GoldenSource has added legal entity identifier (LEI) support to its enterprise data management platform.
The firm says enabling LEIs allows financial institutions further control over pending regulatory requirements, such as European Market Infrastructure Regulation (EMIR), which recommends the use of the LEIs.
Firms also use LEIs for identifying counterparties in Dodd-Frank reporting requirements. Specifically, more than 47,000 entities around the globe have been registered for Commodity Futures Trading Commission (CFTC) Interim Compliant Identifiers (CICI), the precursor to LEIs mandated for swaps reporting.
GoldenSource EDM software now allows users to add LEI codes as an additional or as their primary entity identifier. Additionally, the firms managed Connections service has been extended to include LEI-related information from data vendors who have started to provide the data.
Theres a vast amount of new regulation in the pipeline, and underpinning compliance to all of these is ensuring you manage your data correctly, says Mike Meriton, CEO at GoldenSource. Were currently the only vendor in the market to offer both a holistic view of data across the enterprise as well as out-of-the-box LEI readiness. We feel that this is of enormous value to our clients in the midst of these challenging regulatory times.
(CG)