DTCC has reported significant growth for its global markets entity identifier (GMEI) in collaboration with SWIFT.
The GMEI has now issued about 165,000 legal entity identifiers (LEIs) to entities in more than 140 jurisdictions, representing approximately a 50 percent share of LEIs issued worldwide.
DTCC expects the GMEI utility to grow even more as regulators make the use of LEIs a mandatory requirement. Already, many of the impending European regulations will require the use of LEIs in their reporting infrastructures.
This success represents a successful partnership with the Global LEI Foundation (GLEIF) and a role in the growth of the Global LEI System (GLEIS).
The GMEI utility creates and assigns globally accepted LEIs in a standard format, validating the accuracy of the associated data and storing it in a database for public use and distribution.
The tool can help regulators and market participants to aggregate and better understand their exposures while enhancing market transparency and improving analysis of global systemic risk.
In 2014, the GMEI also made strategic partnerships with NordLEI in Sweden, LuxCSD in Luxembourg and CDS Clearing and Depository Services, which has been sponsored as the local operating unit (LOU) in Canada.
These collaborations take advantage of the GMEI’s infrastructure and capabilities to increase geographical coverage of LEIs.
The system was also raked number one for data consistency and uniformity by TABB Group and in the Alacras LEI Comprehensiveness Ranking, in two quarterly evaluations of LOUs.
Bill Hodash, managing director of business development at DTCC, said: “Achievement of these milestones illustrates the seriousness with which we take our role within the GLEIS. The industry, DTCC and SWIFT, other LOUs and the GLEIF are all working together to fully implement the LEI, since it is so critical to increasing transparency and improving counterparty and global systemic risk analysis.”
Ron Jordan, chief data officer at DTCC, added: “DTCC and SWIFT are working seamlessly with our partners to provide best-in-class LEI assignment and reference data quality and we are gratified that the GMEI utility has been recognised as the leader in both areas. We look forward to the continued growth of the GLEIS in the months and years ahead.”
