SWIFT Adds New Business Identifier Codes to LEI Directory

SWIFT has released a new Business Identifier Code (BIC) to Legal Entity Identifier (LEI) directory on its SWIFTRef data platform.

Using the directory SWIFT clients can cross reference BIC reference data to the public LEI database.

The new directory will aim to simplify securities service providers’ derivatives trade reporting by making it easier to identify and match counterparties. New regulation concerning unique identification of counterparties with LEI under the Dodd-Frank Act and the European Market Infrastructure Regulation (EMIR) will spur providers to improve reporting.

“As an issuer of the BIC, it is a natural step for SWIFT to provide a directory to facilitate BIC to LEI mapping,” said Patrik Neutjens, head of Reference Data at SWIFT. “There is an increasing need for clear and accurate identification of legal entities engaged in financial transactions to monitor systemic risk across the global financial network. SWIFT’s new BIC to LEI directory will help provide this.”

The Business Identifier Code (BIC), also known as ISO 9362, is a standard format identification code for both financial and non-financial institutions allocated by SWIFT and is the most commonly used international identifier for financial institutions. SWIFT has issued more than 100,000 BICs worldwide.

In line with SWIFT’s announcement earlier this year that it is providing daily updates on its SWIFTRef platform, the BIC to LEI directory will be updated on a daily basis.