QUICK TAKE: DTCC Thompson Says Time to Get LEIs Is NOW

Now is not the time to procrastinate.

Especially when it comes to acquiring ones Legal Entity Identifier (LEI), according to one DTCC executive. The time to get LEIs is now as the European Securities and Markets Authority (ESMA) has announced that it will not be extending the LEI grace period.

Larry Thompson, DTCC Vice Chairman, said: ESMAs announcement that no additional forbearance will be afforded to market participants means they need to make it a priority to apply for their LEIs ahead of the July 2 expiry date. Furthermore, if firms outside Europe which transact in European markets do not put the necessary measures in place to comply with the MiFID II LEI requirement by this time, they simply will not be able to trade with European counterparties.