Industry slams ‘unhelpful’ last-minute Mifid LEI relief

Esma’s six-month respite “too little, too late” to avoid no-trade lists on January 3

Firms complain that finalised systems will be difficult to update at such short notice

Compliance experts have expressed frustration with a last-minute relief offered to European Union market participants on the use of legal entity identifiers (LEIs) under new rules that enter into force on January 3.

The second Markets in Financial Instruments Directive (Mifid II) requires all counterparties and issuers to sign up for an LEI to trade with a European investment firm or on a European venue. The LEI forms a field in transaction reports on all trades, which must be delivered by the