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Follow on Google News | The best Christmas present for the Compliance DepartmentExchange Data International partners with Chancellor Publications to release 'The LEI Handbook, Exchange Data's Guide to Financial Codes.'
Published by Exchange Data International (EDI) and Chancellor Publications, the book offers insight into LEIs. No other financial handbook on the market provides such detailed and structural tier-level components of the LEI, which allows readers to fully understand the business process and requirements linked to implementation of LEIs. Ozren Cvjetic, economist and author, said: "With the increase in regulatory requirements, and MiFID II looming in the beginning of January, The LEI Handbook breaks down the ins and outs of the Legal Entity Identifier (LEI), proving to be an essential tool for professionals in the financial, legal, accounting and academic communities." Jonathan Bloch, CEO of EDI, says: "The timing of the book is pure coincidence, but it couldn't be at a more appropriate time. With MiFID II coming into force within weeks there will be a significant increase in regulatory pressure, coupled with a harsh focus on accuracy, and accuracy begins with the LEI: get that wrong and everything else will be a nightmare. The book is the only source of real quality which clearly sets out, in one resource, everything you need to know about Legal Entity Identifiers." After the global financial crisis of 2008, the world focused on the instability and volatility of the financial system as new regulations emerged with a common purpose: 'to bring transparency to the financial market.' The LEI has become a vital tool for this, enabling institutions to identify parties involved in transactions and to aggregate data from different jurisdictions, thus attaining a complete overview of a company's exposure to financial risk. Francis Gross, Senior Adviser, Directorate General Statistics of the European Central Bank (ECB), says: "The global network of machines and databases handles financial data in volumes and at speeds that dwarf human capacity to exercise control as in the slower, data-poorer pen-and-paper age. In that network, the diversity of human languages and cultures collides ever more visibly with the computers' need for uniformity in language. Yet the speed of ongoing technical change cannot be matched by the speed of social change. There is therefore no quick solution to what has grown into a profound global problem. However, there is a beginning to a solution. It lies in identification: End
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