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Standardisation put to the test: How reference data standards have evolved in an era of unprecedented regulatory and technological change
Reference data standards are the backbone to financial markets, providing a single source of truth for security and entity identification that is universally accessible whether market participants are working with equities, fixed income or derivatives. That reliability and consistency are constantly challenged by the forces of regulatory and technological change, which have pushed standards bodies and national numbering agencies around the world to continually innovate around existing standards and press forwards to develop new ones that meet the evolving needs of the marketplace. This paper chronicles the refinement of existing standards and the development of new standards over the last decade, spotlighting the evolution of the international securities identification number (ISIN) to identify derivatives in the post Markets in Financial Instruments Directive II (MiFID II) marketplace, the development of the legal entity identifier (LEI) in response to the failure of Lehman Brothers, the growing use of existing standards in the blockchain ecosystem and the ongoing development of a standardised approach to syndicated loan identification.
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Darren Purcell is Senior Director, CUSIP Global Services at S&P Global Market Intelligence. He has been managing the CUSIP Global Services business in EMEA since 2004. Darren is responsible for developing CUSIP Global Services business and asset class coverage in EMEA, continuing CUSIP Global Services commitment to serving a global audience. Prior to joining CUSIP Global Services, Darren spent 10 years at SIX Financial Information, where he was responsible for product management in the UK for a wide range of products including corporate actions, pricing and reference data.