BIIA has invited Michael Ritter, a member of the LEI ROC Executive Committee, for a discussion about the initiative of the Financial Stability Board to create a Legal Entity Identification number (LEI) for financial transactions. Will the LEI replace individual private sector company identification systems or supplement them? Will the LEI be only created as a public sector initiative or will there be opportunities for co-operation with the private sector.
A Legal Entity Identifier (LEI) is a unique ID associated with a single corporate entity. The lack of a standard identification system for financial counterparties makes it difficult for financial firms to develop a consistent and integrated view of their exposures, such as in the case of default of counterparty. This is a challenge not only for firms, but also creates an obstacle for regulators to aggregate and share information to effectively monitor risks.
Michael Ritter, is the Head of Central Credit Register at the Deutsche Bundesbank its representative in the Regulatory Oversight Committee (LEI ROC) of the GLEIS and furthermore represents Europe in the LEI ROC Executive Committee.
The BIIA 10th Anniversary Business Information Conference is held on October 29th & 30th, 2015 at the Park Lane Hotel in Hong Kong
For further details click on this link: https://2018.biia.com/biia-10th-anniversary-conference