legal entity identification october 26, 2011 ken price co-founder, ceo, avox limited
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Legal Entity Identification
October 26, 2011Ken Price
Co-founder, CEO, Avox Limited
Agenda
• Avox overview• LEI Overview• LEI: Proposed Governance and Operating
Models
3
Background
• UK headquarters• Offices in London, Tokyo, Sydney, Singapore, Shanghai, New York and Wrexham (Wales)• Wholly owned subsidiary of the DTCC• Business entity data focus•“Counterparty Data Provider of the Year” for three years running
Website URLImmediate Parent
Date of RegistrationUltimate Parent
OtherParent Information
Legal FormIndustry Description
FATF IndicatorIndustry Code
Deficient JurisdictionIndustry Code Type (SIC, NAIC …)
Regulated ByIndustry Codes
FSA ClassificationAddress (lines 1-4)
15A6 IndicatorPostal Code
RegulatoryCity
Other Third Party IdentifiersState/Province/Region/County code (where applicable)
Exchange IDState/Province/Region/County
Exchange NameCountry Code (two/three digit ISO)
Fitch Company IdentifierCountry
FSA Firm Reference NumberAddress Type (e.g. registered, physical, correspondence, HQ…)
Federal Tax ID NumberAddresses
SWIFT BICFormerly Known As Name(s)
Business Registry IDAlso Known As Name(s)
Business Registry ID TypeLegal Name
Identifiers (partial list, subject to license)Name
Website URLImmediate Parent
Date of RegistrationUltimate Parent
OtherParent Information
Legal FormIndustry Description
FATF IndicatorIndustry Code
Deficient JurisdictionIndustry Code Type (SIC, NAIC …)
Regulated ByIndustry Codes
FSA ClassificationAddress (lines 1-4)
15A6 IndicatorPostal Code
RegulatoryCity
Other Third Party IdentifiersState/Province/Region/County code (where applicable)
Exchange IDState/Province/Region/County
Exchange NameCountry Code (two/three digit ISO)
Fitch Company IdentifierCountry
FSA Firm Reference NumberAddress Type (e.g. registered, physical, correspondence, HQ…)
Federal Tax ID NumberAddresses
SWIFT BICFormerly Known As Name(s)
Business Registry IDAlso Known As Name(s)
Business Registry ID TypeLegal Name
Identifiers (partial list, subject to license)Name
Data Coverage Includes:
- Accurate: Every record is re-validated to client SLA – audit trail is made available
- Timely: leverages real time business intelligence of contributors (70% of changes originated by clients)
- Identified: Records are persisted with client specific ID’s and a universal Avox ID (“AVID”)
- Data Ownership: Clients retain ownership of their own data – Avox just makes it better
A collaborative industry utility for business entity data
DTCC – SWIFT - ISOLegal Entity Identifier (LEI)
Proposal
DTCC – SWIFT - ISOLegal Entity Identifier (LEI)
Proposal
June 28, 2011
7
• US-based industry owned corporation
• Operates on an at-cost basis• Serves the global financial industry• 100% owner of Avox
• EU-based member owned cooperative• Serves the global financial industry• Brings the financial community together to shape
market practice and consider solutions to issues of mutual interest
• International standards body organization
• Develops and manages international standards used by financial organizations to support financial transactions
Unique Characteristics
8
• Governance Structure• Expertise in Financial Services• Oversight by Financial Regulators• Core Capabilities in Financial Industry
– Numbering standards– Operations and messaging standards– Counterparty identification leader
ISO 17442: TC68 LEI Proposed Structure• 20 characters – 18 alphanumeric characters plus 2 numeric check digits• Check digit validation using ISO 7064, Data Processing, Check Character
Systems• The ISO data record attributes at a minimum includes
– the official name of the legal entity as recorded in the official registers, or with the fund manager for collective investment vehicles.
– The address of the headquarters of that legal entity or the address of the fund manager.
– The country of incorporation denoted by ISO 3166, Codes for the representation of names of countries and their subdivisions
– the date of the first LEI assignment – the date of last update of the LEI information.– the date of expiry, if applicable
• In addition, other relevant attributes stated by IOSCO as Identification Data such as other relevant contact information and hierarchical information concerning to the entity’s relationship to affiliates can be included in the LEI repository (subject to data privacy regulations)
9
Business Model
10
• Accelerates Self-Registration– Contributing 400k relevant records for self-validation
• Complemented by third-party registration– From firms, NNAs, jurisdictional registration
authorities, regulators• Cost recovery achievable in short-term
Key Success Principles
• LEI data is free of cost and restriction• Data quality is centrally managed• Quality management standards are
transparent and constantly improved• LEI data and quality standards can be
challenged by any user (collaboration)• Scope of data fields covered is kept to a
minimum until the Utility is operational
11
LEI Utility Governance
12
LEI Governance Committee
LEI Utility (SWIFT / DTCC)
DTCC Facilities Management
SWIFTISO Registration Authority
International Oversight
ISO
Operating Model
13
Questions?
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