ESMA’s long awaited final draft technical standards for EMIR have dealt a serious blow to ‘interim solutions’ already being used, stating that any interim solutions need to be in line with FSB standards and, if this or the global LEI is not available, then entities should default to the use of a BIC code. This means that firms who have spent valuable resources adjusting to the CFTC’s CICI identifier, or other interim solutions, might need to stop and wait for the FSB’s finished LEI in March 2013, and default to using BIC codes in the meantime. So much for planning ahead, or across borders.
Interim identifiers face EU brick wall
- 1st October 2012
- 13th February 2014
- 21st March 2013
- Clearing and settlement
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