Legacy and Legal entity identifier: Difference between pages

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'Legacy' refers to older systems, contracts or other arrangements, implemented before current systems, regulations or other market conditions, but still having a remaining life until their retirement or final maturity.
Legal Entity identifier or LEI is a unique identity reference number allocated to a company in accordance with an internationally agreed standard administered by the Regulatory Oversight Committee (ROC) of the Global Legal Entity Identifier System (GLEIS).  This is a stand-alone committee established by the international Financial Stability Board (FSB) and endorsed by the Group of 20 (G-20) nations.  It held its inaugural meeting in January 2013.


The ROC in turn has authorised Local Operating Units (LOU) which generate and issue the LEIs


:<span style="color:#4B0082">'''''Legacy RTGS systems'''''</span>
== References ==
 
1. http://www.leiroc.org/
:"TARGET2 is run by the Eurosystem under the responsibility of the Governing Council of the ECB.  
 
:The NCBs of France, Germany and Italy jointly provide the single technical infrastructure and operate it on behalf of the Eurosystem.  
 
:All of the eurozone countries have migrated to TARGET2 and have chosen to close their legacy RTGS systems upon migration."
 
:''The Treasurer's Handbook, Payments and payment systems.''
 
 
:<span style="color:#4B0082">'''''Legacy LIBOR contracts'''''</span>
 
:"Legacy contracts are those that do not mature until after the end of 2021.
 
:Depending on the financial product under consideration (loan, derivative etc), the precise response to the disappearance of LIBOR will vary."
 
:''ACT Briefing Note, Transition to risk free rate benchmarks.''
 
 
==See also==
* [[European Central Bank]]  (ECB)
*[[Eurosystem]]
*[[Eurozone]]
*[[Fallback]]
*[[LIBOR]]
* [[Migration]]
*[[NCB]]
*[[Payments and payment systems]]
* [[Real-time gross settlement system]]  (RTGS)
*[[Risk-free rates]]
* [[T2]]
*[[TARGET2]]
*[[Tough legacy]]
 
[[Category:Financial_products_and_markets]]
[[Category:Technology]]

Revision as of 16:01, 12 June 2013

Legal Entity identifier or LEI is a unique identity reference number allocated to a company in accordance with an internationally agreed standard administered by the Regulatory Oversight Committee (ROC) of the Global Legal Entity Identifier System (GLEIS). This is a stand-alone committee established by the international Financial Stability Board (FSB) and endorsed by the Group of 20 (G-20) nations. It held its inaugural meeting in January 2013.

The ROC in turn has authorised Local Operating Units (LOU) which generate and issue the LEIs

References

1. http://www.leiroc.org/

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