CICIs: CFTC Interim Compliant Identifiers, Not LEIs
CFTC Announces Process to Designate the Provider of CFTC Interim Compliant Identifiers. As the LEI project won't be complete by the end of June, the CFTC has had a brainwave and offered an opportunity for a firm to run an interim identifier scheme in the meantime. Conditions for bidders include:
- The designation process will include an on-site, live demonstration for Commission staff of the process to be used for issuance of CICIs;
- The Commission’s designation will have a limited term of two years, and be terminable on six months notice if a different central utility for the global LEI is chosen later through the FSB process and becomes operational; and
- The Commission’s designation will require the designated utility to make public all CICI data, operations, identity validation processes and audit trail, and to pass to any successor utility, free of charge, all CICI data and all CICI intellectual property rights.
It's a big ask to create a piece of critical market infrastructure so quickly, and then give away a free option to deliver all the useful data to an LEI based successor with six months notice. I'm bidding a team priced at $100m, anyone want to come in on it?