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Thomson Reuters introduces LEI Profiling Service for MiFID II

First Published 29th September 2017

Global Legal Entity Identifier Service answers 2018 European regulation's "No LEI, No Trade" mandate

London, New York - In answer to a requirement taking effect on Jan. 3, 2018 that investment firms uniquely identify parties to trades or transactions under Europe's Markets in Financial Instruments Directive (MiFID II), Thomson Reuters is launching its LEI Profiling Service, a solution for financial institutions to perform a health check on their LEI (legal entity identifier) content and help them comply with MiFID II.

Thomson Reuters LEI Profiling Service generates client-specific reports that help financial institutions to assess the quality of their LEI data held against internal client records in accordance with MiFID II's reporting requirements - notably a "No LEI, No Trade" stipulation that firms obtain a LEI from their clients for any transaction before they can provide a service resulting in a reporting obligation. It enables them not only to positively identify gaps which need to be closed prior to Jan. 3, 2018, but also to affirm data quality within their reportable client universes.

Other features of Thomson Reuters LEI Profiling Service to subscribers include:

  • Comprehensive LEI content - mapped daily by the Thomson Reuters team, which will track the large volume of new LEIs being issued in the coming months
  • Established experience - leveraging the same matching technology and methodology that has been used to onboard and match client data files in the Avox Managed Data Service
  • Reduced cost and time - allows firms to focus now on proactive client outreach for known entity record gaps rather than on reconciliation of internal content