The OFR posted today a blog by Director Richard Berner, entitled, “Breaking Through Barriers Impeding Financial Data Standards.” In the blog, Director Berner says, the global Legal Entity Identifier (LEI) system is a cornerstone for financial data standards that offers great benefits to industry and government.
The blog is accompanied by a research brief, entitled, “Collective Action: Toward Solving a Vexing Problem to Build a Global Infrastructure for Financial Information.” The brief tells the inside story of how partnership and top-level support by government and industry mobilized broad support for creating a worldwide, single identification system for financial data. The development of the global LEI system reveals important lessons for future efforts to forge consensus and take collective action in finance on a global scale. The authors of the brief are OFR Chief Counsel Matthew Reed, former chairman of the LEI’s Regulatory Oversight Committee, and the two former vice chairmen, Bertrand Couillault of Banque de France and Jun Mizuguchi of the Financial Services Agency of Japan.
The blog can be found here: https://www.financialresearch.gov/from-the-director/.
The brief can be found here: https://www.financialresearch.gov/briefs/.
The OFR home page is at: https://www.financialresearch.gov/.