Hong Kong mandates use of legal entity identifiers for OTC derivatives

The mandatory of the use of LEI in OTC derivatives will take effect from April 1, 2019.

The Hong Kong Monetary Authority (HKMA) and the city’s Securities and Futures Commission (SFC) have unveiled plans to mandate the use of legal entity identifiers (LEIs) in over-the-counter derivatives trading.

The conclusion to a recent consultation, announced on June 27, included more than 20 written responses from the markets received since March.

The LEI is a unique 20-digit, alphanumeric code based on the ISO 17442 standard, used to identify an entity in a financial transaction. LEIs are

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