New entity- and fund-level LEI fields bring added transparency to world’s largest SSI database
Omgeo, the global standard for post-trade efficiency, today announced it is supporting the global Legal Entity Identifier (LEI) initiative by adding additional entity- and fund-level fields and data into Omgeo ALERTSM, the industry’s largest and most compliant web-based global database for accurate account and standing settlement instructions (SSI).
These enhancements are bolstered by Omgeo’s partnership with Avox, a subsidiary of the Depository Trust & Clearing Corporation (DTCC) that provides the automated feed that populates legal entity data in ALERT. With this partnership, entity-level CFTC Interim Compliant Identifiers (CICIs) — which conform to the LEI standard and will transition to LEIs once the global LEI system is established — are automatically populated within confirmed investment manager and broker/dealer ALERT accounts. Clients can view entity-level CICI information in ALERT, as well as their counterparties’ legal entity data via subscription. To date, over 900 entity CICIs have been automatically populated after Omgeo worked with individual clients to confirm their correct legal entity details and acronyms.
ALERT also supports the CFTC-issued fund-level CICIs. Clients can manually add their fund-level CICI as well as their “large trader” ID to recently added open fields.
Bill Meenaghan, global product manager for ALERT at Omgeo, said: “The global LEI initiative is critical to bringing much-needed transparency to the financial markets, ultimately improving risk management capabilities and making it easier to detect market abuse across jurisdictions. We continue to seek ways to support the initiative and help our clients to take advantage of the benefits it can provide. Clients can now use legal entity data in ALERT to gauge their level of exposure to an entity, as well as their aggregate exposure to a parent.”
ALERT automates the communication of account and standing settlement instructions by enabling users to share accurate and compliant data across world’s largest community of SSI database subscribers. It lowers costs and streamlines trade processing through automated enrichment of SSI and account information, and increases data quality by establishing multiple levels of authorization for settlement instruction updates/edits. Now, it also offers extensive legal entity data to help clients — and global regulators — use the CICI and LEI to gain an accurate read of their counterparty risk and support regulatory reporting obligations.