Legal entity identifiers: The beginning of a new platform in financial data

Robleh Ali

Journal of Securities Operations & Custody, 2014, vol. 6, issue 4, 295-299

Abstract: When the crisis hit, the absence of globally standardised information in the financial industry created problems for both regulators and firms, as it was difficult for them to aggregate data quickly and accurately to support decisions. Standardising data will allow regulators, market participants and new entrants to build powerful new tools to enable improved risk management both for individual firms and the financial system as a whole. The legal entity identifier (LEI) is the first part of a new global platform of standardised financial data. Universal product identifiers (UPIs) will be the second part. But standardisation of data does not mean standardisation of products. As the creation of barcodes and the world wide web has shown, the emergence of new data platforms can enable beneficial innovation and reduce barriers to entry. This development could help technology firms enter the financial industry, which could be as transformative as it has been elsewhere.

Keywords: LEI; financial technology; platform strategy (search for similar items in EconPapers)
JEL-codes: E5 G2 K22 (search for similar items in EconPapers)
Date: 2014
References: Add references at CitEc
Citations:

Downloads: (external link)
https://hstalks.com/article/185/download/ (application/pdf)
https://hstalks.com/article/185/ (text/html)
Requires a paid subscription for full access.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:aza:jsoc00:y:2014:v:6:i:4:p:295-299

Access Statistics for this article

More articles in Journal of Securities Operations & Custody from Henry Stewart Publications
Bibliographic data for series maintained by Henry Stewart Talks ().