Legal Entity Identify (LEI)
London Stock Exchange is endorsed by the Regulatory Oversight Committee (ROC) as authorised Pre-Local Operating Unit (LOU) for the global allocation of Pre-Legal Entity Identifiers (LEI). The London Stock Exchange's Pre-LEI is issued to legal entities using the agreed principles outlined by the LEI ROC.
What is the LEI code?
The Legal Entity Identifier (LEI) initiative is designed to create a global reference data system that uniquely identifies every legal entity or structure, in any jurisdiction, that is party to a financial transaction.
Endorsed by the G20, the establishment of a Global LEI System (GLEIS) is critical to improving measurement and monitoring of systemic risk. Global, standardised LEIs will enable regulators and organisations to more effectively measure and manage counterparty exposure while also resolving long standing issues on entity identification across the globe. To aid global allocation of LEIs, Local Operating Units (LOUs) have been formed and must be sponsored by local regulators to assign and maintain LEIs to firms on a cost recovery basis.
While the GLEIS is being developed official Pre-LOUs have been introduced to provide an interim solution. As with the proposed official GLEIS model, Pre-LEIs are allocated by Pre-LOUs accordingto the agreed international standard which outlines the structure and minimum data record requirements.
The use of the LEI has been mandated by the European Securities and Markets Authority (ESMA) for the reporting of derivative transactions to Trade Repositories under European Market Infrastructure Regulation (EMIR).
London Stock Exchange's Pre-LEI is called the International Entity Identifier (IEI).
What is London Stock Exchange's role?
London Stock Exchange has over 20 years experience as the UK’s National Numbering Agency for ISINs and CFIs and will be allocate Pre-LEI codes on an individual basis from 31 July 2013. The codes will be issued via UnaVista, the Group’s hosted matching and reconciliation platform.
What are the benefits of using London Stock Exchange as a Pre-LOU?
Further to demonstrating our ability to perform as a Pre-LOU, our proven track record with reference data software solutions is further displayed in our LEI offering. Utilising our UnaVista platform, our service provides a number of benefits to you:
All Pre-LEI data in one place - inc a consolidated file
The user interface provides an advanced look-up service to access all Pre-LEI reference data in one database. You will be able to view, filter, manipulate and extract data which has been consolidated through a single tool. this includes a downloadable consolidated file of all of the global Pre-LEIs.
Accuracy and reliability
The consolidated database ensures all Pre-LEI records are cross referenced before a new Pre-LEI is created to ensure avoidance of duplicates. Following this, entity validation against global sources is carried out, so you can be confident the Pre-LEI obtained is unique and accurate.
London Stock Exchange has contributed to the development of international standards for the financial services industry for many years and participated in the ISO process for the development and creation of ISO 17442:2012 – Legal Entity Identifier. Continued participation in Pre-LOU and international standards working groups ensures we have the most current subject matter knowledge.
As the UK’s National Numbering Agency for provision and maintenance of ISIN and CFI reference data, we have over 20 years experience in validating and maintaining data and will use this experience to provide you with high quality data and knowledgeable customer service.
Pre-LEIs will be allocated using the Exchange’s hosted matching and reconciliation platform, UnaVista. Users can register to access UnaVista to search the database from anywhere in the world as well as request Pre-LEI allocation. UnaVista also offers a wide range of advanced functionality including:
- Self-registration – Set yourself up quickly and simply
- Advanced search and filter – helps you find the information you need quickly
- Challenges – assists with the proactive maintenance of entity data
- Easy to use interface – very little training required
- Interactive dashboards – get an overview of the data in a view that suits you
What is the cost of obtaining an Pre-LEI?
London Stock Exchange will be charging fees on a cost recovery basis. There is an initial allocation cost of £100+vat and annual maintenance cost of £55+vat per Pre-LEI. For firms who require a bulk allocation of 10 or more Pre-LEIs there is pricing based on economies of scale.
How you can register for your Pre-LEI?
Registration for individual Pre-LEI allocation requests started on 5 August 2013. Bulk upload functionality is also now available for firms that require 10 or more Pre-LEIs to be allocated. You can register for your Pre-LEI here - http://www2.londonstockexchangegroup.com/register-for-lei.
Where you can find more information
For more information view our London Stock Exchange Group FAQ on LEIs, get in contact with your account manager or email us at email@example.com. You can also download our LEI Welcome Pack which has all the information you need to get started.
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