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The operational challenges of adopting the LEI
The legal entity identifier (LEI) emerged after the financial crisis in a combined effort between the industry and public authorities. This new data standard allows regulators and market participants to better understand counterparty exposures and support risk management decisions. Until now, regulatory compliance has been a key driver for adoption. This paper highlights the operational challenges to a faster and broader adoption of the LEI across the financial industry.
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Paul Janssens is Programme Director at SWIFT. He led the Legal Entity Identifier initiative from the early stages of development through to its implementation. His current role includes facilitating the adoption of international standards such as ISO 20022 for regulatory reporting and addressing impacts from regulation on the financial market operations.