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Legal entity identifiers: The beginning of a new platform in financial data

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  • Ali, Robleh

Abstract

When the crisis hit, the absence of globally standardised information in the financial industry created problems for both regulators and firms, as it was difficult for them to aggregate data quickly and accurately to support decisions. Standardising data will allow regulators, market participants and new entrants to build powerful new tools to enable improved risk management both for individual firms and the financial system as a whole. The legal entity identifier (LEI) is the first part of a new global platform of standardised financial data. Universal product identifiers (UPIs) will be the second part. But standardisation of data does not mean standardisation of products. As the creation of barcodes and the world wide web has shown, the emergence of new data platforms can enable beneficial innovation and reduce barriers to entry. This development could help technology firms enter the financial industry, which could be as transformative as it has been elsewhere.

Suggested Citation

  • Ali, Robleh, 2014. "Legal entity identifiers: The beginning of a new platform in financial data," Journal of Securities Operations & Custody, Henry Stewart Publications, vol. 6(4), pages 295-299, June.
    • Handle: RePEc:aza:jsoc00:y:2014:v:6:i:4:p:295-299
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    More about this item

    Keywords

    LEI; financial technology; platform strategy;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • K22 - Law and Economics - - Regulation and Business Law - - - Business and Securities Law

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