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Swift adds BIC and LEI cross-referencing
03 September 2013
Directory to allow mapping between Business Identifier Codes and Legal Entity Identifiers
Financial messaging service Swift has released a Business Identifier Code (BIC) to Legal Entity Identifier (LEI) directory for SwiftRef, the firm's data platform.
Swift said the directory was created following client and industry demand for a method to cross-reference BIC reference data to the public LEI database in a time and cost-effective manner.
Patrik Neutjens, head of reference data, said: “As an issuer of the BIC, it is a natural step for [Swift] to provide a directory to facilitate BIC to LEI mapping.
“There is an increasing need for clear and accurate identification of legal entities engaged in financial transactions to monitor systemic risk across the global financial network. [Swift’s] new BIC to LEI directory will help provide this.”
The firm said the directory would allow securities service providers to simplify derivatives trade reporting through the easier and more rapid matching of counterparties in light of reporting requirements under the US' Dodd-Frank Act and the European Market Infrastructure Regulation (Emir).
With more than 100,000 Business Identifier Codes in use around the globe and 1,400 BICs being changed on a monthly basis, Swift added that it would provide daily updates to the directory, which it hoped would become a valuable tool for the financial institutions.