Bloomberg has released the New Common Data Format 3.1 for legal entity identifiers (LEIs) and received a second accreditation as an LEI issuer for funds. As an accredited Local Operating Unit of the Global LEI System, Bloomberg can issue and maintain LEIs through its web portal lei.bloomberg.com or on The Bloomberg Terminal at LEI . To try and streamline capturing the new data requirements of CDF 3.1, Bloomberg revamped its LEI web portal to support better user experience, additional functionality and greater storage capacity.
Steve Meizanis, global head of Symbology and LEI Services at Bloomberg, comments, “As an accredited issuer of LEIs, Bloomberg welcomes the new Common Data Formats. The additional data being collected around mutual funds, government entities and corporate events allows the LEI to meet the evolving entity identification needs of the industry. We are proud to be a part of the global effort to adopt LEIs, enhance financial data quality and bring more transparency and consistency to the capital markets.”
This newest Common Data Format, published by the Global LEI Foundation, now includes six entity category data fields that depict the type of legal entity, such as investment fund or government entity, as well as residential government entities, types of fund relationships and corporate events like name or address changes. By including these new categories, firms are potentially better able to understand their exposure to different types of legal entities, to help meet Know Your Customer (KYC) requirements and have access to meta data for onboarding clients.
Stephan Wolf, CEO of the Global LEI Foundation, says, “These new LEI data formats further increase the level of open, standardised and high-quality legal entity reference data available to users, creating yet more transparency in the global marketplace. The inclusion of Legal Entity Event data, for example, will ensure the Global LEI System delivers the most accurate and up to date information about legal entities as they evolve. By updating the way entity relationships which impact investment funds are recorded in the Global LEI System, we are facilitating the standardised collection of fund relationship information at the global level, increasing clarity for both observers and supervisors. The changes also allow certain legal entities to be classified as government entities or international organisations, making their categorisation easier for all users of the Global LEI System.”
Bloomberg reports that it maintains information for more than six million public and private entities. Bloomberg’s entity coverage includes basic business card data, registry information, full sanction coverage as well as hierarchical data consisting of immediate parent, ultimate parent and obligor.
Bloomberg’s Data Division also supports the firm’s responsibilities as a Registration Authority and issuer of the Financial Instrument Global Identifier (FIGI) standard under the auspices of the Object Management Group. Both the FIGI and the LEI are managed under the same Open Symbology umbrella within Bloomberg.
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