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Swap management and systemic risk control is getting easier as CICI Global Legal Entity Identifier i

The Depository Trust Clearing Corporation (DTCC) and SWIFT announced today that their global legal entity identifier (LEI) solution had progressed at a robust pace since its August, 2012 launch with more than 47,000 entities from 125 countries registered in the US Commodity Futures Trading Commission (CFTC) Interim Compliant Identifier (CICI) database.

Developed in collaboration with the industry, the CICI utility solution creates and assigns unique identifiers to any financial organization that engages in a transaction, and stores and validates the accuracy of the associated reference data. The solution offers the industry a tool for complying with recently implemented swap data reporting regulations.

Identification of legal entities is recognized as a critical element to aid regulators and financial market participants alike in measuring and managing systemic risk. The requirement to provide an LEI is increasingly found in regulatory rule making around the globe as a key data element needed in G20-mandated OTC derivatives reporting. The use of LEIs is also emerging in other regulatory data collection rule making proposals across asset classes. The CICI utility established by DTCC and SWIFT issues identifiers compliant with International Organization for Standardization (ISO) 17442 LEI standards.

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