By providing a universal, unique, authoritative identifier for each entity in financial transactions, a global LEI will provide a valuable risk management tool for aggregating data on exposures. However, while the LEI is critical on its own, it is not sufficient to provide a complete view on the aggregate exposures of any one entity to another. As noted in the FSB report, information on ownership and corporate hierarchies is also essential for aggregating risks on a broader level (such as the parent-entity level), which is a key objective for the global LEI system. Although this information will not be included in the first phase of the LEI, the FSB report recommends that the FSB LEI Implementation Group develop proposals for such reference data by the end of That work has begun. Currently, vendors in the marketplace offer aggregation, hierarchybuilding, and other services for legal entity data. The ability to provide these services, as well as additional services, will be enhanced by a global LEI solution.
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