World Trade Board Initiative: To drive adoption of Global Legal Entity Identifier numbers by corporates and SMEs
The World Trade Board has established a Working Group to support the mandate of the Global Legal Entity Identifier Foundation (GLEIF) to drive adoption of the Global Legal Entity Identifier number by corporates and SMEs’.
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In consultation with the Global Legal Entity Identifier Foundation (GLEIF), the World Trade Board sees an opportunity to drive adoption of global legal identifier numbers by all companies, including small and medium-sized businesses involved in cross-border trade. This could have a significantly positive impact on growing international trade and increasing access to finance.
The World Trade Board members and the organisations they represent will establish a task force focused on driving Legal Entity identifier (LEI) adoption by businesses in cross border trade, as well as educating financial services institutions and technology firms, to help ease implementation and use of the LEI standard to enable greater access to trade and supply chain finance.
The G20 initiated the creation of a harmonised global identification system as a way of adding transparency and efficiency to the global financial system. In 2014, GLEIF was created by the Financial Stability Board to drive global implementation.
Given the fundamental importance of this initiative, the World Trade Board, in consultation with GLEIF, can further mobilise and coordinate with a wide variety of parties to increase the acceptance and opportunities for LEIs. Thus far almost 500,000 companies have a harmonised global identity (LEI). But there is a long way to go. While many national identification systems exist, they are not harmonised at the global level, which hinders the full potential of international trade.
- Steven Beck
- Gerard Hartsink
- Ben Jarrold
To register your interest in joining this Working Group, contributing research or being involved in discussions, contact us with your details