News: 300 Experts Drive Forward Progress on LEIs

08 March 2013 | Bill Hodgson

See the quote below, read the PDF, then enjoy your weekend. 300? WTF. Sorry. Update from the FSB: http://www.financialstabilityboard.org/publications/r_130308.pdf

The ROC welcomed the development work undertaken by the FSB LEI Private Sector Preparatory Group of close to 300 private sector experts from across the globe.



Bill 300 people globally aligned into several WG's and working towards a common set of principles. That's the PSPG, a consultative group composed of experts from many fields. Why the skepticism? I'm curious. Have you ever counted the number of people working on ISDA committees? The LEI will be used well beyond OTC requirements. Regards Steve Sent from my iPhone

Why does it need 300 people to (re)design the CICIUtility? Managing a big list of legal entities was quick for Avox / DTCC to setup, and I bet didn't need a working group of 300.I'm amazed that the solution to registering LEIs is so complicated and taking so long, when it's been done once already. The CICI database now has 50,000 entities and rising, by the time the LEI solution is in place, most entities who need an LEI will probably have one within the CICI database. I'm not convinced that the current FSB approach is sensible, cost effective or fit for purpose.I am open to persuasion and to understand better why the approach being taken is the right one.Thanks for the feedback, Bill