GoldenSource, the leading independent provider of enterprise data management (EDM) solutions for the securities and investment industry, today announces simple and straightforward support for the Legal Entity Identifier (LEI) standard with GoldenSource EDMTM.
LEI enablement with GoldenSource empowers financial institutions to get control of an onslaught of regulatory requirements. In its final report on draft technical standards for the European Market Infrastructure Regulation (EMIR), the European Securities and Markets Authority (ESMA) has officially recommended the use of the LEI. Regulatory oversight defined by Dodd-Frank hinges on use of the LEI to identify parties. Currently more than 35,000 entities have had LEI codes assigned and their information validated. With over 47,000 entities from 125 countries having already registered with the CFTC Interim Compliant Identifier database (CICI) utility, this number is set to grow.
Furthermore, whilst regulatory compliance may be considered a short term imperative, those firms that adopt LEI across the organisation will be at a significant competitive advantage. Financial institutions with a group-wide consistent and accurate view of their clients and counterparties are well placed to improve the sales and on-boarding process, improve risk management, and reduce operational costs associated with the downstream impacts of inconsistent and inaccurate data.
GoldenSource makes LEI enablement possible with a twofold approach. GoldenSource EDM software forms the core of LEI enablement, allowing users to add LEI codes as an additional or as their primary entity identifier. This is coupled with GoldenSource’s managed Connections service, which has been extended to include LEI-related information from data vendors who have started to provide this data. GoldenSource will also support the LEI for additional data vendors who have announced that they will incorporate LEIs to their offering in the future.
Existing GoldenSource Customers quickly and easily take advantage of the ISO17442 standard for LEI, as no GoldenSource EDM software upgrade is necessary and Connections updates are provided by GoldenSource as part of the Connections service. New customers to GoldenSource can take advantage of LEI support out-of-the-box.
LEI information, when implemented together with capabilities such as GoldenSource’s Vendor Data Source Hierarchy, will provide financial institutions of all sizes with a powerful mechanism to achieve a consolidated Entity Master. These institutions will also be empowered to successfully overcome the existing challenges associated with issuer matching.
Mike Meriton, CEO at GoldenSource, commented, “There’s a vast amount of new regulation in the pipeline, and underpinning compliance to all of these is ensuring you manage your data correctly. We’re currently the only vendor in the market to offer both a holistic view of data across the enterprise as well as out-of-the-box LEI readiness. We feel that this is of enormous value to our clients in the midst of these challenging regulatory times.”