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Oct 09, 2013 • Press Releases

Regulatory Oversight Committee Endorses CICI Utility Developed by DTCC and Swift As A Globally Accepted PRE-LOU

London and New York, NY – October 9, 2013– The Depository Trust & Clearing Corporation (DTCC) announced today that the CICI Utility, the interim global legal entity identifier (LEI) solution developed in collaboration with SWIFT, has been endorsed by the Regulatory Oversight Committee (ROC) as a pre-Local Operating Unit (LOU).

This action marks an important milestone in establishing full operational deployment of a Global Legal Entity Identifier System (GLEIS) aimed at giving regulators and firms stronger systemic risk monitoring capabilities so they can analyze positions and transactions they oversee on a global basis. In addition to the CICI Utility, the ROC endorsed two other pre-LOUs, WM Datenservice in Germany and INSEE in France.

“The ROC’s endorsement underscores the importance of industry-wide collaboration to develop the necessary principles and requirements for establishing an efficient operating framework for a GLEIS,” said William Hodash, DTCC Managing Director and Chairman of the CICI Utility. “The progress that’s been made in establishing a standard unique global identifier and requiring it on mandatory reporting for all counterparties to derivatives transactions paves the way for other asset classes to be brought under the fold, giving global regulators and market participants alike greater insight on potential risk exposures.”

Established by Charter in January 2013, the ROC is comprised solely of global regulators and provides governance and oversight for the GLEIS. The ROC has responsibility for the development of the GLEIS according to Principles and Recommendations issued by the Financial Stability Board (FSB). It is a committee established after recommendations by the FSB and subsequent endorsement by the Group of 20 (G-20) nations.

As an authorized pre-LOU, the CICI Utility will issue pre-LEIs to entities that self-register and maintain the reference data. It will make its pre-LEI database available without charges or restrictions of any kind, operating on a cost-recovery basis. The CICI Utility supports the ROC’s federated framework for pre-LOUs and will continue to work with its Committee on Evaluation and Standards on procedures for the GLEIS, including orderly transfers of data between pre-LOUs.

The CICI Utility - Issuing Pre-LEIs for Global OTC Derivatives Reporting
“The value of the CICI Utility goes well beyond the ability to ensure compliance with regulations,” said Ron Jordan, DTCC Managing Director and Chief Data Officer. “To improve risk management practices, market participants need to make sure the information they hold about themselves and their counterparties or clients is accurate and well-maintained over time. The evolving GLEIS, and the role of the CICI Utility, adds significant value to this, serving as a vital first step in improving transparency, efficiency and risk mitigation in the global marketplace.”

Now that the CICI Utility has achieved global acceptance, these CICIs are pre-LEIs available for reporting to any regulator that has assented to the ROC charter and that provides for pre-LEIs in their own transaction reporting rules. This will include trade repositories registered with the Monetary Authority of Singapore starting later in October, as well as trade repositories registered with the European Securities and Markets Authority, the Australian Securities & Investment Commission and various Canadian provincial regulators in 2014. Hong Kong’s trade repository will feature pre-LEIs in OTC derivatives trade reporting as well.

Legal entities from all jurisdictions can use the CICI Utility to register for new globally accepted pre-LEIs to meet upcoming mandatory reporting rules anywhere in the world and to maintain the reference data on their existing pre-LEI. For further guidance on the GLEIS and the ROC, visit For further guidance on registering for pre-LEIs through the CICI Utility, visit

About CICI Utility
Since August 2012, DTCC and SWIFT have implemented an interim global legal entity identifier (LEI) solution through the assignment of the Commodity Futures Trading Commission (CFTC) Interim Compliant Identifiers (CICI). Developed in collaboration with the industry, the CICI Utility creates and assigns unique identifiers to any financial organization that engages in a transaction, and stores and validates the accuracy of the associated reference data. The solution offers the industry a tool for complying with swap data reporting regulations (and over time, better identification of counterparties for risk management). Currently, there are more than 80,000 CICIs issued to legal entities from over 140 jurisdictions. All these CICIs are eligible for reporting to trade repositories registered with the CFTC and now with the global acceptance endorsement by the ROC, to repositories in many other jurisdictions. The website for the CICI Utility is

About DTCC
DTCC has operating facilities and data centers around the world and, through its subsidiaries, automates, centralizes, and standardizes the post-trade processing of financial transactions for thousands of institutions worldwide. With 40 years of experience, DTCC is the premier post-trade market infrastructure for the global financial services industry, simplifying the complexities of clearance, settlement, asset servicing, global data management and information services for equities, corporate and municipal bonds, government and mortgage-backed securities, derivatives, money market instruments, syndicated loans, mutual funds, alternative investment products, and insurance transactions. In 2012, DTCC’s subsidiaries processed securities transactions valued at approximately US$1.6 quadrillion. Its depository provides custody and asset servicing for securities issues from 131 countries and territories valued at US$37.2 trillion. DTCC’s global trade repositories record more than US$500 trillion in gross notional value of transactions made worldwide. Follow us on Twitter:

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Rich Marulanda


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Melissa Rowling
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