Recent conversations with executives close to the GLEIF (Global Legal Entity Identification Foundation) revealed an underlying conflict in the creation of the LEI database. The LEI registration process and data collection activities are being optimized for three constituencies: the regulators, the registrants, and the Local Operating Units (LOUs). However, a fourth constituency, equal in importance to the other three, has been ignored. These are non-regulatory data consumers who are ultimately the users of the LEI. Unless the data can be widely utilized for purposes other than transaction reporting, the vision of a ubiquitous LEI solving a broad range of financial market problems will not be realized.
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