OTC industry rushes to develop standard legal entity identifiers

Regulators are pushing for greater levels of automation, standardisation and transparency in the over-the-counter derivatives market. To make this possible, participants first need to agree on a system of legal entity identifiers. But this is easier said than done. By Clive Davidson

Allan Grody

Regulators have been clear about how they want over-the-counter markets to function. As much as possible of the OTC market will be cleared via central counterparties (CCPs), while key transaction data on both cleared and uncleared trades will be reported to repositories, then sifted through by individual supervisors. At the same time, new regulatory organisations will prowl financial markets looking for any build-up in systemic risk and identify those institutions that form key links in the

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