ISE Launches new service for Pre-Legal Entity
Identifiers (LEI) on www.isedirect.ie.
The Irish Stock Exchange (ISE) has launched its pre-Legal Entity Identifier (LEI) service. The ISE is sponsored by the Central Bank of Ireland as the pre-LEI provider in Ireland and is now providing an online application service for customers through a new website www.ISEdirect.ie.
LEI is a global reference code which uniquely identifies each legal entity that engages in a financial transaction. The LEI is a new regulatory initiative designed to enable the identification and linking of parties to financial transactions which will facilitate the management of counterparty risk.
The LEI requirement is part of the international response by regulatory authorities to the global financial crisis. The range of entities requiring LEI codes is broad and includes all listed legal entities, financial intermediaries, banks and financial companies. While the global LEI standards are still in development, the need for entities to prepare for LEI implementation is growing.
In its first four weeks of operation, the ISE has issued over 80 entities with pre-LEI codes including Paddy Power, Permanent TSB, FBD and a large range of investment funds. In addition to the Irish based entities applying for pre-LEI codes, the ISE has issued codes to a number of organisations based in overseas locations such as Sweden, France, the Netherlands, the Channel Islands, Bermuda and the Cayman Islands.
Speaking at the ISE, James Ferguson, Head of Operations and LEI Lead said, “The ISE has been raising awareness of the LEI requirements among listed entities and in the financial community in Ireland over the last year. We have seen strong interest to date and we are delighted that www.ISEdirect.ie is now open for pre-LEI applications. Our aim was to design an online process that was as user friendly and simple to use as possible but which also ensured that entities were in a position to comply with their regulatory obligations - with ISEdirect we believe we have achieved that.”
Brian Healy, Director of Traded Markets, Development, and Operations added, “The ISE has been the National Numbering Agency (NNA) for the Republic of Ireland since 1995. During this time we have issued over 100,000 codes for Irish registered securities. This experience combined with our technology infrastructure means that the ISE is well-placed to offer another value-added, cost-effective service to both existing and new customers.”
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