CFTC expands LEI Requirements

Posted on December 4, 2020 by Editor

Last week the US Commodity Futures Trading Commission (CFTC) adopted a proposal to expand the use of Legal Entity Identifiers (LEIs).

In response to a consultation held in May, XBRL US encouraged the CFTC to expand their use of the LEI by requiring counterparties to be identified with their own LEI and to adopt a single data standard for data submitted by swaps data repositories.

The final rule, adopted on 25 November, went ahead with both of these proposals, requiring counterparty use of the LEI and adopting the ISO 20022 standard for data submitted by swaps data repositories.

The Financial Stability Board (FSB) earlier this year in a review of the LEI noted that with more widespread use entity identifiers could be significant to improving the safety and security of global financial markets. The CFTC’s expansion is one small contribution to that necessary uptick in use.

Read the final rule here and XBRL US’ original comment letter here.

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