ESMA’s long awaited final draft technical standards for EMIR have dealt a serious blow to ‘interim solutions’ already being used, stating that any interim solutions need to be in line with FSB standards and, if this or the global LEI is not available, then entities should default to the use of a BIC code. This means that firms who have spent valuable resources adjusting to the CFTC’s CICI identifier, or other interim solutions, might need to stop and wait for the FSB’s finished LEI in March 2013, and default to using BIC codes in the meantime. So much for planning ahead, or across borders.
Interim identifiers face EU brick wall
- 1st October 2012
Accountability Algo/HFT Americas AML AMLD Basel III Capital requirements Clearing and settlement Data protection Dodd-Frank EMEA EMIR EU Event reports External analysis FATCA FCA initiatives Financial crime Fines & sanctions Global Governance Identifiers Investor protection JWG analysis KYC MAD/MAR Market abuse Market data Market structure Market structure MiFID II/R News Operational risk OTC trading Reporting Reporting Risk Structural Systems and controls Systems and controls Tech Trading Transparency UK US