Preprint Article Version 1 This version is not peer-reviewed

The Global Legal Entity Identifier System: How Can It Deliver?

Version 1 : Received: 5 February 2019 / Approved: 7 February 2019 / Online: 7 February 2019 (15:19:04 CET)

How to cite: Milne, A.; Chan, K.K. The Global Legal Entity Identifier System: How Can It Deliver?. Preprints 2019, 2019020075 (doi: 10.20944/preprints201902.0075.v1). Milne, A.; Chan, K.K. The Global Legal Entity Identifier System: How Can It Deliver?. Preprints 2019, 2019020075 (doi: 10.20944/preprints201902.0075.v1).

Abstract

We examine the global legal entity identifier (LEI) system for the identification of participants in financial markets. Semi-structured interviews with data professionals reveal the many ways in which the LEI can improve both business process efficiency and counterparty and credit risk management. Larger social benefits, including monitoring of systemic financial risk, are achievable if it becomes the accepted universal standard for legal entity identification. Our interviews also review the substantial co-ordination and investment barriers to LEI adoption. To address these, a clear regulatory-led road map is needed for its future development with widespread application in regulatory reporting.

Subject Areas

Big data; Data Standards; Entity Identifiers; Macroprudential Policy; Regulation; Risk Management; Dodd-Frank Act; Operational Efficiency; Systemic Risk

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