London
08 November 2017
Reporter: Drew Nicol

LSE teams up with APIR Systems to brings LEIs to Australasia


The London Stock Exchange (LSE) has partnered with APIR Systems offer a legal entity identifier (LEI) solution to firms in Australia and South East Asia.

APIR Systems will be able to utilise the solution to comply with LEI requirements under the incoming second Markets in Financial Instruments Directive (MiFID II), among other regulatory frameworks.

LEIs are required as a global standard providing improved transparency of financial transactions across jurisdictional borders.

According to exchange, the process of acquiring an LEI has recently become more complex, with level-two data requirements requesting mandatory information on an entity's parent-child hierarchy.

Industry estimates suggest more than 250,000 entities are still without the required LEIs, according to LSE.

APIR Systems, who will act as a registered agent in the region, will continue to assist clients with understanding their LEI requirements but will now send details to London Stock Exchange for validation and approval.

The European Securities and Markets Authority (ESMA) has stated that firms should not trade with counterparties that do not have an LEI as they will not be able to submit valid transaction reports.

Chris Donohoe, CEO of APIR Systems, said: “As Australia’s identification standard for a range of unlisted financial instruments since the late 1990s, it is a natural evolution for APIR Systems to join the global LEI initiative.”

“In 2015, APIR began issuing LEIs and it has now evolved that service by partnering with LSE to leverage their technical expertise and global scale. Although MiFID II is relatively new to Australian entities it does impact a broad range of financial services firms that transact with European counterparties, including funds, self managed super funds and traders.”

“The relationship with LSE offers benefits for both our existing clients and the new client segments that will soon be impacted by these changes.”

Pritha Sharma, manager of LEI and information services at LSEG, added: “This partnership between LSE and APIR systems demonstrates our ongoing commitment to help market participants comply with a wide range of regulation.”

“This partnership between LSE and APIR looks to promote the LEI and raise awareness of the use of the identifier particularly in the Australasian market.”

More news
The latest news from Asset Servicing Times
Join Our Newsletter

Sign up today and never
miss the latest news or an issue again

Subscribe now
Societe Generale boosts ESG reporting
22 November 2017 | Paris | Reporter: Jenna Lomax
The new solution allows institutional investors and asset managers to rate their investments against ESG indicators
Tobam launches bitcoin mutual fund
22 November 2017 | Paris | Reporter: Jenna Lomax
The fund will allow investors access to cryptocurrency to benefit from Tobam’s research and IT systems to track the value of investing in bitcoin
Strate adopts Nasdaq blockchain solution for voting
22 November 2017 | Stockholm | Reporter: Becky Butcher
Nasdaq is set to provide its blockchain electronic voting solution to South African Central Securities Depository (CSD) Strate
UniCredit launches instant payment solution
22 November 2017 | Milan | Reporter: Becky Butcher
UniCredit has launched its cross-border instant payments solution in Italy and Germany
Hedge fund industry reaches new highs in Q3
22 November 2017 | London | Reporter: Zsuzsa Szabo
The hedge fund industry has recorded strong performance in Q3 2017, after stumbling in 2016, according to Preqin
SSGA hires Nordic head of SPDR ETFs
21 November 2017 | London | Reporter: Theo Andrew
Based in London, Marcus Miholich will be responsible for evaluating the investment objectives of SSGA’s Nordic client base. He will report to Rory Tobin, global co-head of SPDR ETFs at SSGA
EU Commission opens consultation of SFTR TR fees
21 November 2017 | Paris | Reporter: Drew Nicol
UK-based trade repositories may be forced to shoulder additional third-party recognition fees to operate under EU regulatory frameworks post-Brexit, according to proposed EU Commission rules
More news