnaVista’s robust and reliable technology. With MiFID II set to go live in 2018 an increase of LEI requests is expected. All trusts will now be required to obtain an LEI, with estimates of between 100,000 and one million new LEIs required.
UnaVista has already partnered with the Hellenic Exchange Group (HELEX) to provide an assisted LEI registration and maintenance service. Greek entities can apply for their LEI with HELEX who then validate the data and apply through via UnaVista’s LEI portal. This allows HELEX to offer a cost-effective LEI service to all their members, without the need to overhaul their infrastructure.
UnaVista has a similar agreement in place with Maroclear for North and West African LEIs and the Cyprus Stock Exchange helping to reduce the operational and regulatory challenges for both large and small market participants alike, providing the most suitable solution for a market with a large diversity of firms.
For firms who need to acquire LEIs for their business, UnaVista has developed an LEI Data Management Tool. Firms can use the tool to assess how many LEIs they and their clients will need by comparing the data against a complete LEI database. The tool then has the project tools to help firms apply for the missing LEIs on mass through the tool.
Mark Husler, Global Head of Product Development, Information Services, LSEG: “UnaVista’s LEI Allocation service demonstrates our ongoing commitment to helping market participants through innovative technology. UnaVista is being used as an off-the-shelf solution for both LEI allocation and trade and transaction reporting, bringing leading robust technology solutions to markets that need them, but without costly and onerous internal projects”.