JP Morgan: New LEI scheme could make codes cheaper

The bank is offering identifiers for free to customers under a new scheme it hopes will drive down costs for entities wanting to sign up.

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A reference data expert at JP Morgan says a new program for distributing the Legal Entity Identifier (LEI)—the alphanumeric code that identifies counterparties to a transaction—could drive down the cost of the code for market participants that want to sign up for one.

Currently, legal entities pay about $100 for a new code, though the price differs depending on the local operating unit (LOU) they use. LOUs are the organizations accredited to generate and assign the codes. Entities must also

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