NEW YORK, Jan. 28, 2016 /PRNewswire/ -- CUSIP Global Services (CGS) announced today that it has extended its support of the Global Markets Entity Identifier (GMEI) Utility, the legal entity identifier (LEI) service offered by The Depository Trust & Clearing Corporation (DTCC) – furthering a relationship that has developed for many years. This collaboration helps market participants meet growing regulatory reporting mandates, increase market efficiencies regarding the registration of LEIs and continue to foster the widespread adoption of the new global standard.
The relationship leverages an integrated interface between CGS and the GMEI Utility, offering issuers a streamlined solution to simultaneously apply for both CUSIP identifiers and LEIs from the GMEI Utility in a single workflow. This assistance with the registration of LEIs, which has been widely embraced since the initiative's launch in 2013, makes the adoption and maintenance of LEIs a seamless part of the new security issuance workflow.
The GMEI Utility is part of a global effort to standardize the identification of legal entities that engage in financial transactions and make entity reference data readily accessible. This initiative is led by the Regulatory Oversight Committee (ROC), which includes financial regulators from around the world.
As the U.S. National Numbering Agency (NNA), CGS has been a strong advocate for widespread adoption of LEIs. CGS's collaboration with the GMEI Utility supports 2012 Financial Stability Board (FSB) recommendations around the establishment of a global LEI system (GLEIS) and which was approved by G20 Leaders. The FSB recognized that, "LOUs [local operating units] could build on local business registry or numbering services to maximize the utilization of local infrastructure."
Furthering widespread adoption of LEIs is the goal of the CGS partnership with the GMEI Utility. This is also recognized in the FSB report, which states that, "The maximum benefits [of LEIs] consequently accrue from eventual implementation across the whole global financial system. To support that ultimate aim, an important objective is consequently to ensure that widespread take up of the system is encouraged."
"Given our role in providing unique identification for instruments and issuers, as well as our obligation to promote new standards such as LEIs, we are delighted to extend our collaboration with the GMEI Utility," said Scott Preiss, Managing Director and Global Head of CGS.
Ron Jordan, DTCC's Managing Director of Data Services, said: "Our partnership with CGS has been a tremendous success: the efficiency of the combined interface has resulted in thousands of new legal entities being recognized in the global LEI framework, delivering upon G20 goals and local mandates."
About CUSIP Global Services
For 40 years CUSIP Global Services has provided a unique common language for identifying financial instruments across institutions, exchanges and nations, enabling financial services firms to benefit from improved operating efficiencies and substantially reduced administrative costs. CUSIP Global Services is operated by the CUSIP Service Bureau (CSB). CSB is managed on behalf of the American Bankers Association by S&P Capital IQ and SNL Financial. For more information, visit www.cusip.com.
About GMEI Utility
The GMEI Utility, operated by DTCC, is the largest Local Operating Unit (LOU) in the Global Legal Entity System (GLEIS). To date, it has issued approximately 50% of the total LEIs worldwide. For more information, please visit: www.gmeiutility.org or email us: [email protected].
SOURCE CUSIP Global Services