LEIs, CICIs, USIs, UPIs: ID Codes Get Complicated
February 11, 2013
Instead of CICIs, ICE will use the ID numbers assigned by the National Futures Association, a trade group. “There’s a clear need for interoperability across SDRs and between regulators to overcome the challenges and make it easier for financial institutions to support the necessary data,” Riesack says.
The inherent complexity of getting up to speed on regulatory requirements is immense, says Riesack. Still, he believes, “Financial institutions must grasp this opportunity to upgrade data management infrastructure to not only incorporate LEI, USI, UPI and other (codes) into the existing framework, but also to use them to lay the foundation for future data landscape of the organization. The price of not doing so -- and the associated risks -- are overwhelming."