OFR Speeds Up Legal Entity ID Developments

The Department of the US Treasury's Office of Financial Research (OFR) has released the "Statement on Legal Entity Identification for Financial Contracts," an official stance on the need for a universal system for identifying legal entities in the industry, and a call for market participants to take part in the consultation period due to be completed by January 31.

The policy statement directly addresses what has become one of the most established challenges within data management—the lack of a

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