The global authority that oversees firms’ adoption of identification codes has been dragging its feet for years, leaving jurisdictions without adequate insight into post-crisis credit risks, said Christopher Giancarlo, head of the US Commodity Futures Trading Commission.
“The progress is glacial,” he told reporters at an industry conference last week.* “We’re running out of patience.”
Giancarlo, whose agency regulates derivatives trading, faulted the Basel-based Regulatory Oversight Committee created to oversee implementation of legal entity identifier (LEI) standards in the wake of the financial crisis.
*FIA Boca 2019 International Futures Industry Conference; Boca Raton, Florida; March 13, 2019.
Global LEI authority making only 'glacial' progress, CFTC's Giancarlo complains
19 March 2019 8:23pm