GFMA Commends CICI Utility Launch
New York, NY, 21 August 2012 – GFMA today released the following statement from David Strongin, representing GFMA, in response to today’s launch by the Depository Trust & Clearing Corporation (DTCC) and SWIFT of a web portal that will assign CFTC Interim Compliant Identifiers (CICIs) as required by the legal entity identifier (LEI) provisions of the U.S. Swap Data Recordkeeping and Reporting Requirements under the Dodd-Frank Act:
“GFMA commends DTCC and SWIFT for developing a CICI Utility that meets the needs of the CFTC and the financial industry for swaps reporting. GFMA strongly encourages prompt registration by all institutions that are required to obtain a CICI. This first-of-its-kind identifier will provide industry participants with a powerful new foundational tool for risk management in OTC derivatives trading.
“Additionally, GFMA continues to support the Financial Stability Board’s efforts to develop a global LEI system, which will dramatically improve systemic risk management across the financial industry.”
More information on the industry’s LEI effort is available on the GFMA website: http://www.gfma.org/global-market-policies/financial-market-infrastructure/lei/.
The Global Financial Markets Association (GFMA) brings together three of the world’s leading financial trade associations to address the increasingly important global regulatory agenda and to promote coordinated advocacy efforts. The Association for Financial Markets in Europe (AFME) in London and Brussels, the Asia Securities Industry & Financial Markets Association (ASIFMA) in Hong Kong and the Securities Industry and Financial Markets Association (SIFMA) in New York and Washington are, respectively, the European, Asian and North American members of GFMA. For more information, visit http://www.gfma.org.