Andrew Haldane, executive director for financial stability at the Bank of England, said a global system for identifying market participants on every transaction would improve market security. Haldane's comments support efforts by Group of 20 leaders, who are scheduled to meet in June in Mexico to proceed with a legal-entity identifier system. Financial industry participants also are working to implement a system. "The industry will benefit from improved risk management, including a more holistic view of counterparty exposure, as well as operational benefits," said SIFMA Managing Director David Strongin.
Published in Briefs: