Celebrating 10 Years of GLEIF: Trust as the Foundation of Global Economy

I want to acknowledge the remarkable foundational work accomplished by outgoing CEO Stephan Wolf and the entire GLEIF team. Stepping into the role of GLEIF CEO, I am filled with a deep understanding of the LEI system. During my time at SWIFT, I worked to incorporate the LEI into ISO data models and actively promoted its use in Asia-Pacific. My passion for the LEI has also driven my efforts to support its adoption in the digital asset and blockchain industry. I am excited to build on GLEIF’s success and amazing team, leveraging digital technologies like the vLEI to enhance transparency, efficiency, and trust in global markets.

As an LEI Issuer since 2017, we have witnessed exponential growth in the applications of the LEI, not only for regulatory compliance but also in trade, reporting, and sanctions screening. Many of our clients, for example, also leverage the LEI in their client onboarding processes to streamline KYC procedures. We are pleased to observe greater adoption of the LEI across a wide range of industries, with a diverse array of use cases that we anticipate will continue to expand in the future.

Over the past ten years, GLEIF has established a stable and global ecosystem that enables the implementation of a unique and universal entity identifier, the Legal Entity Identifier (LEI), harnessed for public good globally. The success is driven enthusiastically by an ecosystem of invested stakeholders. Our partners and stakeholders work to evolve and expand the Global LEI System and the benefits of the LEI beyond its mandated use as a tool to enhance transparency in financial markets and encourage its voluntary adoption across all markets globally. We have strengthened the foundations and keep the focus on establishing the LEI and the vLEI as enablers of digital trust across multiple value chains where digital trust is a central principle.

The Global LEI System has become essential for the investment and asset management industry, addressing the critical need for a global, standardized approach to entity identification. The openly available LEI dataset enables investors to comprehend the nature of their investments and potential risks fully. LEIs have become compulsory for transactions subject to regulatory reporting; in short: no LEI, no trade. LEIs enhance regulatory compliance, streamline transaction processing, and improve risk management. The future outlook for the LEI system is promising, paving the way for a more transparent, efficient, and interconnected global investment landscape.

I had the privilege of leading GLEIF from its infancy to the thriving and successful organization it has become today. Since its inception, the Global LEI System has revolutionized how legal entities are identified globally - providing a robust framework for uniquely identifying legal entities participating in financial transactions. Ten years on, GLEIF has left an indelible mark on the financial ecosystem in pursuit of its vision: One global identity behind every business. We have contributed to a safer, more transparent economy that has transformed the marketplace for the better.

Over the past decade, GLEIF's steadfast commitment to advancing the implementation and exploring new applications of the LEI has improved the security and resilience of the global financial ecosystem. Our strategic partnership with GLEIF will cultivate a robust, convenient, and highly trustworthy international cross-border payments environment for the growth and prosperity of the global cross-border e-commerce community.

GLEIF's birth marked the dawn of a new era in global business connectivity and financial transparency. Over the past decade, its unwavering dedication to the LEI System has been a driving force in establishing a trust network that enables legal entities and their business partners to demonstrate ownership and relationships transparently, both in Hong Kong and beyond. We're honored to have been a part of GLEIF’s growth and excited to see it continue to innovate fearlessly in the digital space!

In today’s globalized business landscape, accurate and transparent identification of legal entities has become increasingly crucial. InfoCamere is among the earliest organizations to join the GLEIF endeavor in fostering the use of the Legal Entity Identifier (LEI) as a standardized solution to this challenge. With more than 170,000 LEI managed, we are proud to contribute since the beginning to the success of this first decade, providing a better and safer worldwide environment for business.

GLEIF's tenth anniversary marks a milestone not only in the evolution of the LEI but also in the increased importance of trusted digital identities in our digital world. The LEI remains uniquely positioned to be the trusted global identifier in a world where verifying identity is increasingly important to provide assurance, legal compliance, and validation in commercial, regulatory, and other engagements between parties. The LEI has a respected legacy and a critical future in our world where digital identity is only becoming more important.

GLEIF has significantly improved international transparency in the past decade, facilitating cross-border finance and global trade. As a China-based Validation Agent, CFCA supports the continuous adoption of the LEI in the country and strongly advocates its inclusion in digital certificates. In the future, we will continue cooperating closely with GLEIF  to explore vLEI's potential in cross-border digital identity.

On GLEIF’s ten-year anniversary, I reflect on the impact of the LEI on our global financial system. The use of LEIs in derivative transactions has created the transparency needed to monitor counterparty credit risk at an institutional and macro level. This transparency has reduced the risk that an adverse event at one institution will have a destabilizing effect on the entire system. The LEI has also simplified compliance with new regulations due to its precision in legal entity identification and its role as a universal connector between data sets. Looking ahead, the next 10 years are going to be even more exciting as the LEI evolves from identification to authentication with the introduction of the verifiable LEI (vLEI).

As an organization with a strong focus on promoting financial transparency, we have been actively engaged in the Global LEI System since the inception of GLEIF. Over the past decade, GLEIF has evolved into a professional organization committed to the highest standards and has significantly contributed to ensuring the quantity and quality of the LEIs issued. We look forward to continuing our cooperation with GLEIF and the LOU community to further expand the use of the LEI beyond the financial sector.

GLEIF has been fostering transparency in the global marketplace for a decade and has expanded its horizons beyond regulated LEI use to promote sustainable economic growth. The pace of industry momentum behind using the LEI in transactions is a testament to its vast potential to help simplify complex and opaque supply chains and support the digitalization of global trade. As the global payment landscape evolves, the LEI will facilitate faster, more secure, and interoperable cross-border payments, fostering trust and reducing fraud and operational risk in financial transactions. By harnessing the power of the LEI, we are not only enhancing efficiency but also building a more transparent global economy. GLEIF remains dedicated to pioneering innovations that drive positive change and support the seamless functioning of global markets.

Ten years on, GLEIF’s mission of entity interoperability is all the more urgent. Business intelligence platforms like the one I co-founded at HData continue to invest millions in reinventing entity maps to serve the urgent needs of governments for oversight and entrepreneurs for commerce. We would eagerly pass these millions to our customers through lower prices and better intelligence if the LEI were universally adopted and uniformly mandated by regulators and registries, as a matter of course and law.

The originators and drivers of the LEI initiative - the G20, FSB, and ROC - have emphasized the need to make the LEI a 'broad public good‘. GLEIF's focus on increasing the relevance and value of the LEI led to a rise in governments, authorities, and other influential organizations championing it. Thanks to the interoperability and transparency benefits offered by the LEI when included in cross-border payment flows, it has become a critical tool in the global fight against financial crime and fraud prevention.

Congratulations to GLEIF on 10 years! GLEIF's LEI promotes transparency and reduces risk in financial markets. NSDL shares GLEIF's vision for a robust financial market. We thank GLEIF and look forward to continued partnership.

In 2013, some central banks approached me to join the GLEIF Board and serve as the first Chair from 2014 (until 2020). I was pleased to support the G20-FSB-initiated LEI program because of my experience with identity management challenges in the securities, forex, and payments industries. I am convinced that the Global LEI System will continue to be of benefit for (inter)national B2G reporting requirements and for all market participants involved in B2B transactions within international capital markets (issuers and investors) and global (physical and financial) supply chains.

LEI was a key response to the 2007 financial crisis when it became very clear that identification of parties to financial transactions could no longer rely on simple name matching. Fast forward 10 years, and GLEIF, as the custodian and evangelist for LEI, continues to break down walls, converting skeptics to the importance of adopting a (critical) dumb number. Few could have envisaged the scale of political reticence to adopt LEI, but GLEIF continues to partner and innovate to drive meaningful progress, from which we all benefit.

I was honored to work closely with public and private sector colleagues worldwide to develop a governance structure for the Global LEI System that we hoped would be flexible and expansive, and then given the greater honor of serving as the first Chair of the Regulatory Oversight Committee governing the system. In those early days, we made many decisions about where to place the GLEIF, how to organize it, and what jobs to assign. Probably the most important of those early decisions involved recruiting talented people to join a common vision and build trusting relationships and, in turn, a trusted system. I am gratified to have been part of what I think is a great success. Congratulations!

Working with GLEIF during the early part of these past ten years has been a privilege. GLEIF successfully enables us to make smarter and reliable decisions about who to do business with. The LEI is an essential linchpin that connects the dots across the universe of legal entity identification.

I remember the inaugural meeting of the Foundation Board held in Switzerland in June 2014. That was a critical step in building the Global LEI System, designed to uniquely identify parties to financial transactions in the public interest and without any licensing restrictions. We created a robust Global LEI System by jointly achieving the foundation's objectives – making the LEI a broad public good for the benefit of any user. GLEIF has accomplished remarkable milestones and innovations over a decade, and I am confident the team will drive further success.

The world of organizational identity changed forever with the launch of the LEI, and changed again with its verifiable digital version, the vLEI. Far more than a digital identifier, the verifiable LEI represents a global root of trust that is unparalleled in its utility, security, and scope, and is only possible because of the existence of GLEIF. Kudos to the entire GLEIF team for a decade of excellent vision and execution, for taking profound ideas and turning them into realities.

It is hard to believe we are already celebrating 10 years of the GLEIF! It is exciting to see the continued growth of the LEI, as well as the innovations and opportunities that support our foundational belief—from the beginning of the journey in 2014—that the LEI would be a powerful tool to help companies really know who they are doing business with and to do that more efficiently.

I wish the entire GLEIF team continued success and look forward to hearing about all the new ways the LEI will be used in practice in the future. Congratulations!

INEGI congratulates GLEIF for its first decade of innovation achieved through tools such as the Legal Entity Identifier (LEI). LEI has significantly enhanced the National Statistical Directory of Economic Units (DENUE) by incorporating multinational companies. DENUE serves as a critical statistical and geographic resource for analyzing and pinpointing businesses across Mexico. LEI's impact goes beyond just locating companies; it empowers market research by aiding in customer and supplier identification, distribution network mapping, and sample frame development for business surveys.

Since the inception of the Legal Entity Identifier (LEI), the global LEI population has grown rapidly. As a previous ROC member who supported its establishment, I am thrilled to see the Global LEI System attracting more attention and becoming a part of critical market infrastructures. Further adoption of the LEI across the private sector will enhance efficiency and lead to significant cost savings. I look forward to continuous cooperation with GLEIF to further promote the LEI in Asia.

The Association of Registrars of Latin America and the Caribbean (ASORLAC) spreads information on the Legal Entity Identifier (LEI) among its members and partners in order to promote awareness and understanding of its multiple benefits, including its central role in achieving greater levels of transparency and efficiency across the financial and commercial markets.

GLEIF's 10th anniversary is a crucial milestone in advancing financial transparency through the LEI. Serving as a GLEIF Board of Directors member has been an enriching and fulfilling experience. GLEIF is distinguished by its dedication to excellence and transparency. Together, we have fortified GLEIF's position as a leader in legal entity identification. I am grateful for this opportunity and look forward to further contributing to GLEIF's continued success.

As a long-standing member of GLEIF's Vendors and Services Providers Relationship Group, LexisNexis® Risk Solutions firmly supports the LEI initiative. From our applications of LEIs in screening to our payment solutions and correspondent banking applications, we are proud of our long-standing partnership with GLIEF. The LEI plays a pivotal role in our screening solutions, enabling precise entity identification and enhancing risk management capabilities for our clients across diverse industries.

In 10 years, the Global LEI system has gone from an idea to a core piece of the financial infrastructure, solving critical identity issues in financial markets. This is a testament to a core truth – that understanding and representing legal entity identity is critical in finance, commerce, and other domains – and to an amazing, committed, talented team. OpenCorporates is proud to be partner with the GLEIF, and look forward to the next 10 years with excitement and optimism.

As Nigeria's premier central securities depository, we are excited to embark on this journey with GLEIF and are proud of the incredible impact that the LEI has had on our financial market. The LEI is not only a crucial anchor for the sustainability of the global market, but it is also an essential tool for preventing identity theft and potential market abuses and infractions. We look forward to deepening our collaboration with GLEIF and promoting LEI adoption beyond financial markets.

The motivation for GLEIF to operate a service management system (SMS) was driven by the LEI Issuing organizations’ future demand and capacity for services, the current situation in information (and cyber) security, and the digital transformation requirements. Since 2019, GLEIF’s SMS demonstrated full compliance with ISO 20000 - reaffirming its dedication to service excellence. By regularly reviewing its processes, identifying opportunities for improvement, and building resilience throughout its services, GLEIF remains dedicated to adding value to data users worldwide.

Since the establishment of the first China-based LEI Issuer in 2014, we have cooperated closely with GLEIF. Over the past ten years, GLEIF has provided us with comprehensive support in multiple aspects, for which we feel deeply grateful. We look forward to further promoting international cooperation, enhancing the global consistency of financial regulations, improving risk management practices, and exploring new applications of the LEI and vLEI in cross-border payment and international trade.

Congratulations to GLEIF on ten years of promoting global trust and transparency through the Global LEI System. As a key driver of digital transformation and trust, the LEI offers a unique, standardized, and reliable identifier for legal entities. TrustAsia is delighted to partner with GLEIF to promote the inclusion of the LEI in S/MIME digital certificates. We look forward to continuing our collaboration with GLEIF to encourage wider LEI adoption and explore the potential of the vLEI together.

Congratulations to the Global LEI Foundation on their tenth anniversary and heartfelt applause to all who have contributed to its success! Today, over 2.5 million LEIs have been issued globally. GLEIF has played a pivotal role in driving efficient operation and adoption. They have consistently advocated collaboration across the public and private sectors. Corporate entities are better understood. Relationships are clearer. LEI is an important industry standard and is the ‘linchpin’ to understanding the health and safety of the finance industry.

Certizen's partnership with GLEIF has enabled an efficient and highly reliable digital identity authentication system. This system merges the robust security of digital certificates with the unique and globally recognized identification of LEIs, ensuring unparalleled trust and verification in digital transactions. Moving forward, we remain committed to expanding our collaboration with GLEIF, continuously exploring new and innovative applications of the LEI that promote trust and foster the global digital economy.

The 10-year anniversary of GLEIF is a celebration of innovation, trust, and progress. As the global financial industry commemorates this milestone, we reaffirm our commitment to fostering a secure and compliant environment for virtual asset service providers as the first GLEIF Validation Agent for the virtual asset industry. We are honored to be part of this journey.