Thomson Reuters is to launch a legal entity identifier (LEI) profiling service to help firms perform health checks on LEI content and comply with MiFID II obligations.
The service generates reports to help firms assess the quality of their LEI data against internal client records for the ‘no LEI, no trade’ rule, which requires firms to obtain a LEI from clients for all transactions.
Customers of the profiling service will be able to identify entities that are yet to request LEIs and where LEIs already exist.
Client entity interests are also matched against Thomson Reuters’ LEI database, which currently includes more than 2.5 million entities and covers multiple jurisdictions and entity types.
Mark Davies, global head of RMS data services at Thomson Reuters, explained this is the first time a ‘no LEI, no trade’ rule is coming into force and it has caused concern across the industry.
“By using the content, technology and expertise residing in our LEI profiling service, firms can quickly and confidently assess their readiness to report under MiFID II and avoid the negative impact to their client relationships that would otherwise result from missing identifiers,” he said.