GLEIF Published the First Monthly Data Quality Reports which Analyze the Level of Data Quality Achieved by Individual LEI Issuers

The LEI Issuer Data Quality Reports complement the monthly Global LEI Data Quality Report which highlights the overall level of data quality achieved in the Global LEI System

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The Legal Entity Identifier (LEI) connects to key reference information that enables clear and unique identification of legal entities participating in financial transactions. The publicly available LEI data pool can be regarded as a global directory that greatly enhances transparency in financial markets. The data pool’s ability to meet this objective relies on the availability of trusted, open and reliable data. The Global Legal Entity Identifier Foundation (GLEIF) is responsible for monitoring and ensuring the high quality of LEI data. Based on a set of clearly defined criteria, the GLEIF data quality management program allows the quality of the LEI data pool to be monitored, assessed and further optimized.

On 3 February 2017, GLEIF published, for the first time, 28 dedicated data quality reports analyzing the level of data quality achieved by individual LEI issuers as of 31 January 2017. The LEI issuing organizations – also referenced as Local Operating Units or LOUs – supply registration, renewal and other services, and act as the primary interface for legal entities wishing to obtain an LEI.

Since February 2016, GLEIF has been publishing monthly Global Data Quality Reports, which summarize the results of GLEIF’s assessment of the level of data quality of the entire LEI data pool. The new monthly LEI Issuer Data Quality Reports are complementary, as they make additional information available relative to the level of data quality achieved by each LOU with regard to its complete LEI portfolio. The reports are available for download on the GLEIF website (see ‘related links’ below).

Information published with the monthly LEI Issuer Data Quality Reports

The LEI Issuer Data Quality Reports provide the following information:

• The LEI Total Data Quality Score of the LEI issuing organization for the reporting period. The score represents the percentage of all LEI data records that successfully passed checks against defined quality criteria during the reporting period. The checks performed by GLEIF are detailed in the document ‘Data Quality Rule Setting’ (see ‘related links’ below).
• Progress achieved by the LEI issuing organization with regard to the continuous optimization of the data quality within the Global LEI System based on the LEI Total Data Quality Score.
• Data quality performance of the individual LEI issuing organizations compared to the average performance of all LEI issuing organizations.
• Results of GLEIF checks of the LEI data records against implemented quality criteria, i.e. the percentage of records that successfully passed the tests.
• The data quality score achieved by the LEI issuing organization in the countries where it issues LEIs: Red (equal or less than 90%); orange (above 90% and equal or less than 95%); yellow (above 95% and equal or less than 98%); green (above 98% and equal or less than 100%).
• The percentage of LEI data records managed by the LEI issuing organization, which meet the requirements of distinct quality maturity levels: Level 1 – ‘Required Quality’ (must be 100 percent for all data records); Level 2 – ‘Expected Quality’ (should be 100 percent); Level 3 – ‘Excellent Quality’ (the higher the better).
• Statistics with regard to the resolution of challenges received by the LEI issuing organization via the centralized challenge facility made available by GLEIF, which extends the ability to trigger updates of LEI data to all interested parties. (For information on how to challenge LEI data, refer to the ‘related links’ below.)
• Number of days per month when the LEI issuing organization provided files compliant with the relevant Common Data File (CDF) formats. (The reporting of LEI and legal entity reference data is conducted daily by the LEI issuing organizations using the CDF format. For more information, refer to the ‘related links’ below).

Recap: The principles governing the GLEIF data quality management program

The process of maintaining LEI data quality starts with the registering entity. Through self-registration, the registering entity must supply accurate LEI reference data, i.e. the information on a legal entity identifiable with an LEI. The information available with the LEI reference data to date, e.g. the official name of a legal entity and its registered address, is referred to as ‘Level 1’ data. It provides the answer to the question of ‘who is who’. In a next step, the LEI data pool will be enhanced to include the ‘Level 2’ data that will answer the question of ‘who owns whom’.

The LEI issuing organization must verify the LEI reference data with the local authoritative source – a national Business Register, for example – and issue an LEI compliant with the LEI standard.

Once a legal entity has obtained an LEI, it will be published together with the related LEI reference data by the LOU that has issued the LEI. Each LOU publishes daily an updated file including all LEIs it has issued and related reference data. GLEIF has published the Global LEI Index, which provides information, also updated daily, on all LEIs issued to date.

To clarify the concept of data quality with regard to the LEI population, GLEIF has defined a set of measurable quality criteria using standards developed by the International Organization for Standardization (ISO). These include criteria such as the completeness, comprehensiveness and integrity of the LEI data records. Instituting a set of defined quality criteria establishes a transparent and objective benchmark to assess the level of data quality within the Global LEI System.

Using software developed by GLEIF, the LEI data records made available by the LEI issuing organizations are checked daily against the defined quality criteria. These checks identify, for the time being, whether the data records are consistent and plausible. Also on a daily basis, GLEIF sends a report detailing the results of the performance assessment to the LEI issuing organizations.

The GLEIF data quality management program ensures that the LEI remains the industry standard best suited to providing open and reliable data for unique legal entity identification management. In 2017, we will continue to focus, in cooperation with our partners in the Global LEI System, on further optimizing the quality, reliability and usability of LEI data, empowering market participants to benefit from the wealth of information available with the LEI population.

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