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Saving 650$ Million Using LEIs
2017-11-20 Author:Editor Editor:无忧草 Views:

Research undertaken by McKinsey &Company and GLEIF estimates that the wider adoption of Legal Entity Identifiers (LEIs)could yield annual savings of over $150million in the investment banking industry and up to a further $500m for banks in the issuance of letters of credit.The resulting white paper estimated that annual savings in investment banking would include at least 10%of total operational costs for onboarding clients and trading processing by using LEIs.

The takeaway for policy makers and corporates alike?Public interest standards are dual purpose.For example,capturing a national GAAP framework as an XBRL taxonomy might be intended to help companies prepare corporate returns to a government agency,but the resulting capabilities and network effect give rise to substantial private sector benefits.The LEI is a great example.There are already a number of XBRL examples,including the SBR Banken initiative,but there are many more that can be created.

Read the white paper here.


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