DTCC Connection

Jan 31, 2013 • DTCC Connection

CICI Grows in Leaps and Bounds

by Theresa Pagliocca

With approximately 47,000 entities from 114 countries registered in the CFTC Interim Compliant Identifier (CICI) database, the CICI Utility is moving full steam ahead.

When DTCC and SWIFT announced the launch of the CICI web portal in August 2012, more than 24,000 legal entities were pre-loaded into the database and validated by entity personnel using publicly available authoritative sources. Fast forward four months and the CICI utility has now registered more than four times the number of entities anticipated.

CICI by the numbers

As of January 3, 2013, a total of 22,905 additional legal entities were added to the database. Of these additional entries, 18,460 were entered by the legal entities themselves and 4,445 were registered under “Assisted Registration” by asset managers with the explicit permission of the funds for which they serve as advisor.

All reference data associated with these registrations is validated by the CICI Utility staff. Going forward, more than 2,000 new entities are expected to be registered each month.

Through the CICI web portal (www.ciciutility.org), entities are assigned a unique 20-character alphanumeric code based on the new ISO 17442 legal entity identifier (LEI) standard. These identifiers will help regulators and the industry quickly identify parties to over-the-counter (OTC) derivatives trades.

Web portal registration

To date, of the 22,905 legal entities added to the database, 15,079 have registered using the CICI web portal. An additional 7,826 have been added to the database mainly through almost 90 bulk files submitted by large asset managers either for primary registration of mutual funds they sponsor or assisted registration of other funds for which they serve as advisor.

Data challenges

The database is fully accessible to the public and more than 12,000 file downloads have occurred. In addition, CICI staff have addressed more than 600 public challenges to the accuracy of reference data. The ability to challenge data is a key feature in keeping the database as accurate as possible.

All registration activity is in support of CFTC OTC Derivative Recordkeeping and Reporting Rules, which require transactions to be submitted to registered swap data repositories with the reporting parties and counterparties identified by CICIs.

Target dates are in place for the various firms and asset classes and all non-major swap market participants must self-register for CICIs or certify those registered by other parties on their behalf by April 10, 2013.

Enhancements

Since its launch, CICI has been guided by the industry, the Financial Stability Board (FSB) and other regulators and has implemented changes and enhancements. For example, a structured number scheme including a 4-character prefix recommended by the FSB has been established, and CICI now assigns identifiers with the prefix “5493” followed by two zeros, then a randomly generated 12 alphanumeric string and two check digits.

The utility supports federated registration and validation by local partners. Discussions with the Association of National Numbering Agencies (ANNA) are progressing to enable several NNAs to help with the issuance of CICIs and maintenance of the data from within local markets around the globe. @

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