CUSIP Global Services (CGS), which serves as the national numbering agency for North American financial institutions, is now collaborating with The Depository Trust & Clearing Corporation (DTCC) on the assignment of Commodity Futures Trading Commission (CFTC) Interim Compliant Identifiers (CICIs).
CICIs are the interim identifiers used by the CFTC for OTC derivatives trade reporting and other purposes prior to the establishment of a global legal entity identifier (LEI) standard, which is under considering by the G20 and Financial Stability Board.
Under the collaboration, CGS will develop an integrated interface with the CICI Utility, the platform used to request CICIs and identity information, in order to offer issuers a streamlined solution to apply for both CUSIP numbers and CICIs using a single interface.
The platform is expected to ease the registration process for issuers and help insurance companies and their counterparty issuers to meet new National Association of Insurance Commissioners (NAIC) regulations, which require the use of LEIs in transaction and position reporting.
“Given our role in providing unique identification for instruments, their issuers and obligors, as well as our active role in legal entity standards development, partnering with the CICI Utility at this time makes perfect sense,” says Scott Preiss , vice president of CUSIP Global Services. “We are confident that global market participants will be the beneficiary of this important collaboration.”
Ron Jordan, managing director and chief data officer at DTCC, adds: “We are pleased to join CGS in this endeavor and look forward to providing users with an integrated and efficient approach to assigning CICIs.
(CG)