Industry makes progress on legal-entity identifier project

01/16/2012 | Risk.net (subscription required)

The financial industry is moving forward with an effort to create legal-entity identifiers for institutions, financial products and transactions. However, the project remains a major challenge for the industry. "These identifiers will help with the effectiveness of trade reporting, but will also place some significant technological demands onto the industry, as all the banks, platforms and vendors will need to use the codes," said James Kemp, managing director of the global foreign exchange division of the GFMA. SIFMA and GFMA will host an LEI symposium on March 14. Register today.

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