Allan D. Grody examines the implications of the recent CFTC CICI Utility ruling.
Underlying their recent order for
identifying swaps counterparties, the CFTC’s CICI Utility
assigned codes to swaps market participants in over 150
countries. Are these codes only suited for swaps
counterparties, or can they be used for their ultimate required
goal of aggregating all financial institutions’
risk across all asset classes?
June 10, 2013 the CFTC issued an Amendment to their Swaps Data
Reporting rules that modified its acceptance of codes known as
CFTC Interim Compliant Identifiers. CICI’s were
designed and distributed by its preliminarily (pre-) designated
local operating unit (LOU) provider DTCC-SWIFT.
These codes, referred to more generally
as pre-LEIs are expected to become part of the Global Legal
Entity Identifier System. The GLEIS is a G20 sponsored
initiative of the Financial Stability Board. The FSB recently
turned over the project to a sixty-one member Regulatory
Oversight Committee. The ROC itself is made up of
representatives from sovereign financial regulators including
the CFTC. The CFTC expects that DTCC will become one of the
LOUs in the global system, issuing CICIs that will become
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