International Stock Exchange launches new service to help with identification

Tuesday 02 January 2018

The International Stock Exchange (TISE) has launched a new service to assist local financial services firms with obtaining a Legal Entity Identifier (LEI), a unique 20-character alphanumeric identification code designed for regulators to globally identify all legal entities engaging in financial transactions.

Some entities have already been required to have an LEI but the scope is set to widen significantly as from 3 January 2018, all entities within the EU, including the UK, as well non-EU entities wishing to transact with such entities will need an LEI to be able to trade.

Fiona Le Poidevin (pictured), CEO of The International Stock Exchange Group (TISEG), said: “We are delighted to be able to offer this new service to assist local financial services firms with obtaining LEIs for their own entities and also those of their clients. This service is open to both existing Members of the Exchange and also non-Member firms with whom we don’t have a pre-existing relationship.

“We believe that the offering of an administrative hub for obtaining, renewing and maintaining single or multiple LEIs with the LSE from within the Crown Dependencies could be attractive to local financial services firms.”

TISE will charge an initial set-up fee of £155 for each LEI request and each LEI will have an annual renewal fee of £95.

Mrs Le Poidevin added: “The breadth of those entities requiring an LEI is going to be significantly increasing and so we believe that providing a service from the Crown Dependencies will be attractive for our financial services firms.”