FCA sponsors London Stock Exchange as a pre-Local Operating Unit
- London Stock Exchange will assign interim Legal Entity Identifiers
- Interim Entity Identifier codes will satisfy new reporting requirements under EMIR
- UnaVista expected to start allocating new IEI codes from July 2013
London Stock Exchange Group announced today that the FCA has confirmed its sponsorship of London Stock Exchange as a pre-Local Operating Unit (LOU). London Stock Exchange is the only UK-based pre-LOU and will allocate a pre-Legal Entity Identifier (LEI) called Interim Entity Identifier (IEI) to legal entities using the agreed principles outlined by the LEI Regulatory Oversight Committee (ROC).
London Stock Exchange has over 20 years experience as the UK’s National Numbering Agency for ISINs and CFIs and expects to be ready to allocate IEI codes from July 2013. UnaVista, the Group’s hosted matching and reconciliation platform, will be used to allocate the IEIs as well as providing self-registration, advanced look-ups and challenges.
Counterparties with a reporting requirement under EMIR are required to use interim LEIs and are expected to apply to a pre-LOU for an identifier in preparation for the regulatory changes. An IEI issued through UnaVista will satisfy this requirement.
Mark Husler, Global Head of Product Management for and UnaVista, Information Services, London Stock Exchange Group, said:
"We are delighted to become the first UK-based pre-LOU. Our experience as a National Numbering Agency, combined with the technology we have in place with UnaVista, will enable us to assist firms in meeting their new reporting requirements through the creation of unique global identifiers. All firms will have full access to all pre-LEI codes in addition to all free UK ISIN data."
UnaVista is a matching and reconciliation platform that allocates ISINs and SEDOL codes globally. UnaVista has over 650 clients processing over 1 billion transactions a year on its MiFID Transaction Reporting service and provides a number trade confirmation, matching and reconciliation services designed to help reduce operational and regulatory risk. UnaVista has also applied to ESMA to become a Trade Repository.
For a list of FAQs please see the following link //go.pardot.com/l/6522/2013-07-03/qs3h7/6522/94574/LSEG_Pre_LOU_FAQ.pdf
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Notes to editors:
About London Stock Exchange Group:
London Stock Exchange Group (LSE.L) is a diversified international exchange Group that sits at the heart of the world's financial community. The Group can trace its history back to 1801.
The Group operates a broad range of international equity, bond and derivatives markets, including London Stock Exchange; Borsa Italiana; MTS, Europe's leading fixed income market; and the Pan-European equities and derivatives platform, Turquoise. Through its markets, the Group offers international business, and investors, unrivalled access to Europe's capital markets.
Post trade and risk management services are a significant and growing part of the Group’s business operations. LSEG operates CC&G, the Rome headquartered CCP and Monte Titoli, the significant European settlement business, selected as a first wave T2S participant.
The Group is also a majority owner of leading multi-asset global CCP, LCH.Clearnet.
The Group offers its customers an extensive range of real-time and reference data products, including Sedol, UnaVista, Proquote and RNS, as well as access to over 200,000 international equity, bond and alternative asset class indices, through LSEG’s world leading index provider, FTSE.
London Stock Exchange Group is also a leading developer of high performance trading platforms and capital markets software. In addition to the Group’s own markets, over 30 other organisations and exchanges around the world use the Group’s MillenniumIT trading, surveillance and post trade technology.
Headquartered in London, United Kingdom with significant operations in Italy, France, North America and Sri Lanka, the Group employs approximately 2,800 people.
Further information on London Stock Exchange Group can be found at: www.lseg.com