300 Experts Drive Forward Progress on LEIs

2 Responses to “300 Experts Drive Forward Progress on LEIs”

1. 

   Stephen Lachaga March 9, 2013 at 01:22

   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

2. 

   Bill Hodgson March 9, 2013 at 10:33

   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

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