The loan market has a new identifier, but the path to adoption isn’t clear

The CEI aims to bring interoperability to loan trading, but it’s entering a market dominated by a long-standing incumbent.

There’s a new loan entity identifier in town. In partnership with the Loan Syndications and Trading Association (LSTA) and loan data platform Versana, Cusip Global Services (CGS) has released an open-source entity identifier for the syndicated loan market called the CEI (Cusip Entity Identifier).

But the CEI is entering a market that already has an incumbent entity identifier. The MEI (Markit Entity Identifier) was developed by Markit, prior to its merger with IHS, in the early 2010s and is now

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