Industry Awaits Swift’s BIC LEI Plans as OFR’s Consultation Deadline Looms

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The Swift board’s December decision to approve an initiative to propose the BIC standard as the new global industry standard for legal entity identification (LEI) is expected to have a significant impact on the consultation period for the Department of the US Treasury’s Office of Financial Research (OFR), according to market participants.

The industry has until January 31 to give feedback on the OFR’s “Statement on Legal Entity Identification for Financial Contracts,” a call for a universal syst