Author: Bhawna Sethi
Publish Date: October 16, 2018
LEI which is a 20 digit alphanumeric number which was introduced after Lehman brother collapse and humongous 2008 financial crisis its issuance is not taking a halt, originated since 2012 and increasing day passing by day now LEI reached 1.29 million across the globe.
Xoriant CDi is being keeping the pace with LEI issuance, after LEI becoming mandatory with launch of MIFiD II in European Union since start of the year, which in-turn had increased entities requiring the unique code. With enforcement of this regulatory regime number of registration for LEI has seen a high wave and will also notice that tide coming with rules like SFTR etc. coming in capital market
Basically it’s not Xoriant CDi which issues a LEI number to an entity, to get a LEI number for any counterparty organizations approach respective countries LOUs, they issue a unique number. Primarily work of Xoriant CDi maintains the data quality of LEI, with increasing globalized digital economy it is a challenging to verify or identity customers, partners and suppliers as it is a time-consuming and costly process. Hence to identify the customer LEI number, maintain its data quality and resolve issues like duplicates, stale and annulled data Xoriant CDi plays a vital role
Xoriant CDi currently has a database of 1.29 million+ of LEI distributed across 223 countries out of which the majority coverage is from US and UK and US being ace in the list. The next position holder is Germany, to further drill down Netherland and Italy are sailing on the same boat with approximate coverage half as United States. The below given pie chart clearly showcases top 15 countries coverage goes as lower to 1.73% which is Norway and all other countries which are a part of top 15 contribute to more coverage than alone US does.